TRM Labs：2026年加密货币犯罪报告：2025年非法加密资金流达1580亿美元 扭转多年下降态势（英文版）（60页）.pdf

1、TRM Labs 2026.All rights reserved.2026 Crypto Crime ReportPage 12026 Crypto Crime ReportTRMLABS.COMTRM identifies record USD 158 billion in illicit crypto flows in 2025,reversing a multi-year TRM Labs 2026.All rights reserved.2026 Crypto Crime ReportPage 2Key takeawaysIllicit crypto volume reached a

2、n all-time high of USD 158 billion in 2025,up nearly 145%from 2024.Despite the increase in absolute illicit volume,illicit volume as a proportion of overall crypto volume fell in 2025,from 1.3%in 2024 to 1.2%in 2025.While illicit activity represented a small share of overall on-chain volume,illicit

3、entities captured 2.7%of available crypto liquidity in 2025,according to a new metric released by TRM that frames risk relative to deployable capital rather than raw transaction volume.Sanctions-related activity in 2025 was overwhelmingly driven by Russia-linked flows,largely due to the rapid growth

4、 of the ruble-pegged stablecoin A7A5,which processed more than USD 72 billion in total volume.The wallet cluster associated with the Russian sanctions evasion network A7 is linked to at least USD 39 billion in 2025 reflecting concentrated,coordinated activity closely associated with sanctions evasio

5、n and state-aligned financial infrastructure,rather than broad market usage.In 2025,illicit actors stole USD 2.87 billion across nearly 150 hacks fewer incidents than last year but the Bybit breach alone drove USD 1.46 billion(51%),accounting for much of the year-over-year increase in total losses.M

6、ajor geopolitical players leaned further into cryptocurrency in 2025,using crypto rails as durable financial infrastructure.Iran and Venezuela relied on crypto for sanctions-constrained payments and financial services at scale.Chinese language escrow and money laundering networks processed over USD