Elliptic: More Than $4B in Crypto Have Been Laundered Through DEXes
According to a report released by analytics firm Elliptic, criminals have used decentralized exchanges (DEXs), cross-chain bridges and swaps to hide more than $4 billion in illegal cryptocurrencies.
According to the researchers, about $1.2 billion of cryptocurrencies stolen as a result of hacking of exchanges and DeFi projects have been laundered through DEX, which made it possible to avoid confiscation of assets.
Another $1.2 billion of illegal assets have been withdrawn through on-chain and off-chain swaps. Elliptic has emphasized this coin exchange channel is often advertised on Russian hacker forums and is aimed exclusively at the criminal audience.
The firm’s analysts have also pointed to the growing risk of cross-chain bridges being used by terrorist and sanctioned organizations.
