Catenaa, Thursday, July 17, 2025- Criminals have laundered more than $21.8 billion in illicit funds through decentralized exchanges, cross-chain bridges, and crypto-swapping services so far this year, a threefold increase since 2023, according to a new report from blockchain analytics firm Elliptic.
The report highlights the growing sophistication of crypto-enabled financial crimes. Of the total, $2.5 billion, or 12%, is linked to North Korean hackers, while $300 million came from sanctioned Iranian crypto services.
The analysis underscores how decentralized finance (DeFi) platforms are being exploited to mask the origin of stolen or illegal assets.
Elliptic found that one-third of complex cross-chain laundering operations spanned at least three blockchains, with 27% involving more than five, and 20% using ten or more. Criminals frequently use these tools to evade sanctions, avoid token freezes by issuers like Tether and Circle, or move funds stolen through scams and rug pulls.
Cross-chain crime has ballooned from $7 billion in 2023, as bad actors take advantage of gaps in blockchain interoperability and enforcement. Elliptic warns that rapid advancements in blockchain and AI technology are making it easier for scammers to target users, particularly during bull runs when retail interest spikes.
Illicit crypto activity represented 0.4% of the $10.6 trillion in 2024’s global on-chain volume, while the FBI reported $9.3 billion in crypto scam losses from nearly 150,000 complaints, mostly affecting seniors.
Bitcoin’s recent rally — trading near $119,300 — is seen as a signal of another bullish phase, which analysts say could drive prices as high as $200,000 by 2026.
