Russia-Linked Crypto Activity Drove Illicit Wallet Inflows to a 5-Year High in 2025: TRM Labs

Illicit cryptocurrency activity rebounded sharply in 2025, driven primarily by Russia-linked sanctions designations and improved attribution. A new report by TRM Labs estimates that fraudulent wallets received approximately $158 billion in incoming value during the year, which is the highest level recorded over the past five years.

The increase is a dramatic reversal from 2024, when illicit inflows fell to $64.5 billion, following a steady multi-year decline from $85.9 billion in 2021 to $75.4 billion in 2022 and $73.3 billion in 2023.