The state of the blockchain in 2025 is being reported on by various outlets, with some focusing on its adoption and venture capital trends, while others are highlighting its use in gaming and potential for illicit activities. There are reports of a significant increase in crypto crime, with some outlets citing record-breaking numbers, and concerns over the use of blockchain for sanctions evasion. The overall picture of the blockchain's state in 2025 is complex, with both legitimate and illicit activities being reported.