Cross-chain crypto crime reaches $21.8 billion as a surge in fraud, sanctions evasion: oval

Cross-chain crime and high-risk crypto activity had skyrocketed as of May 2025, over an estimated $21.8 billion as of May 2025, according to blockchain analytics firm Elliptic. This is up from Elliptic’s previous estimated $7 billion in 2023 and $4 billion in 2022.

According to Elliptic’s 2025 Cross-Chain Crime Report, roughly 33% of complex cross-chain surveys include three or more blockchains, 27% have more than five and 20% have more than 10.

One of the largest groups responsible for this illegal activity is North Korea, which is associated with around 12% of a total of $21.8 billion. According to Elliptic, North Korean hackers use more advanced cross-chain methods to hide stolen codes.

“Sansion evasion, particularly North Korea-related cryptocurrency, continues to be one of the biggest risks when it comes to monitoring cross-chain activities,” the report explains.

These findings highlight that as blockchain and digital assets grow, criminals exchange increasingly decentralized exchanges (DEXS), cross-chain bridges and services to wash hacks, fraud and illegal funds.

According to a press release seen by Defiant, Dr. Arda Akartuna, lead Crypto threat researcher at Elliptic, said: Dr. Akartuna said that the advanced cross-chain analysis provides experts and authorities with “critical visibility into illegal flows.”

Beyond North Korea, Elliptic has discovered around $300 million in illegal cryptocurrencies associated with Iranian services under US sanctions. Criminals in Russia, Iran and North Korea use anonymous swap services more frequently to turn the code into privacy coins and hide the origins of the money.

There is no type of crypto crime exempt from cross-chain activities, also noted by Elliptic’s report. In particular, the company highlights the increased cross-chain risk associated with fraud. Also, criminals are increasingly using cross-chain services to hide money, particularly from gambling sites that operate illegally.

“The authorities’ focus on gambling has increased in recent months and years, particularly after the betting epidemic during the US elections in 2024,” the report reads, saying that around 25% of all illegal, high-risk activities flowing through coin swap services are related to online gambling.

Elliptic also cited a $1.46 billion North Korean Bibit hack in February 2025. He said this reflects “critical use of dark web services” in the same month for washing stolen funds.

Earlier this year, Elliptic helped track Bibit’s stolen funds after the hack. According to Elliptic’s blog, it partnered with the US Secret Service to defeat the Russian exchange Garantex.