London, UK, October 10, 2023: The value of illicit crypto laundered through cross-chain criminal activities has surged to a record-breaking $7 billion, according to a newly released report by blockchain analytics and risk management firm Elliptic. 1
The report, titled State of Cross-Chain Crime Report by Elliptic, was released on October 4, 2023. The report found that cross-chain crime was the dominant means of laundering crypto-assets, accounting for over a third of all crypto-related crimes in the first half of 2023.
Cross-chain crime is a type of financial crime that involves swapping crypto assets between different tokens or blockchains to hide their illegal origin. It is often done quickly and without a legitimate business purpose.
The report’s findings highlight the growing challenge of cross-chain crime for law enforcement and financial regulators.
The findings of Elliptic’s report are concerning for the crypto industry. The rise of cross-chain crime could damage cryptocurrencies’ reputations and make it more difficult for legitimate businesses to operate in the space.
This is particularly important when several cases are pending in various courts of law and regulators over the legitimacy of cryptocurrencies worldwide.
Elliptic is a blockchain analytics and risk management firm that provides solutions to crypto exchanges, financial institutions, and government agencies to help them detect and prevent financial crime. Established in 2013, Elliptic is currently headquartered in London, UK.
