Crypto laundering grew to more than $82 billion in 2025, with Chinese-language networks emerging as a dominant force, Chainalysis reports.
Cryptocurrency money laundering has expanded dramatically over the past five years, with Chinese-language networks emerging as a central pillar of the global underground economy Onchain laundering has grown from $10 billion in 2020 to over $82 billion in 2025, Chainalysis estimates.
These networks rely on Telegram-based marketplaces, money mules and OTC brokers to move funds at industrial scale. Cryptocurrency money laundering has expanded dramatically over the past five years, with Chinese-language networks emerging as a central pillar of the global underground economy, according to new research from blockchain analytics firm Chainalysis. The report estimates that more than $82 billion flowed through on-chain laundering channels in 2025, up from roughly $10 billion in 2020. Chainalysis attributes the surge not only to the growing liquidity of crypto markets but also to the professionalization of laundering services that operate openly across messaging platforms and blockchains. Chinese-language money laundering networks now account for around 20% of known laundering activity, the firm said. Inflows to these networks have grown thousands of times faster than those to centralized exchanges or decentralized finance protocols since 2020, as criminals increasingly avoid venues where funds can be frozen. Chainalysis identified at least $16.1 billion processed by CMLNs in 2025 alone, spread across 1,800 active wallets and six core service types. These range from “running point” brokers who provide initial access to bank accounts and exchange wallets, to sprawling money mule networks, informal OTC desks and so-called “Black U” services that openly trade tainted crypto at a discount. At the center of the ecosystem sit Telegram-based “guarantee platforms,” which serve as escrow and reputation hubs that connect buyers and sellers of laundering services. Even when individual channels are disrupted, vendors quickly migrate to other channels, keeping operations largely intact. The speed and scale of these networks suggest deep links to off-chain criminal organizations, including scam operations and cybercrime rings. While recent sanctions and advisories have brought greater scrutiny, Chainalysis said the findings highlight how crypto-enabled laundering has evolved into a resilient, global service industry that adapts quickly to enforcement pressure.AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toPudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products , games and experiences , and a widely distributed token . While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.Australia's corporate regulator, ASIC, warns that rapid growth in unlicensed crypto, payments and artificial intelligence firms has created regulatory gaps that expose consumers to risk. In its new "Key issues outlook 2026" report, ASIC says it is up to the government to decide whether emerging digital asset products and services should fall under existing regulatory frameworks.8 hours ago
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