Key Takeaways:
- Escalating Use of Blockchains: Crypto criminals are increasingly leveraging multiple blockchain ecosystems for evasion, with 20% of investigations covering over ten different blockchains.
- Complex Investigations on the Rise: The data shows a third of intricate cross-chain investigations involve four or more blockchains, highlighting a concerning trend.
- Expanded Tracking Capabilities: Elliptic has broadened its operational reach to support tracking across 50 blockchains, improving traceability across ecosystems, including aiding law enforcement efforts such as the takedown of the Russian exchange, Garantex.
As criminal activities in the crypto realm intensify, criminals are employing advanced tactics to obscure their movements, with analysts noting a significant rise in the number of cross-chain investigations. According to Elliptic, 20% of these investigations now extend across more than ten blockchains, a marked increase that has been tied to declining switching costs and an expanding range of options.
Elliptic’s Jackson Hull stated, “cross-chain crime has surged dramatically over the past five years.”
With expanding features to cover multiple blockchains, Elliptic claims to assist investigators in tracing funds across a network of over 300 bridges. “The most critical investigations involve actors attempting to launder or obscure funds through extensive blockchain usage,” Hull emphasized.
Elliptic also played a vital role in helping U.S. law enforcement during the recent crackdown on Garantex, an exchange noted for its involvement with ransomware groups and individuals aiming to dodge sanctions.
