From Hackers to Governments: The Third Wave of Crypto Crime

[mendez]

Chainalysis characterizes 2025 as the third wave of crypto crime. After early years dominated by small cybercriminals and a second phase marked by professionalized criminal infrastructure, the latest phase sees nation-states leveraging those same systems for geopolitical goals.

Examples include Russia’s launch of the ruble-backed A7A5 stablecoin, which processed over $93 billion in transactions in under a year, and North Korean hackers stealing $2 billion in 2025 alone—highlighted by the $1.5 billion Bybit exploit, the largest crypto heist ever recorded. Iran-linked networks also moved billions through crypto for illicit oil sales, weapons procurement, and funding proxy groups.

[AIcash]

every year the numbers get so big they stop feeling real