Criminals turn to cross-blockchain tools to hide billions in cryptocurrencies

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City AM

By Louis Goss Criminals are using complex new blockchain technologies to hide and launder billions in ill gotten gains. At least $4bn (£3.6bn) worth of illicit crypto-assets has been laundered via various “cross-chain” technologies, that let both legitimate and illegitimate users move funds between blockchains, analytics firm Elliptic said. Decentralised exchanges (DEXs), cross-chain bridges, and coin-swap services are being used for money laundering due to the extra levels of anonymity they provide. The cross-chain technologies give hackers, sanctions avoiders, and cybercriminals new opportun…

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