Study Finds $188 Billion in Risky Funds Linked to Exchanges
Global Ledger identified $187.75 billion in high-risk exposure across 99 crypto exchanges between 2021 and 2025, with sanctions and USDT on Tron leading recent flows.
Blockchain analytics company Global Ledger has identified $187.75 billion in high-risk exposure across 99 cryptocurrency exchanges between 2021 and 2025, according to CryptoNews. The study examined $36.28 trillion in deposits and withdrawals involving Bitcoin ($BTC), Ethereum ($ETH), and USDT on Tron, tracing connections to identified high-risk sources and destinations through up to five blockchain transfers.
Across the examined sample, the report recorded $90.55 billion entering exchanges from flagged sources and $97.21 billion leaving for flagged destinations. Ten platforms accounted for 90.9% of flagged inflows, totaling $167.66 billion in combined exposure, while another 89 exchanges accounted for $20.09 billion. One unnamed exchange recorded $70.84 billion in combined exposure, representing 41.3% of all risky inflows.
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Shifting Sources of Risk
Sanctions emerged as the largest source of exposure, generating $74.09 billion over the five-year period and accounting for 62.2% of risky inflows and 53.8% of risky outflows in 2025. In contrast, fraud and hacks supplied more than four-fifths of flagged inflows in 2021, but their respective inflow totals dropped to $4.16 billion and $1.51 billion by 2025.
Simultaneously, asset composition shifted significantly. 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%, down from 83.1% in 2021.
Key Facts
- Global Ledger examined $36.28 trillion in deposits and withdrawals between 2021 and 2025 across 99 exchanges.
- Ten platforms accounted for 90.9% of flagged inflows, totaling $167.66 billion in combined exposure.
- Sanctions accounted for 62.2% of risky inflows and 53.8% of risky outflows in 2025.
- USDT on Tron represented 68% of flagged inflows and 80.4% of outflows in 2025, while Bitcoin's share fell to 11%.
- The study identified 5,878 deposits exceeding $1 million that carried $33.77 billion, representing 37.24% of total flagged deposit value.
Source: crypto.news
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