Chainalysis Flags $16.1B Laundered via CMLNs in 2025

Chainalysis identified six primary service categories within the Chinese-language money laundering network ecosystem. These include running point brokers, money mules, informal over-the-counter services, Black U services, gambling platforms, and crypto mixing or swapping services.

Black U services and gambling-related services fragment large transactions into smaller amounts to evade detection, while OTC services aggregate smaller transfers into larger sums for integration into financial systems. Guarantee platforms such as Huione and Xinbi function as marketplaces and escrow hubs for vendors, but do not directly control laundering activity and were excluded from the total estimates.

Rapid Scaling and Operational Infrastructure

The report points out the rapid scaling of these operations. Black U services reached $1 billion in processed funds within 236 days, while OTC services required 1,136 days. Money mules and money movement services grew more gradually, reflecting constraints on manual processing. Overall, the ecosystem processed nearly $44 million per day in 2025.

Chainalysis also noted structural similarities across vendor platforms, suggesting coordinated or centralized operational models. These networks combine on-chain automation with off-chain criminal infrastructure, enabling fast processing and broad geographic reach, including reported activity across Africa.

Enforcement Actions and Ongoing Risks

Recent enforcement measures include sanctions against the Prince Group, FinCENs designation of Huione Group as a primary money laundering concern, and advisory actions targeting Chinese money laundering networks. However, the report states that vendors often migrate to alternative platforms following disruptions, maintaining continuity of operations.

The report concludes that coordinated public-private collaboration, blockchain analytics, and intelligence sharing remain necessary to identify and disrupt laundering operators rather than only targeting platforms.