Elliptic states that it traced a larger network of encrypted frauds, with a total of approximately $520 million in related suspicious transactions, involving 32 block chains. According to the agency, the flow path of the funds showed obvious anomalies, with some transactions linked to fraudulent activities.
Network covers 32 block chains
Elliptic notes that the network is not limited to a single public chain but operates across multiple chains. Such a structure makes it easier to separate, divert and confuse funds and makes tracing more difficult.
Suspected financial flows to approximately $520 million
The Agency disclosed that the scale of suspicious transactions identified amounted to $520 million. Elliptic did not characterize all of the funds as illegal, but considered that a significant part of them were linked to fraudulent activities.
The security pressure on the chain continues to rise.
Such cross-chain networks indicate that fraud syndicates are using a multi-chain environment to expand their operational space. Identifying financial pathways remains a priority for trading platforms, chain analysis institutions and law enforcement agencies.