Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Approximately $7 billion in cryptocurrency was laundered via decentralized exchanges, cross-chain bridges, and coin swaps, according to a report.
Analysts at Elliptic had forecasted that the volume of funds laundered via DEXs, bridges, and coin swaps would reach $6.5 billion by the conclusion of 2023 and $10.5 billion by 2025.
The blockchain analytics firm Elliptic has identified through recent on-chain investigations that criminals, including the infamous North Korean hacking group Lazarus, have laundered around $7 billion in illicit cryptocurrencies through decentralized exchanges (DEXs), cross-chain bridges, and coin swap platforms.
A press release indicated that the second edition of the State of Cross-chain Crime report disclosed that sanctioned entities and terrorist organizations currently possess over 80 crypto assets across more than 26 blockchains.
$7B in Crypto Laundered Through DEXs
In the initial edition of The State of Cross-chain Crime report published in October 2022, Elliptic analysts had estimated that the amount laundered through DEXs, bridges, and coin swaps would increase to $6.5 billion by the end of 2023 and $10.5 billion by 2025. At that time, the total of illicit assets laundered through these platforms was slightly above $4.1 billion.
Nevertheless, the current amount has surpassed Elliptic’s prediction, reaching $7 billion. The firm uncovered an additional $2.7 billion laundered through cross-chain and cross-asset services from July 2022 to July 2023.
Related Posts
The Lazarus Group represents the largest contributor of all illicit funds laundered through cross-chain bridges and ranks third for all cross-chain crime, accounting for $900 million of the total. The criminals are now employing more sophisticated cross-chain techniques such as derivatives trading and limit orders to conceal their laundering operations.
Tom Robinson, co-founder and chief scientist at Elliptic, stated:
“Over the past decade, Elliptic has assisted in reducing risk and enhancing transparency in blockchains by identifying and monitoring illicit activities within the crypto ecosystem. Now, with the innovative insights from our Holistic blockchain analytics capabilities introduced last year, we’ve observed that cross-chain crime continues to expand, as malicious actors persist in exploiting services such as decentralized exchanges (DEXs), cross-chain bridges, and coin swap platforms.”
Bad Actors Persist Via Hacks and Scams
As the volume of crypto assets laundered through DEXs, cross-chain bridges, and coin swaps continues to rise, malicious actors have intensified their efforts in token theft through hacks, exploits, and scams.
CryptoPotato reported that approximately $332 million was lost to hackers and scammers in September, with a single incident resulting in around $200 million in losses.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
