Editor's Note: As the multi-chain landscape of the cryptographic asset ecosystem deepens, illegal activities such as money laundering leveraging cross-chain technology have emerged as a prominent global risk. Recently, blockchain analytics firm Elliptic released its report titled The State of Cross-Chain Crime 2025. The report systematically elaborates on the latest development trends, key risks, and response strategies of global cross-chain crimes involving cryptographic assets in 2025. It points out that organized hackers, cyber fraud syndicates, and sanctioned entities are increasingly utilizing tools such as decentralized exchanges (DEXs) and cross-chain bridges to conduct "on-chain hopping," evading detection and regulation. The report estimates that the total volume of global cross-chain illegal and high-risk activities has surged to USD 21.8 billion, posing a severe challenge to financial security. To effectively address this issue, the report emphasizes the need to develop integrated analytical tools with automated cross-chain tracking capabilities and broad asset coverage, so as to enhance the effectiveness of compliance reviews and law enforcement investigations. Below is an abridged compilation of the report’s core content for reference.

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