Blockchain-versed cybercriminals have moved to cross-chain bridges en masse to launder stolen funds after the crackdown of Tornado Cash in August 2022, according to blockchain forensics firm Elliptic.
Cybercriminals have accelerated their shift away from crypto mixers for cross-chain bridges over the past year, according to blockchain forensics firm Elliptic.
is due to the “crime displacement” effect — where criminals move to a new method to carry out the illicit activity when the existing method gets over-policed. However, the shift to cross-chain bridges is rising ahead of their projections. Between July and September 2022, the ratio of laundered funds passing through mixers vs. cross-chain bridges flipped, corresponding to the U.S. Office of Foreign Asset Control’s sanctioning of Tornado Cash in August 2022, said the firm.
This same bridge was reportedly used recently by the Lazarus Group to facilitate some of the stolen funds inCrypto mixers saw a small comeback between November 2022 and January 2023, due to the shutdown of RenBridge — which closed in December after its financer, Alameda Research collapsed
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