1 in 5 Cross-Chain Crypto Investigations Involve More Than 10 Blockchains, Elliptic Finds
Elliptic found that a third of complex cross-chain investigations involved four or more blockchains, and 27% involved more than five.
Jackson Hull, Elliptic's chief technology officer, told CoinDesk that though cross-chain crime has existed as long as there have been multiple blockchains, the volume of cross-chain crime has increased 'pretty dramatically' over the last five years as the cost of switching ecosystems has gone down and the number of options to switch to has gone up.
Though there are plenty of non-criminal reasons why someone would want to move assets between crypto ecosystems, Hull said that it's also a very common obfuscation tactic for hackers and other criminals who want to launder money and cover their tracks.
Hull said that Elliptic has recently expanded its coverage to support 50 blockchains, meaning that investigators who use Elliptic's software are able to easily trace funds that move between any of the covered blockchains, or pass through any of the '300-plus' bridges Elliptic's software supports. Hull added that Elliptic is able to add a new blockchain to its coverage in as little as three weeks.
'The most important, risky, high-stakes investigations are the ones where the [bad] actor is trying to launder or hide or obfuscate the funds so they pop more and more across these blockchains,' Hull said. 'So that's really what drives it.'
Elliptic aided U.S. law enforcement in their recent takedown of sanctioned Russian crypto exchange Garantex, which was popular with ransomware gangs and Russian oligarchs looking to evade sanctions. Following the takedown, the exchange has attempted to rebrand as Grinex.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
The Drake pub in Bransholme, Hull reopens following renovation
The Drake pub in Bransholme, Hull has reopened following a renovation. The revamp of the pub, located on Bodmin Road, cost almost £300,000 ($407,016). It is part of Proper Pubs, a division of Admiral Taverns that focuses on community-oriented, wet-led [drinks-focused] pubs across the UK. Proper Pubs operations director Matthew Gurney stated: 'We are delighted to welcome Mike to The Drake and that opening night was such a success! 'His knowledge and passion for the local community, combined with having spent so much time in the area when he was growing up, make him a fantastic, valuable addition to the pub. 'On behalf of myself and the Proper Pubs team, we wish Mike all the best with his future plans.' The interior now features new furniture, flooring and fixtures, including multiple flat-screen televisions. The layout has been enhanced with an updated main bar area and two additional bars: one in the lounge equipped with a karaoke machine, and another in the sports room that features a new pool table and darts area. On the outside, the Drake has received new lighting and signage. The venue also offers a large, wheelchair-accessible beer garden that can seat at least 60 guests, Operator Mike Lincoln said: 'I'm delighted to have taken over the Drake and it's great to see the fantastic results of the refurbishment. "The pub looks amazing, and the opening night was a huge success with lots of great feedback and satisfied customers. 'I'd like to take this opportunity to thank Proper Pubs for all the support the team has provided throughout this exciting journey, and I look forward to what the future holds for this terrific community pub.' "The Drake pub in Bransholme, Hull reopens following renovation" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Miami Herald
3 hours ago
- Miami Herald
Pam Bondi Handed Epstein Files Road Map-'Follow the Money'
Senator Ron Wyden, the most senior Democrat on the Senate Finance Committee, has written to Attorney General Pam Bondi urging her to "follow the money" and launch a fresh investigation into the financial affairs of convicted sex offender Jeffrey Epstein using Treasury Department documents. In his letter sent on Monday, Wyden said the Department of Justice (DOJ) "failed to conduct a real investigation into the funding of Epstein's sex trafficking operation" and accused four major banks of processing "billions in suspicious transactions that flowed through Epstein's accounts" that were not flagged to the Treasury until after the financier's suicide in August 2019. Newsweek contacted Senator Wyden and the DOJ for comment on Thursday via email and online inquiry form respectively outside of regular office hours. Earlier this month the DOJ and the FBI released a joint statement insisting Epstein "died by suicide" and had "no incriminating 'client list.'" The move sparked a furious reaction from a section of President Donald Trump's Make America Great Again (MAGA) base, which has long believed Epstein was murdered to cover up the participation of prominent figures in sexual abuse. Wyden's letter shows the Trump administration will continue to face intense pressure to further investigate the Epstein case, or release documents it has concerning this, despite its apparent efforts to close down the subject. Addressing Attorney General Bondi in his letter Wyden said he was "convinced that the DOG ignored evidence found in the U.S. Treasury Department's Epstein file," which he said "contains extensive details on the mountains of cash Epstein received from prominent business owners that Epstein used to finance his criminal network." In response to what he termed "the DOJ's lack of thoroughness" Wyden provided Bondi with "a road map with a list of 'follow the money' leads on Jeffrey Epstein." Wyden noted the Senate Finance Committee on February 14 2024 reviewed "thousands of page[s] of Treasury Department files documenting the flow of money in and out of Jeffrey Epstein's accounts" which he concluded "contains significant information on the sources of funding behind Epstein's sex trafficking activities." He said this included documents showing more than 4,725 wire transfers involving Epstein's accounts from 2003 to 2019 totaling $1.08 billion. In his seven-point action plan Wyden said Bondi should "direct DOJ prosecutors and FBI agents to immediately investigate the evidence contained in the Treasury Department records on Epstein" including alleged payments of several hundred