- Criminals moved over $21 billion through DEXs, cross-chain bridges, and swap services - a threefold increase from 2023
- 12% (Around $2.5 billion) worth of these funds can be attributed to North Korean hacks, and $300 million originated from Iranian crypto services under U.S. sectoral sanctions
- A third (33%) of crypto investigations involved more than three blockchains, 27% span over 5 and a fifth (20%) span over 10
LONDON, July 21, 2025 /PRNewswire/ -- Elliptic, the global leader in digital asset decisioning, has found cross-chain criminal and high-risk activity has surged past an estimated $21 billion as of May 2025 - triple Elliptic's $7 billion estimate from 2023.
The figures, published in Elliptic's 2025 Cross-Chain crime report, show that since the 2022 inaugural edition, in tandem with the exponential growth of blockchains and assets utilized in illicit activities, new crime trends have emerged across the crypto crime landscape. Bad actors are increasingly turning to decentralized exchanges (DEXs), cross-chain bridges, and coin swap services to enable hacks and scams, including memecoin rug pulls, subsequent money laundering, and evading sanctions.
As the crypto ecosystem becomes increasingly multi-chain, with criminals frequently moving assets across multiple networks, broad blockchain visibility is more critical than ever. To address this, Elliptic offers the broadest blockchain coverage in the industry, spanning 54 networks, nearly double that of any other provider. As well as breadth, its advanced cross-chain tracing capabilities and deep coverage of critical infrastructure like bridges and numerous assets enable unmatched insight into complex, illicit transaction flows.
North Korea alone accounts for approximately 12% of the $21 billion estimate in cross-chain criminal activity. The nation's reliance on cross-chain obfuscation has grown since 2023, with the North Korean Lazarus Group cyberhackers notably using advanced chain-hopping methods - where criminals rapidly swap assets across multiple blockchains to obscure transaction trails - to launder stolen crypto, including after the record-breaking $1.46 billion Bybit hack. This rapid chain-hopping creates adverse operational challenges, making it increasingly difficult for compliance professionals and government agencies to track the complex movement of funds without a data foundation that is both broad in chain coverage and deeply integrated. Elliptic's investigations show that 33% of complex cross-chain cases involve more than three blockchains, 27% involve over five, and 20% span more than ten.
Besides North Korean activity, almost $300 million worth of funds were obfuscated through cross-chain services originating from Iranian crypto services under U.S. sectoral sanctions. Illicit actors, especially in Russia, Iran, and North Korea, increasingly use anonymous coin swap services to access privacy coins, launder funds, and even cash out via buried treasure dumps or armed money couriers.
Notable cross-chain exposure was also revealed in Elliptic's analysis of Russian exchange Garantex, which was seized in March 2025 with support from Elliptic's data and intelligence in collaboration with the U.S. Secret Service. Elliptic's analysis highlights that Garantex had leveraged cross-chain services to obfuscate the origin of funds and evade the sanctions imposed on it by the U.S. Treasury and the European Union.
Beyond nation-state actors, the report reveals a spike in industrialized crypto scams. Schemes such as CBEX, which defrauded nearly $1 billion, used bridges and DEXs to launder funds even while the scam was still active and claiming to be a legitimate investment platform, showing the urgency of real-time monitoring, which Elliptic provides.
The 2024-25 memecoin craze also became a breeding ground for exit scams. One instance highlighted in the report is the collapse of the $LIBRA token, which saw a $100 million rug-pull following an endorsement tweet from Argentina's President Javier Milei that boosted its price.
Dr. Arda Akartuna, Lead Crypto Threat Researcher at Elliptic, said: "Criminal actors are exploiting the growing complexity of the crypto ecosystem - but they can be stopped. Elliptic's advanced cross-chain analytics, spanning 55 blockchains and automatically tracing through over 300 bridging combinations, provide crucial visibility into illicit flows. With these capabilities, we empower stakeholders in the digital asset ecosystem to detect and disrupt criminal typologies at scale, safeguarding innovation and protecting consumers."
As criminals diversify tactics across multi-chain assets, Elliptic's real-time monitoring and industry-leading coverage spans nearly twice as many blockchains as any other provider. This includes the ability to automatically trace through cross-chain bridges, significantly reducing the costs and manual effort required for complex investigations. Beyond this, Elliptic's unique approach to model blockchain data as a single financial network with a unified schema enables compliance professionals and government agencies to investigate cross-chain activity more effectively and deploy tailored detection methods to counter increasingly sophisticated obfuscation tactics.
Elliptic continues to offer the most robust and scalable blockchain intelligence tools, supporting the needs of over 500 financial institutions and organisations globally.
To learn more about Elliptic, visit https://www.elliptic.co/
About Elliptic
Elliptic is the leader in digital asset decisioning, we have built the most comprehensive platform for efficiently extracting crypto data and intelligence across blockchains with the greatest accuracy.
Our platform's unrivalled uptime, scalability, depth and breadth of our data and intelligence means exacting organizations choose Elliptic for their compliance, risk management, intelligence operations and blockchain infrastructure needs.
Founded in 2013, Elliptic is headquartered in London with offices in New York, Washington D.C., Dubai, Singapore and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and X.
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