Crypto laundered through coin swaps, bridges, and decentralized exchanges (DEXs) has reached $7 billion, according to a report by analytics firm Elliptic. This figure surpassed the firm’s previous estimate of $6.5 billion by the end of 2023 and had already been reached as of July 2023. Criminals are using increasingly complex cross-chain methods, such as derivatives trading and limit orders, to obfuscate their laundering activities. Elliptic also identified the North Korean Lazarus Group as the top culprit, having laundered over $900 million through cross-chain methods.
Elliptic, based in London, specializes in risk management for digital asset organizations, governments, and traditional financial institutions, with investors including J.P. Morgan and Wells Fargo Strategic Capital.