New research from blockchain analytics and crypto compliance firm Elliptic has revealed the extent to which cross-chain bridges and decentralized exchanges (DEXs) have removed barriers for cybercriminals.
In an Oct. 4 report titled “The state of cross-chain crime,” Elliptic researchers Eray Arda Akartuna and Thibaud Madelin took a deep dive into what they described as “the new frontier of crypto laundering.” The report summarized that the free flow of capital between crypto assets is now more unhindered due to the emergence of new technologies such as bridges and DEXs.
Cybercriminals have been using cross-chain bridges, DEXs, and coin swaps to obfuscate at least $4 billion worth of illicit crypto proceeds since the beginning of 2020, it reported.
Around a third of all stolen crypto, or roughly $1.2 billion, from the incidents surveyed, was swapped using decentralized exchanges.
Delving further into the details, the report noted that more than half of the illicit funds it identified...
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