million dollars to Epstein from "ultra-wealthy Wall Street financiers." He also said the DOJ should subpoena internal records related by Epstein held by major Western banks. Another of Wyden's points urged the DOG to investigate payments of "hundreds of millions of dollars" via Russian banks that "were correlated to the movement of women or girls around the world." He also called on the department to subpoena documents from the U.S. Virgin Islands regarding a deal giving one of Epstein's associates immunity from prosecution in 2023. Wyden also said several major banks "likely broke the law" by only flagging suspect payments involving Epstein after he had been criminally charged, despite this being a requirement of federal anti-money laundering legislation. Finally Wyden urged the DOJ to "conduct depositions with bankers responsible for overseeing large accounts transacting with Jeffrey Epstein." On Wednesday The Wall Street Journal reported that in May Trump was informed that his name appeared "multiple times" in Epstein documents possessed by the DOJ by Bondi. White House communications director Steven Cheung described the report as "another fake news story." In his letter Wyden said: "Epstein clearly had access to enormous financing to operate his sex trafficking network, and the details on how he got the cash to pay for it are sitting in a Treasury Department filing cabinet." In their joint statement earlier this month the FBI and DOJ said its "systematic review" of Epstein related files "revealed no incriminating 'client list.'" They added: "There was also no credible evidence found that Epstein blackmailed prominent individuals as part of his actions. We did not uncover evidence that could predicate an investigation against uncharged third parties." Trump is likely to face further pressure to release more documents related to the Epstein case from both congressional Democrats and a section of his own MAGA base. On Tuesday House Speaker Mike Johnson, a Republican, adjourned the lower chamber till September in a move that blocks any imminent vote on releasing the Epstein files. Related Articles Pam Bondi Cancels Speech Over Medical Issue: What We KnowFull List of Republicans Who Voted to Subpoena Epstein Files from DOJWhite House Reacts to Report That Bondi Told Trump He Was in Epstein FilesTrump Admin Request to Unseal Epstein Transcripts Turned Down by Judge 2025 NEWSWEEK DIGITAL LLC.
Business Wire
3 hours ago
- Business Wire
Redfin Reports U.S. Home Prices Fall 5-10% From Last Year for Russian, Japanese and European Buyers as Dollar Weakens
SEATTLE--(BUSINESS WIRE)--The median price of a U.S. home rose 1% to a record $447,035 in June, straining affordability for many Americans. But for international buyers using Russian, Japanese or European currencies, the typical home now costs 5% to 10% less than it did a year ago—thanks to a weaker U.S. dollar. That's according to a new r epo r t from Redfin, the real estate brokerage powered by Rocket. 'Some foreign buyers may be considering stepping back into the market now because their currencies have gained ground against the dollar' Share U.S. home prices are down nearly 10% in Russian rubles Of the foreign currencies Redfin examined, the Russian ruble strengthened the most against the U.S. dollar over the past year: As U.S. home prices rose 1%, the equivalent price fell 9.6% in rubles. Homebuyers using Swiss francs or Swedish krona saw prices fall 8%, thanks to stronger exchange rates against the U.S. dollar. Buyers using Japanese yen (-7.6%), euros (-5.6%) or British pounds (-5.3%) recorded the next biggest potential price savings of the currencies analyzed. Not all currencies have benefited from the weaker greenback, however, with several losing value, largely due to countries' close economic ties to the U.S. U.S. homes became more expensive over the past year for buyers using the currencies from the top four countries where America's foreign homebuyers originate from: Chinese yuan (+0.1%), Canadian dollar (+0.9%), Mexican peso (+5.7%) and the Indian rupee (+4%). The U.S. dollar has weakened in 2025 amid economic uncertainty The U.S. dollar dropped more than 10% in the first six months of the year in comparison to a handful of currencies from America's largest trading partners—the worst start to a year in more than 40 years. Economists have cited President Trump's tariff policies, U.S. government debt and the potential early nomination of a new Federal Reserve chair among the reasons for the depressed dollar. It's worth noting that foreign buyers who finance a home purchase with a U.S. mortgage may attract a slightly higher rate than domestic buyers. But with elevated mortgage rates and high prices keeping many domestic homebuyers on the sidelines, foreign buyers—who are significantly more likely to pay for homes in cash—are in a position to take advantage of a real estate market that is already turning in favor of buyers. The National Association of Realtors say foreign purchases of existing homes increased in the 12 months between April 2024-March 2025, compared to the previous 12 months, but still lagged well behind the levels seen in the 2010s. 'Some foreign buyers may be considering stepping back into the market now because their currencies have gained ground against the dollar,' said Chen Zhao, Redfin's head of economic research. 'Their money simply goes further than it did a year ago. It's like getting a discount that domestic buyers can't access.' Oakland offers biggest potential discount for buyers using foreign currencies Potential foreign currency discounts are bigger (or smaller) in different parts of the country—due to differences in year-over-year price growth in local markets. The biggest potential savings for buyers using foreign currencies are, in order: Oakland, CA, West Palm Beach, FL, Jacksonville, FL, San Diego and Atlanta. That's because those metro areas saw home prices fall the most year over year in June. The five metros where prices grew the most over the past year—and therefore have the smallest potential savings in foreign currencies—are Newark, NJ, Detroit, Cleveland, Pittsburgh and Nassau County, NY. To view the full report, including charts and full metro-level data, please visit: About Redfin Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
