Bangladesh, March 4 -- A sweeping new study on illicit finance in cryptocurrency markets paints a stark picture of how hostile governments and transnational crime syndicates are leveraging digital assets to evade sanctions, launder billions and fund cyber operations. The report, titled Confronting the Illicit-Finance Hydra in Crypto Markets: Protecting Retail Investors and Disrupting Hostile Government Exploitation, estimates that at least $350 billion has been laundered globally through cryptocurrency between 2005 and 2025 – a figure its author warns is likely only a fraction of the true total.

The research draws on 164 documented money-laundering cases spanning two decades. According to its findings, cryptocurrency has evolved fr...