Hackers laundered more than $ 4 billion using blockchain projects

Analytical company Elliptic has published a report showing how cybercriminals were able to launder billions of dollars in cryptocurrency. According to the researchers, about $ 1.2 billion in cryptocurrency was stolen as a result of hacking exchanges and DeFi projects. Hackers received funds through DEX (decentralized exchanges), which allowed them to avoid confiscation of digital assets.

Cross-chain bridges have become the second type of tools that Elliptic considers popular among hackers. The researchers reported that since 2020, criminals have transferred almost $ 750 million in illegal funds in this way.

Another $ 1.2 billion was withdrawn through coin swaps. Elliptic emphasized that this type of hacking is advertised on Russian hacker forums and is aimed exclusively at a criminal audience. Analysts also pointed out the growing risk of cross-chain bridges being used by terrorist and sanctioned organizations. Using such methods, criminals have laundered more than $ 1.8 billion.

Recently, Elliptic researchers presented a report in which they published data proving that Tornado Cash, a cryptocurrency mixing service, assisted hackers. With the help of the rogue cryptomixer, hackers managed to launder 52% of their proceeds from illegal NFT transactions. «The widespread use of Tornado Cash for fraud with non-fungible tokens underscores the need for effective controls by NFT platforms,» Elliptic researchers emphasized.