Bitrace：2025年度加密犯罪报告英文版 .docxVIP

2025CryptoCrimeReport

2025CryptoCrimeReport

2025.4

Content

Introduction ……………… 01TheOngoingSeverityofCrypto-RelatedCrime……………… 03TheGrowingScaleofIllicitTransactions ……… 04SharpDeclineinMoneyLaunderingActivities… 05FluctuationsinIllicitStablecoinActivityonEthereum………… 06OnlineGambling……… 07StablecoinTransferModelinOnlineGamblingPlatforms……08USDC,U.S.Elections,andtheRiseofPolymarket…………… 09NewChanges:VigilanceAgainsttheThreatofCompliant

StablecoinFunds

BlackandGrayMarketTransactions

………… 10

……… 12

CryptoCurrencyTransactionGuaranteePlatforms:Coreto

theBlackandGrayMarket

CaseStudy:HuioneGuarantee

……… 13

………………… 15

UnchangingTrend:TheBlackandGreyMarketforCryptoTransactionsUnaffectedbyMarketConditions …………… 16Fraud ………………17

SurgeinCrypto-RelatedFraud

FundsFlowingfromCEXtoFraudPlatforms

BitraceLaunchesAnti-FraudHandbook

………………18…18

……… 19

KYTCanEffectivelyPreventCryptoFraudActivities ……… 20MoneyLaundering ……………………21FundsFlowingfromCEXtoMoneyLaundering-Related

Addresses ……… 22DecentralizedProtocols:AMoreSevereMoneyLaundering

Situation ……… 23

StablecoinFreezing ………………… 24CaseStudy:HuionePayFrozen$29.62MillionUSDTby

Tether …………… 25On-chainFreezingbyStablecoinIssuers:APowerfulAnti-

MoneyLaunderingTool ……… 26Sanctions …………… 28CaseStudy:TornadoCashSanctionedbyOFAC……………… 29IneffectivenessofSanctionsonCryptocurrencyEntiti