Crypto crime hits record levels as state actors move billions

Key Points:

• Nation-state actors have increasingly engaged in organized crypto crime, utilizing sophisticated on-chain infrastructure for illicit activities, including money laundering and sanctions evasion.
• In 2025, illicit cryptocurrency transactions reached a record $154 billion, with North Korean-linked groups stealing approximately $2 billion, including a significant breach of the Bybit exchange. Stablecoins were predominantly used in these transactions.
• Security teams should enhance monitoring of cryptocurrency transactions, particularly involving stablecoins and wallets associated with sanctioned entities. Implementing robust threat intelligence to track state-sponsored activities is crucial.

Technical Details: The report highlights the use of stablecoins in illicit transactions, which accounted for 84% of the total illicit transaction volume. Notably, North Korean actors exploited vulnerabilities in exchanges to facilitate large-scale thefts.

MITRE ATT&CK Techniques: None mentioned

IOCs Mentioned:

• Wallets associated with illicit activity
• Bybit exchange (noted as a target)