Cryptocurrency Criminals Increasingly Evade Detection Across Blockchains

According to PANews, cryptocurrency criminals are employing more sophisticated methods to evade detection by transferring assets across multiple blockchain ecosystems. Data from blockchain analysis firm Elliptic reveals that 20% of complex cross-chain investigations now involve more than ten different blockchains. Additionally, one-third of these investigations involve four or more blockchains, while 27% involve more than five. Jackson Hull, Elliptic's Chief Technology Officer, noted a significant rise in cross-chain criminal activities over the past five years, attributed to reduced costs and increased options for cross-chain switching. While some individuals transfer assets across crypto ecosystems for non-criminal purposes, Hull emphasized that hackers and criminals frequently use this method to launder money and obscure their tracks. Elliptic has recently expanded its coverage to support 50 blockchains, enabling investigators using Elliptic software to easily track funds transferred across any supported blockchain. The software also supports tracking through over 300 cross-chain bridges. Hull added that Elliptic can incorporate a new blockchain into its coverage within just three weeks.