Introduction
The rise of decentralized finance (DeFi) has ushered in unprecedented innovation—and new criminal frontiers. The latest 2025 Cross-Chain Crime Report from Elliptic, a leader in blockchain analytics, provides a data-driven examination of how illicit actors are exploiting an increasingly multichain crypto universe. The findings reveal not only staggering volumes of cross-chain laundering but also the rapidly evolving tools and tactics of criminal organizations.
Key Findings
$21.8 Billion Laundered—A Threefold Surge
- Over $21.8 billion in illicit or high-risk crypto funds were laundered through cross-chain methods in 2025—a 300% increase from the $7 billion tracked in 2023.
- This exponential growth is driven by the fragmentation of the crypto landscape and the proliferation of decentralized exchanges (DEXs), cross-chain bridges, and no-KYC coin swap services, all of which provide fertile ground for money laundering and sanctions evasion.
Sophisticated Laundering Techniques
- Criminals are increasingly “chain hopping”—rapidly moving assets across multiple blockchains to complicate investigations and evade detection.
- The data shows:
- 33% of crypto crime investigations now involve activity on more than three blockchains.
- 27% span over five blockchains.
- 20% extend across ten or more blockchains, reflecting an increasingly complex landscape for investigators.
State-Backed Actors and Sanctioned Regimes
- North Korean-linked entities, led by the Lazarus Group, are responsible for about 12% ($2.5 billion) of cross-chain illicit flows. Their advanced tactics—swift multi-chain swaps and anonymization—significantly hinder asset recovery.
- Iranian crypto services, currently under U.S. sectoral sanctions, accounted for around $300 million in cross-chain laundering.
- Russian actors, particularly the Garantex exchange (seized in March 2025), used cross-chain tools extensively to evade sanctions and obscure fund origins.
Industrialized Scams & Real-Time Fraud
- Fraudulent schemes, such as the CBEX scam ($1 billion stolen) and the infamous $LIBRA token rug pull ($100 million), relied on cross-chain methods to maintain their operations, making it harder for victims and law enforcement to react before funds vanished25.
- During the 2024–2025 memecoin boom, such scams proliferated, with scammers taking advantage of viral market dynamics and the ease of cross-chain liquidity5.
Sectoral Highlights
| Category | 2025 Volume | Notable Trends |
|---|---|---|
| Total Cross-Chain Laundering | $21.8 billion | 3x growth vs. 2023; rapid chain-hopping |
| North Korean-Linked Activity | $2.5 billion (12%) | Lazarus Group prioritizes swift multi-chain laundering |
| Iranian Sanctioned Services | $300 million | Persistent use of cross-chain swaps |
| Scams & Rug Pulls | $1B – CBEX; $100M – LIBRA | Real-time laundering, memecoin fraud |
| Investigations w/ >3 Blockchains | 33% | Chain complexity at all-time highs |
| Funds Ending on Gambling Sites | 25% | Rise in gambling-as-laundering, esp. Eastern Europe/Asia7 |
Analytical Insights
Why Is Cross-Chain Crime Surging?
- Expanding Ecosystem: The sheer number of blockchains and available digital assets increases the channels criminals can exploit, making traditional tracing tools obsolete.
- Increasingly Sophisticated Tools: Decentralized bridges and DEX aggregators allow criminals to swap assets with no registration or AML checks. Some coin swap services even facilitate physical cash drops.
- Regulatory Arbitrage: Actors in or aligned with sanctioned nations find cross-chain swaps a route to bypass global financial restrictions.
Case Studies
- Bybit Hack: The largest crypto heist on record, with funds rapidly funneled through multi-chain paths. Elliptic’s tracing was crucial for global law enforcement efforts25.
- Chain Obfuscation: In one cited instance, North Korean hackers moved $75 million across Bitcoin, Ethereum, Arbitrum, Base, and Tron to maximize opacity7.
- Illegal Gambling: Around 25% of laundered funds were traced to unlicensed gambling sites, indicating a new preferred terminal for criminal proceeds7.
Countermeasures & Recommendations
- Leading analytics firms, including Elliptic, have developed advanced cross-chain tracing solutions capable of monitoring activity across 55 blockchains and 300+ bridge routes, drastically reducing investigation time.
- Ongoing vigilance is paramount: real-time monitoring, cross-chain risk assessments, and regular staff training for virtual asset service providers are now baseline requirements for fighting financial crime in crypto.
Conclusion
The Elliptic 2025 Cross-Chain Crime report is a wake-up call for compliance professionals, regulators, and law enforcement. It underscores how criminal innovation is outpacing many traditional protections—but also highlights new investigative tools and proactive strategies that can tip the balance. For the global financial crime community, staying ahead means adopting a cross-chain mindset and leveraging technology as the arms race continues.