Chainalysis has released a report indicating a significant increase in state activity within the cryptocurrency sector in 2025, with illegal organizations operating extensive on-chain infrastructure. These networks facilitate transnational crime by acquiring goods and services and laundering illicit crypto gains. The report highlights that illicit cryptocurrency transactions reached at least $154 billion in 2025, marking a 162% increase from the previous year. This surge is largely attributed to a 694% rise in funds received by sanctioned entities. Even without this spike, 2025 would still be a record year for crypto crime due to increased activity across most illegal categories. Stablecoins have become dominant in the realm of illegal transactions, accounting for 84% of all illicit trading volume. This trend underscores the growing complexity and scale of crypto-related criminal activities, as these digital assets are increasingly used to facilitate unlawful operations.