Crypto laundered through coin swaps, bridges and DEXs hits $7 billion: Elliptic

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By BitcoinWiki News

Key Takeaways:

– Elliptic’s annual report predicted that funds laundered through decentralized exchanges (DEXs), cross-chain bridges, and non-KYC exchange services (coin swaps) would reach $6.5 billion by the end of 2023.
– The actual amount of illicit or high-risk funds laundered using cross-chain and cross-asset services has surpassed expectations, reaching $7 billion by July of this year.
– Criminals are employing more complex cross-chain methods, such as derivatives trading and limit orders, to conceal their laundering activities.
– Between July 2022 and July 2023, $2.7 billion was laundered through coin swaps, bridges, and DEXs.
– The Lazarus Group, based in North Korea, is identified as the largest source of all illicit funds laundered through cross-chain bridges and the third largest source of cross-chain crime overall, having laundered over $900 million using cross-chain methods.
– Elliptic, based in London, specializes in risk management for digital-asset organizations, governments, and traditional financial institutions.
– Investors in Elliptic include J.P. Morgan and Wells Fargo Strategic Capital.


Elliptic, an analytics firm, has reported that a total of $7 billion of illicit or high-risk funds have been laundered through cross-chain and cross-asset services. This amount exceeds their original prediction of $6.5 billion by the end of 2023, which they made in their annual report. The report also highlights that criminals are increasingly using complex cross-chain methods, such as derivatives trading and limit orders, to make their laundering activities harder to detect. Between July 2022 and July 2023, $2.7 billion was laundered through coin swaps, bridges, and decentralized exchanges (DEXs). Elliptic identifies the Lazarus Group from North Korea as the primary source of illicit funds laundered through cross-chain bridges, with over $900 million being laundered through these methods. Elliptic specializes in risk management for digital-asset organizations, governments, and traditional financial institutions, and counts J.P. Morgan and Wells Fargo Strategic Capital among its investors.

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