Crypto Crooks’ $21 Billion Shell Game

by

Well, shucks, folks! It seems them crypto scoundrels have been up to some mighty fine shenanigans. According to the UK-based blockchain analytics firm Elliptic, a whoppin’ $21.8 billion in illicit or high-risk crypto has flowed through crosschain swaps. That’s a 211% increase from 2023, by gum! 🤯

Now, I know what you’re thinkin’: what in tarnation is a crosschain swap? Well, it’s like this: them fancy-pants crypto traders and decentralized finance (DeFi) users have been usin’ these swaps to move their ill-gotten gains around multiple blockchains, makin’ it harder for investigators to track ’em down. It’s like a big ol’ game of hide-and-seek, but with crypto! 🎉

Arda Akartuna, Elliptic’s APAC lead crypto threat researcher, told CryptoMoon that “it’s an increasingly multichain ecosystem… that just widens the available assets and the available obfuscation channels open to criminals.” That’s a mighty fine way of sayin’ that them crypto crooks have got a whole lot of ways to cover their tracks! 😏

Bridges: The Crosschain Laundering Highways

Now, I know some folks might think that a single bridge transaction is just ordinary user behavior, but patterns of structured or multi-hop activity are red flags for coordinated efforts to break the onchain trail. That’s like sayin’ that if you see a fella walkin’ down the street with a big ol’ bag of cash, you might think he’s just out for a stroll, but if you see him makin’ a bunch of suspicious transactions, you might think he’s up to somethin’ fishy! 🤑

Them crypto crooks are gettin’ mighty clever, too. They’re usin’ techniques like structured chain-hoppin’ and multi-hop chain-hoppin’ to confuse investigators and cover their tracks. It’s like they’re playin’ a big ol’ game of cat and mouse, but with crypto! 🐈

Crosschain Laundering: The DeFi Connection

Now, I know some folks might think that decentralized exchanges (DEXs) are transparent and traceable, but they’re increasingly bein’ used as entry points in the crypto launderin’ cycle, especially when low-liquidity tokens are involved. That’s like sayin’ that them DEXs are the perfect place for them crypto crooks to swap their ill-gotten gains for somethin’ a little more… legitimate. 😏

Them crypto crooks are also exploitin’ the open design of DEX aggregators and automated market makers (AMMs) to route transactions in ways that reduce slippage and avoid detection. That’s like sayin’ that they’re usin’ them fancy-pants tools to cover their tracks and stay one step ahead of the law! 🚀

Coin Swap Sites: The Crosschain Laundering Stars

Now, I know some folks might think that coin swap services are just like underground currency changers, but they’re a whole lot more than that. They’re like the ultimate tool for them crypto crooks to anonymously exchange assets across different blockchains with minimal friction, no registration, and often no meaningful anti-money launderin’ (AML) checks. That’s like sayin’ that they’re the perfect place for them crypto crooks to launder their ill-gotten gains! 🤑

Them crypto crooks are also usin’ them coin swap services to fund online gamblin’, especially platforms lackin’ mainstream licenses. That’s like sayin’ that they’re usin’ them services to launder their ill-gotten gains and fund their favorite vices! 🎲

The Cat-and-Mouse Tools Chasin’ Crosschain Laundering

Now, I know some folks might think that them crypto crooks are gettin’ away with all sorts of shenanigans, but the infrastructure for fightin’ crypto crime is adaptin’, too. Platforms like Elliptic Investigator, Chainalysis Storyline, and TRM Forensics are built to automate and visualize crosschain analysis, while centralized stablecoin issuers reserve the ability to freeze flagged assets. That’s like sayin’ that the good guys are gettin’ smarter, too! 🤓

Arda Akartuna said that “it doesn’t matter if they’ve tried to do it over five different blockchains or just once — we’re able to follow those funds automatically through our investigation tools. Something that’s really manual and might take several hours, you can now do in mere clicks and minutes because it’s all automated.” That’s like sayin’ that the good guys are gettin’ faster and smarter, and them crypto crooks are gettin’ caught! 🚔

Read More

2025-07-16 11:19