Nation-state involvement in crypto increased in 2025, signaling a shift in how on-chain crime operates. Three waves of crypto crime (Source: Chainalysis) Research from Chainalysis shows that crypto-related crime has grown more organized over recent years, with illicit groups running large-scale on-chain infrastructure to support cross-border criminal networks, procure services, and launder funds. That same infrastructure is being used by state actors, both through established professional service providers and through custom-built systems designed to evade … More
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