Study finds $188 billion in risky funds linked to crypto exchanges

Global Ledger has identified $187.75 billion in high risk exposure across 99 crypto exchanges, with 10 platforms accounting for 90.9% of flagged inflows between 2021 and 2025. Summary Global Ledger identified $187.75 billion in risk exposure across 99 crypto exchanges between 2021 and 2025, with 10 platforms accounting for 90.9% of flagged inflows. Sanctions became the largest source of exposure, accounting for 62.2% of risky inflows and 53.8% of risky outflows in 2025. USDT on Tron accounted for 68% of flagged inflows and 80.4% of outflows in 2025, while Bitcoin’s share of risky deposits fell to 11%. The study found that 5,878 deposits exceeding $1 million carried $33.77 billion, representing 37.24% of the total flagged deposit value. Global Ledger, a blockchain analytics company, examined $36.28 trillion in deposits and withdrawals involving Bitcoin, Ethereum and USDT on Tron for its High-Risk Benchmark report, shared with crypto.news. Its analysis traced connections to identified high risk sources and destinations through as many as five blockchain transfers. Across the sample, the report recorded $90.55 billion entering exchanges from flagged sources and $97.21 billion leaving ...