Crypto money laundering is on the rise, with a staggering $7 billion in suspicious or high-risk funds already laundered through cross-chain and cross-asset platforms. The use of decentralized exchanges (DEXs), cross-chain bridges, and coin swap services has become increasingly prevalent, with the Lazarus Group being the third-largest contributor to the burgeoning cross-chain crime landscape.Data presented in a recent report by Elliptic underscores the urgency of addressing the growing threat of financial crimes in the crypto space. Over the period from July 2022 to July 2023, approximately $2.7 billion was laundered through these channels. Criminals are adopting more sophisticated techniques, such as derivatives trading and limit orders, to further conceal their activities.Sanctioned entities and even terrorist groups have diversified their digital assets, spanning more than 80 different types of assets across more than 26 blockchains. This diversification has allowed them to further elude detection and scrutiny.The alarming $7 billion figure underscores the urgency for regulators, businesses, and the crypto community to collaborate in developing robust safeguards against these evolving threats, ensuring the long-term integrity of the digital financial landscape.

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Information	Details
Geography	Global
Countries	🇺🇸
Sentiment	negative
Relevance Score	8
People	Whois Team, Lazarus Group, Dr. Tom Robinson, Tom Robinson, Guardians of Peace
Companies	Whois Team, Elliptic, Lazarus Group, Guardians of Peace, TradingView.com
Currencies	South Korean Won, US Dollar, Ethereum, Bitcoin, Euro
Securities	None