{"id":69990,"date":"2023-10-07T17:48:09","date_gmt":"2023-10-07T21:48:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/elliptic-report-reveals-7-billion-in-crypto-laundering-via-dexs-and-bridges\/"},"modified":"2023-10-07T17:48:11","modified_gmt":"2023-10-07T21:48:11","slug":"elliptic-report-reveals-7-billion-in-crypto-laundering-via-dexs-and-bridges","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69990","title":{"rendered":"Elliptic Report Reveals $7 Billion in Crypto Laundering via DEXs and Bridges"},"content":{"rendered":"
\n

A recent report from blockchain surveillance firm Elliptic has uncovered that $7 billion in “illicit or high-risk funds” has been laundered through decentralized exchanges (DEXs), cross-chain bridges, and non-KYC exchanges.<\/p>\n

This staggering sum was already reached by July of this year, exceeding Elliptic’s prediction from last year that such activities would amount to $6.5 billion by the end of 2023.<\/p>\n

The report highlighted the increasing complexity of these illicit activities, with criminals adopting more complex for making cross-chain transfers, including derivatives trading and limit orders on exchanges, to obscure their money laundering operations.<\/p>\n

Over the span of one year, from July 2022 to July 2023, approximately $2.7 billion was laundered using these methods, the report said.<\/p>\n

North Korea\u2019s Lazarus Group<\/h2>\n

Notably, the North Korean Lazarus Group has been identified as a major contributor to this illicit activity.<\/p>\n

According to Elliptic, the Lazarus Group ranks as the top source of illicit funds laundered through cross-chain bridges.<\/p>\n

It is also the third-largest source of cross-chain crime overall, and is responsible for approximately 1\/7th<\/sup> of all cross-chain crime tracked by Elliptic.<\/p>\n

This group has managed to launder over $900 million through cross-chain methods alone, the report said.<\/p>\n

Cross-chain crime becoming more popular<\/h2>\n

Commenting on the rising trend in cross-chain crime, Elliptic said digital assets other than Bitcoin (BTC) are becoming increasingly popular among cybercriminals.<\/p>\n

For instance, some digital assets, such as the privacy coin Monero (XMR) are better suited for criminals because they have stronger privacy built-in on the base layer, while for instance stablecoins like DAI are popular because they maintain a stable value against fiat currencies.<\/p>\n

The firm added that cross-chain activities are popular because most cross-chain services like bridges have no know-your-customer (KYC) requirements, unlike centralized exchanges.<\/p>\n

\u201cThese bad actors can therefore make their activities difficult to trace by engaging in prolific asset- or chain-hopping,\u201d the firm said.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent report from blockchain surveillance firm Elliptic has uncovered that $7 billion in “illicit or high-risk funds” has been laundered through decentralized exchanges (DEXs), cross-chain bridges, and non-KYC exchanges. This staggering sum was already reached by July of this year, exceeding Elliptic’s prediction from last year that such activities would amount to $6.5 billion […]<\/p>\n","protected":false},"author":1,"featured_media":69991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-69990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nElliptic Report Reveals $7 Billion in Crypto Laundering via DEXs and Bridges | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A recent report from blockchain surveillance firm Elliptic has uncovered that $7 billion in "illicit or high-risk funds" has been laundered through\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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