Roughly $7B in Crypto Laundered Through DEXs, Cross-Chain Bridges, and Coin Swaps: Report

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Elliptic analysts had predicted that the amount laundered through DEXs, bridges, and coin swaps would rise to $6.5 billion by the end of 2023 and $10.5 billion by 2025.

Blockchain analytics platform Elliptic has found through recent on-chain analysis that criminals, including the notorious North Korean hacking group Lazarus, have laundered approximately $7 billion of illicit cryptocurrencies through decentralized exchanges , cross-chain bridges, and coin swap services., the second edition of the State of Cross-chain Crime report revealed that sanctioned entities and terrorists now hold more than 80 crypto assets across over 26 blockchains.

However, the current figure has exceeded Elliptic’s estimate to hit $7 billion. The company discovered an additional $2.7 billion was laundered through cross-chain and cross-asset services between July 2022 and July 2023.is the largest source of all illicit funds laundered through cross-chain bridges and the third largest for all cross-chain crime, being responsible for $900 million of the entire figure.

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