1、 FEBRUARY 2025 The 2025 Crypto Crime Report The rising role of cryptocurrency in all forms of crime and how its transparency is creating unique opportunities for investigation Table of Contents Introduction 1 Ransomware 9 Darknet Markets 22 Market Manipulation 38 Scams 53 Stolen Funds 72 Sanctions 8

2、7 Extremism 105 Organized Crime 118 Introduction Illicit Volumes Portend Record Year as On-Chain Crime Becomes Increasingly Diverse and Professionalized In recent years,cryptocurrency has become increasingly mainstream.Although illicit activity on-chain previously revolved heavily around cybercrime,

3、cryptocurrency is now also being used to fund and facilitate all kinds of threats,ranging from national security to consumer protection.As cryptocurrency has gained greater acceptance,illicit on-chain activity,too,has become more varied.For example,some illicit actors primarily operate off-chain,but

4、 move funds on-chain for laundering.We report on certain defined categories stolen funds,darknet markets,and ransomware,to name a few on an annual basis.However,with the diversification of crypto crime to include all types of crime,the on-chain illicit ecosystem has witnessed increasing professional

5、ization,with a broadening array of illicit actor organizations and networks using cryptocurrency,as well as increased complexity in their operations.In particular,we have seen the emergence of large-scale on-chain services that provide infrastructure for numerous types of illicit actors to help them

6、 launder their ill-gotten crypto.How are these developments playing out on-chain?Lets take a look at the data and high-level trends.Introduction 2 According to our metrics today,it looks like 2024 saw a drop in value received by illicit cryptocurrency addresses to a total of$40.9 billion.However,202