Crypto Blog
With cybercriminals increasingly leveraging mixers, cross-chain bridges, and hops between intermediary wallets to obscure the origin and movement of their funds, crypto-native money laundering is getting sophisticated.
The industry has witnessed several damaging exploits involving intricate layering that demonstrate the advanced methods used to obscure illicitly obtained funds.The layering stages of money laundering vary widely. In traditional fiat systems, this might involve routing funds through multiple bank accounts and shell companies. In crypto, however, one popular method of layering involves sending funds through several intermediary personal wallets – known as “hops.
In on-chain laundering, intermediary wallets are crucial, often handling over 80% of the total value moving through these channels. The growth in the number of intermediary wallets indicates that illicit actors are adding hops to increase the complexity of their operations on-chain.Each hop raises the fees for illicit actors, suggesting that these extra steps are partly motivated by the desire to evade detection by law enforcement and compliance teams at crypto services.
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