A cross-chain bridge is a term for a software that enables the transfer of cryptocurrency or blockchain assets between blockchain networks. Chainalysis finds that bridge protocols for money laundering grew “substantially” to US$743.8 million in 2023, from US$312.2 million in 2022.
The total amount of cryptocurrency laundered dropped 29.5% y-o-y to US$22.2 billion ($29.98 billion) in 2023 from US$31.5 billion in 2022, according to crypto forensics firm Chainalysis in their latest chapter release of their annual crypto crime report.
However, “sophisticated cybercriminal groups” such as the Lazarus Group — a North Korean state-sponsored cyber threat group — have taken on new laundering tactics, such as adapting their mixer usage, and using cross-chain bridges to move funds.
