Chainalysis: $75 Billion in Crypto Could Bolster State Reserves

Darknet marketplaces control the majority of the funds.

Public blockchains hold $75 billion obtained through illicit means. According to analysts at Chainalysis, governments could seize these assets to build strategic reserves.

“The cryptocurrency ecosystem indeed provides law enforcement with unprecedented opportunities,” the analysts noted.

Currently, several countries are developing state reserves in cryptocurrency. These include the United States, Kyrgyzstan, Philippines, and many others.

The study identified two main pools for seizure:

• $15 billion are held in wallets directly belonging to illegal entities;
• another $60 billion are distributed across related addresses.

The majority of funds are concentrated within the infrastructure of darknet marketplaces, whose administrators control $46.2 billion.

Experts also identified a clear correlation with market cycles. The volume of assets linked to illegal activities peaked in 2021, declined during the bear market in 2022, and rose again in 2024-2025.

Meanwhile, the asset structure has shifted. In recent years, stablecoins and Ethereum have become much more popular than Bitcoin.

In March, Chainalysis specialists reported a return of darknet platforms to the first cryptocurrency.