Crypto criminals are using crosschain tools such as bridges, DEXs and coin swappers to obscure $21.8B in illicit flows across multiple blockchains.
At least $21.8 billion in illicit or high-risk crypto has flowed through crosschain swaps, up from $7 billion in 2023, according to estimates by UK-based blockchain analytics firm Elliptic. Elliptic attributes 12% of those movements to North Korea.
Crosschain swaps were once a niche activity reserved for advanced traders and decentralized finance (DeFi) users, but they’ve evolved into a core component of money laundering. Illicit actors no longer simply send crypto through mixers or dump tokens on a single decentralized exchange (DEX). Nowadays, the funds move around multiple blockchains to frustrate investigators and evade detection.
This swift 211% increase, from $7 billion to $21.8 billion, reflects the growing use of blockchain bridges, DEXs and coin swap services, as well as the expanding number of blockchains.
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