Elliptic Report Reveals Surge in Cross-Chain Cryptocurrency Crimes Exceeding $21 Billion
In a startling revelation, Elliptic, a frontrunner in digital asset decision-making, has uncovered a dramatic increase in cross-chain criminal activity within the cryptocurrency landscape, exceeding $21 billion as of May 2025. This figure marks a significant rise from just $7 billion in the preceding year, illustrating the swift evolution of illicit activities in the realm of digital assets, particularly facilitated through decentralized exchanges (DEXs), cross-chain bridges, and swapping services.
The 2025 Cross-Chain Crime Report, published by Elliptic, indicates that criminal actors have increasingly leveraged multiple blockchains to perpetrate a variety of scams, hacking operations, and laundering activities. The report addresses how a growing number of crimes are characterized by the complex interaction of assets traversing different networks, which complicates the tracing process for investigative entities.
A notable finding reveals that approximately 12% of the criminal funds, translating to around $2.5 billion, can be attributed to North Korean hacking factions. This particular group gained attention for employing advanced chain-hopping tactics to obscure their criminal activities, significantly complicating the efforts of compliance and federal authorities to trace their illicit financial movements.
The evolution of the cryptocurrency space towards a multi-chain environment necessitates heightened scrutiny and analysis. According to Elliptic, around 33% of investigations into cryptocurrency-related crimes now involve more than three blockchains. Furthermore, 20% of these investigations stretch across ten or more blockchain networks, showcasing the complexity of tracking criminal activity in this rapidly growing ecosystem.
In addition to coordinating cybercrimes, criminals appear to utilize multiple exchanges to launder their funds more effectively. Nearly $300 million worth of illicit funds was also tracked back to Iranian crypto services, particularly raising flags due to existing U.S. sanctions. This dual assault from state-sponsored and independent actors reflects a concerning trend in which transnational crime now actively utilizes blockchain technology to escape conventional forms of law enforcement.
Elliptic's report also reflects on specific cases, primarily focusing on the Russian exchange Garantex, seized earlier in 2025. The analysis demonstrates how Garantex exploited cross-chain services for evasive purposes against sanctions from the U.S. Treasury and the EU. Additionally, the investigation highlighted a significant rise in industrialized crypto scams, with the CBEX scheme allegedly swindling close to $1 billion from investors. Scam operations like CBEX have utilized DEXs and bridging services to conduct ongoing money laundering processes while maintaining an appearance of legitimacy.
The excitement surrounding memecoins gave rise to a host of exit scams, with the crash of the $LIBRA token standing out. It experienced a massive rug pull valued at $100 million after gaining traction from a tweet by Argentina's President Javier Milei that initially boosted its popularity. This scenario exemplifies the risk of novel cryptocurrencies as they can quickly become tools for fraudulent activities as they gain notoriety and investor interest.
Dr. Arda Akartuna, the Lead Crypto Threat Researcher at Elliptic, underscores the urgency of addressing these emerging threats: "Criminal actors are exploiting the growing complexity of the crypto ecosystem — but they can be stopped. By utilizing our advanced cross-chain analytics that spans 55 blockchains, we provide essential visibility into illicit flows and empower stakeholders to detect and disrupt these criminal typologies on a large scale."
As both regulators and industry participants strive to navigate this convoluted landscape, Elliptic continues to spearhead efforts to enhance blockchain intelligence tools. These advancements significantly bolster compliance capabilities across various financial institutions globally, further delivering the tools necessary to mitigate the risks tied to cross-chain criminal activities.
Background and Analysis
The 2025 Cross-Chain Crime Report, published by Elliptic, indicates that criminal actors have increasingly leveraged multiple blockchains to perpetrate a variety of scams, hacking operations, and laundering activities. The report addresses how a growing number of crimes are characterized by the complex interaction of assets traversing different networks, which complicates the tracing process for investigative entities.
A notable finding reveals that approximately 12% of the criminal funds, translating to around $2.5 billion, can be attributed to North Korean hacking factions. This particular group gained attention for employing advanced chain-hopping tactics to obscure their criminal activities, significantly complicating the efforts of compliance and federal authorities to trace their illicit financial movements.
The Shift in Crypto Crime Trends
The evolution of the cryptocurrency space towards a multi-chain environment necessitates heightened scrutiny and analysis. According to Elliptic, around 33% of investigations into cryptocurrency-related crimes now involve more than three blockchains. Furthermore, 20% of these investigations stretch across ten or more blockchain networks, showcasing the complexity of tracking criminal activity in this rapidly growing ecosystem.
In addition to coordinating cybercrimes, criminals appear to utilize multiple exchanges to launder their funds more effectively. Nearly $300 million worth of illicit funds was also tracked back to Iranian crypto services, particularly raising flags due to existing U.S. sanctions. This dual assault from state-sponsored and independent actors reflects a concerning trend in which transnational crime now actively utilizes blockchain technology to escape conventional forms of law enforcement.
A Case Study in Complexity
Elliptic's report also reflects on specific cases, primarily focusing on the Russian exchange Garantex, seized earlier in 2025. The analysis demonstrates how Garantex exploited cross-chain services for evasive purposes against sanctions from the U.S. Treasury and the EU. Additionally, the investigation highlighted a significant rise in industrialized crypto scams, with the CBEX scheme allegedly swindling close to $1 billion from investors. Scam operations like CBEX have utilized DEXs and bridging services to conduct ongoing money laundering processes while maintaining an appearance of legitimacy.
The Impact of Memecoin Mania
The excitement surrounding memecoins gave rise to a host of exit scams, with the crash of the $LIBRA token standing out. It experienced a massive rug pull valued at $100 million after gaining traction from a tweet by Argentina's President Javier Milei that initially boosted its popularity. This scenario exemplifies the risk of novel cryptocurrencies as they can quickly become tools for fraudulent activities as they gain notoriety and investor interest.
Conclusion: A Call to Action
Dr. Arda Akartuna, the Lead Crypto Threat Researcher at Elliptic, underscores the urgency of addressing these emerging threats: "Criminal actors are exploiting the growing complexity of the crypto ecosystem — but they can be stopped. By utilizing our advanced cross-chain analytics that spans 55 blockchains, we provide essential visibility into illicit flows and empower stakeholders to detect and disrupt these criminal typologies on a large scale."
As both regulators and industry participants strive to navigate this convoluted landscape, Elliptic continues to spearhead efforts to enhance blockchain intelligence tools. These advancements significantly bolster compliance capabilities across various financial institutions globally, further delivering the tools necessary to mitigate the risks tied to cross-chain criminal activities.
Topics Financial Services & Investing）
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