According to the findings of a research study by Elliptic, cybercriminals are believed to have used crypto cross-chain bridges and coin swap services to launder $7 billion worth of “illicit or high-risk funds.” The Lazarus Group, a cybercriminal organization said to be backed by North Korea, is “responsible for $900 million of cross-chain crime.”
Bad Actors Exploiting Dexs and Cross-Chain Bridges
In the period between July 2022 and July 2023, cross-chain and cross-asset services were used to “launder $7 billion worth of illicit or high-risk funds,” the latest research by the blockchain analytics firm Elliptic has shown. The value of crypto assets laundered via such channels exceeds the firm’s prediction of $6.5 billion by the end of 2023.
In a press statement issued on Oct. 5, Elliptic said the latest value of crypto assets laundered via decentralized exchanges, cross-chain bridges and coin swap services dwarfs the $4.1 billion recorded a year earlier. Commenting on the f
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