Elliptic researchers say financial criminals have laundered billions with the help of popular crypto tools.
, cross-chain bridges and non-KYC exchange services to move nearly $4 billion in funds connected with illicit activity, the on-chain analytics firm said on Tuesday.
“To be clear, Elliptic is not saying DEXs or bridges are used exclusively by criminals, in fact, the opposite is true, they are mostly used by legitimate users. But Elliptic has traced illicit funds that have been moved through DEXs and bridges in order to obfuscate their origin,” a spokesperson for Elliptic told The Block.
The report went on to explain criminals use blockchain-based tools like DEXs and bridges primarily for money laundering or to obfuscate their on-chain activity so it’s harder to catch them. Both strategies serve to obfuscate transaction trails and make investigations more difficult.
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