2025年跨链犯罪状况

Contents Executive Summary4Introduction5What to expect in this report5Contemporary risks, trends and new features to counter them7What do we mean by “cross-chain crime”?8Chain-hopping9New Elliptic features to counter cross-chain crime10Automating cross-chain bridge tracing10Case study 1 - Chain hopping11Industry-leading blockchain and asset coverage12Case study 2 - Chain hopping14Case study 3 - High-risk & contextual asset coverage15The scale of cross-chain crime16Cross-chain crime, North Korea and sanctions17DEXs, Bridges and Coin Swap Services: Key trends & developments18Decentralized exchanges19Cross-chain crime trends of DEXs20Recent developments20Recent case studies20Case study 4 - Preparation for onward laundering21Case study 5 - Swapping assets for utility24Cross-chain bridges25 Recent developments26 Coin swap servicesThe backend of coin swap servicesEmerging developments and sanctions risks Blurred lines and risks involving other services36Case study 10 - Gas fee financing36Case study 11 - Use of all three cross-Chain services38Case study 12 - Centralized gas fee financing40Guide: Fighting cross-chain crime with Elliptic41Our solutions42Screening for multi-asset or multi-chain risk exposure45 Executive Summary Growing innovation and global adoption has cemented the futureof crypto as an ecosystem spanning an ever-growing number ofblockchains and cryptoassetsIt is becoming more crucial now than ever The growth in the number of crypto projects, blockchains and assets is increasingly being exploited by illicitactors – including those involved with hacks, scams, darknet activity and sanctions evasionThese threat To that end, Elliptic has been the pioneer of cross-chain blockchain analytics technologies, releasingits holistic screening capabilities in 2022 – the first of their kind. Since then, we have developed further •The ability to automatically trace through cross-chain bridges, significantly reducing the costs andmanual effort required for complex investigations •Coverage of an industry-leading 50+ blockchains, enabling the most comprehensive detection of riskacross the cryptoasset ecosystem This report introduces these capabilities, as well as the latest illicit trends, for all compliance teams,regulators, financial services and law enforcement investigators seeking to detect and mitigate cross- •Cross-chain criminal and high-risk activity – namely that which is perpetrated by swapping assetsthrough decentralized exchanges, cross-chain bridges or coin swap services – has exceeded •One of the most prolific threat actors is North Korea, responsible for around 12% of our $21.8 billionestimateDPRK hackers are increasingly using sophisticated cross-chain methods to launder the •Around 33% of complex cross-chain investigations involve more than three blockchains. Meanwhile,27% involve over five, and 20% span more than ten •Emerging cross-chain crime trends include industrialized scamming activity, including cryptoinvestment scams and memecoin rug pulls, as well as sectoral sanctions risks This report ends with an actionable guide explaining how Elliptic’s solutions – including new features suchas automated cross-chain tracing – can be used to establish an effective multichain screening program Introduction Starting with Bitcoin in 2009 and Ethereum in 2013, the number of blockchains and individual assets inactive operation has grown exponentiallyConsequently, swapping between assets or across chains has Most cross-chain or cross-asset activity happens for legitimate reasons. However, the presence ofanonymous cross-chain services in an increasingly multichain ecosystem presents risks in terms of For example, it is now commonplace for a single crypto wallet – particularly an Ethereum Virtual Machine(EVM) compatible one – to possibly hold thousands of assets across multiple blockchains. Screening such Furthermore, criminals are increasingly relying on “chain-hopping”, namely swapping assets in quicksuccession, to knock investigators off the trail due to the hours of manual work required to follow the funds Given the growing adoption of crypto and increasing integration with financial systems, these risks affectboth virtual asset and traditional financial services. However, they also present opportunities; At Elliptic, we This report serves as an update to our 2022 and 2023 State of Cross-chain Crime reports and includesthe following: An overview on the main cross-chain crime risks in the contemporary cryptoasset ecosystem andthe scale thereof,1. An introduction to notable new Elliptic blockchain analytics features that enable compliance2. mitigation of contemporary cross-chain crime risks,3. A guide on how to use Elliptic’s blockchain analytics solutions, including our holistic screening4. compliance and investigations capabilities Look out for the following resources as you navigate this report: Red flags and warning signals Warnings describe significant issues and trends in