Illicit cross-chain crypto activity has skyrocketed to over $21 billion as of May 2025, according to Elliptic’s latest Cross-Chain Crime Report—a threefold increase from its $7 billion estimate in 2023.
Criminal actors are increasingly exploiting decentralized exchanges (DEXs), cross-chain bridges, and anonymous swap services to launder funds, evade sanctions, and carry out large-scale scams. This surge coincides with the growing adoption of multi-chain platforms, which offer bad actors more opportunities to obscure the origin of stolen assets.
A key driver of the spike is North Korean-linked cybercrime, which accounts for 12% of the total volume—approximately $2.5 billion. The notorious Lazarus Group has been particularly active, using advanced chain-hopping techniques following high-profile hacks, including the $1.46 billion Bybit breach. Elliptic reports that a third of all complex crypto investigations now involve more than three blockchains, while 20% span over ten networks.
Iranian crypto services also played a role, with nearly $300 million in funds moved through cross-chain platforms in violation of U.S. sanctions. These services—often tied to Russia, Iran, and North Korea—enable access to privacy coins and facilitate real-world laundering via couriers and cash drops.
The report highlights the role of industrialized scams such as CBEX, which funneled nearly $1 billion through bridges and DEXs while still posing as a legitimate platform. The $LIBRA token rug-pull, which followed a tweet by Argentine President Javier Milei, saw $100 million drained from investors.
Elliptic, whose blockchain intelligence tools now cover 55 networks and over 300 bridge combinations, played a role in the U.S. Secret Service-led seizure of sanctioned Russian exchange Garantex in March 2025.
With real-time monitoring and the industry’s broadest coverage, Elliptic says it’s enabling governments and financial institutions to trace illicit flows and respond faster as multi-chain obfuscation tactics evolve.
Meanwhile, the industry’s integrity suffered another blow as a former UK National Crime Agency officer was sentenced to five and a half years in prison for stealing 50 Bitcoin, now worth approximately $5.9 million, originally seized from Silk Road 2.0 co-founder Thomas White.
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