Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools
2 years, 2 months ago

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools

The Hindu  

Illicit actors, who are masters at using blockchain protocols and platforms, have moved stolen crypto funds between multiple blockchains, leaving law enforcement agencies struggling to follow their money trail. The inter-connected nature of blockchains has resulted in cyber criminals finding more complex ways to launder money and hide their tracks, according to a report by U.K. based blockchain analysis firm Elliptic. Other ways in which crypto criminals evade legal authorities include turning their stolen assets into ones that cannot be easily frozen by legal authorities. Stolen crypto is also converted to another cryptocurrency so that it can be moved to a different blockchain via cross-chain bridges.

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