Blockchain analytics platform Elliptic has discovered that criminals, including the Lazarus Group, a notorious North Korean hacking group, have laundered approximately $7 billion of illicit cryptocurrencies through decentralized exchanges (DEXs), cross-chain bridges, and coin swap services. This finding was revealed in the second edition of the State of Cross-chain Crime report. The report also stated that sanctioned entities and terrorists hold more than 80 crypto assets across over 26 blockchains.
In the first edition of the report, Elliptic analysts had predicted that the amount laundered through DEXs, bridges, and coin swaps would reach $6.5 billion by the end of 2023 and $10.5 billion by 2025. However, the actual figure has already surpassed these estimates, reaching $7 billion. Elliptic discovered an additional $2.7 billion laundered through cross-chain and cross-asset services between July 2022 and July 2023.
The Lazarus Group is identified as the largest source of illicit funds laundered through cross-chain bridges and the third largest for all cross-chain crime, responsible for $900 million of the entire figure. These criminals now employ more complex cross-chain methods, such as derivatives Trading and limit orders, to obscure their laundering activities.
Tom Robinson, co-founder and chief scientist at Elliptic, emphasized the persistent growth of cross-chain crime and the need for transparency within the crypto ecosystem. He stated that Elliptic’s blockchain analytics capabilities have helped to mitigate risk and track illicit activities within the crypto industry.
Alongside the increase in laundering through DEXs, cross-chain bridges, and coin swaps, bad actors have also intensified their efforts to steal Tokens through hacks, exploits, and scams. In September alone, approximately $332 million was lost to hackers and scammers, with one attack resulting in losses of around $200 million.
In conclusion, the State of Cross-chain Crime report by Elliptic reveals the extensive amount of illicit funds laundered through DEXs, bridges, and coin swaps, with the Lazarus Group playing a significant role in these activities. As the crypto industry continues to grow, efforts to mitigate risks and increase transparency become increasingly important..
#Roughly #Crypto #Laundered #DEXs #CrossChain #Bridges #Coin #Swaps #Report
In the first edition of the report, Elliptic analysts had predicted that the amount laundered through DEXs, bridges, and coin swaps would reach $6.5 billion by the end of 2023 and $10.5 billion by 2025. However, the actual figure has already surpassed these estimates, reaching $7 billion. Elliptic discovered an additional $2.7 billion laundered through cross-chain and cross-asset services between July 2022 and July 2023.
The Lazarus Group is identified as the largest source of illicit funds laundered through cross-chain bridges and the third largest for all cross-chain crime, responsible for $900 million of the entire figure. These criminals now employ more complex cross-chain methods, such as derivatives Trading and limit orders, to obscure their laundering activities.
Tom Robinson, co-founder and chief scientist at Elliptic, emphasized the persistent growth of cross-chain crime and the need for transparency within the crypto ecosystem. He stated that Elliptic’s blockchain analytics capabilities have helped to mitigate risk and track illicit activities within the crypto industry.
Alongside the increase in laundering through DEXs, cross-chain bridges, and coin swaps, bad actors have also intensified their efforts to steal Tokens through hacks, exploits, and scams. In September alone, approximately $332 million was lost to hackers and scammers, with one attack resulting in losses of around $200 million.
In conclusion, the State of Cross-chain Crime report by Elliptic reveals the extensive amount of illicit funds laundered through DEXs, bridges, and coin swaps, with the Lazarus Group playing a significant role in these activities. As the crypto industry continues to grow, efforts to mitigate risks and increase transparency become increasingly important..
#Roughly #Crypto #Laundered #DEXs #CrossChain #Bridges #Coin #Swaps #Report
