-New research from Elliptic uncovers the true scale of cross-chain crime, as North Korean hackers and criminals adopt new cryptocurrency laundering tactics

Cross-chain crime is accelerating faster than anticipated, with $7 billion in illicit or high-risk funds laundered through cross-chain and cross-asset services

LONDON and NEW YORK, Oct. 5, 2023/PRNewswire/ -- Elliptic, the global leader in blockchain analytics solutions, today released its 2023 edition of the landmark report, 'The State of Cross-Chain Crime'.

The report reveals that $7 billion of illicit or high-risk funds have been laundered through cross-chain and cross-asset services, with North Korean hackers, the Lazarus Group, responsible for $900 million of cross-chain crimes.

In the first edition of this report, published in October 2022, Elliptic found that $4.1 billion in illicit or high-risk funds had been laundered through decentralized exchanges, cross-chain bridges, and currency exchange services as of July 2022. inclusive. At the time, the company predicted this figure would rise to $6.5 billion by the end of 2023 and $10.5 billion by 2025.

Using new research methodologies powered by Elliptic's holistic blockchain analysis, the report reveals the true scale of cross-chain crime, including:

“Over the past decade, Elliptic has helped mitigate risk and bring transparency to blockchains by identifying and tracking illicit activity within the crypto ecosystem,” said Dr. Tom Robinson, co-founder and chief scientist at Elliptic. "Now, with innovative insights from our holistic blockchain analytics capabilities launched last year, we have seen cross-chain crime continue to grow, as bad actors continue to exploit services such as decentralized exchanges (DEX), bridges between chains, and currency exchange services".

For more information on the report's findings, contact the Elliptic team.

Media Contact: Amanda AbarnoVP, Marketingpress@elliptic.co

About Elliptic

Elliptic is the global leader in crypto asset risk management for crypto companies, governments and financial institutions around the world.

Recognized as a pioneer in WEF technology and backed by investors such as J.P. Morgan, Wells Fargo Strategic Capital, SBI Group and Santander Innoventures, Elliptic has assessed the risk of multi-trillion-dollar transactions, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.

Elliptic is headquartered in London with offices in New York, Singapore and Tokyo. For more information, visit www.elliptic.co.

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