Cryptocurrency Crime Reaches Record $158 Billion in 2025: TRM Labs Report

Russia-focused sanctions evasion activity expanded more than 400% year-over-year, anchored by what TRM describes as a centrally coordinated ecosystem built around the A7 wallet cluster and the ruble-linked stablecoin A7A5.

According to the firm, A7A5 processed over $72 billion in 2025, while A7 wallets handled at least $38 billion, supporting transactions for platforms including sanctioned exchange Garantex and related venues such as Grinex.

“The vast majority of sanctions-linked volume was connected to Russia-linked entities, including Garantex, Grinex and A7,” the report states, highlighting how geopolitical actors now dominate this segment of crypto crime.

Worth mentioning that at the end of 2025, the government of Russia also moved to open crypto buying and selling to the retail masses, as EU sanctions keep increasing.

Stablecoins Become the Preferred Criminal Rail

TRM Labs reports that stablecoins have become the preferred rail for unlawful flows, especially for embargoed or restricted entities that require liquid, dollar-linked instruments to settle cross-border trades.

Instead of relying on large, centralized exchanges, many of these networks now route funds through higher-risk non-custodial services, OTC brokers, and bespoke settlement layers designed to be more resistant to seizure or compliance controls.

It is essential to note that in 2025 their use increased significantly, pushing their market cap to more than $300 billion, and they have benefited from favorable regulations in places like the US, such as the Genius Act.

Chinese Networks and Broader Crime Trends

The report also highlights the rapid expansion of Chinese-language escrow services and underground banking operations, which processed more than $103 billion in 2025, up from around $123 million in 2020. Chainalysis recently reported a more conservative number, $82 billion in 2025, for money laundering specifically.

According to TRM Labs report, these channels support scam ecosystems, cybercriminals, and intermediaries in Asia-Pacific, often settling in stablecoins through OTC desks and money mule networks before payouts are converted into local currencies.

Other segments of crypto crime grew at a slower pace: darknet markets expanded about 20%, illicit goods and services around 12%, and hacked or stolen funds roughly 31%.

José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.