Marketplace Tech Crypto’s big growth on the books and in the shadows
Feb 12, 2026
Conversation covers the rapid expansion of cryptocurrency alongside a surge in illicit use, including $158 billion linked to illegal activity. Discussion highlights how stablecoins and nation-state actors enable sanctions evasion. Scams get spotlighted, from romance-based "pig butchering" to fake gig schemes. The role of AI in making fraud more sophisticated and scalable is also explored.
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Crypto Infrastructure Enables Dual Economies
- Crypto infrastructure growth is enabling both lawful adoption and illicit activity at scale.
- Nation-state stablecoins and exchange involvement have amplified sanction evasion and theft.
Stablecoins Complicate Sanctions Enforcement
- Sanctions-related crypto activity surged over 400% and became a major driver of illicit volumes.
- Stablecoins move value outside the U.S. dollar system, making sanctions enforcement harder.
Enforcement Followed TRM Investigations
- TRM's reporting led to U.S. Treasury sanctions on Iran-linked crypto exchanges and a Cambodian scam network.
- Targeting bad actors with national security tools can protect the larger lawful crypto ecosystem.