The use of blockchain bridges and gambling for cryptocurrency laundering has increased in 2023, and the share of illicit funds flowing into decentralized finance (DeFi) has increased, Chainalysis said in its annual report. The volume of money laundering through cryptocurrencies decreased to $22.2 billion, compared to $31.5 billion in the previous year.

North Korean hacking group Lazarus Group is adapting its money laundering strategies using a variety of protocols, including mixers and cross-chain bridges, to hide the origin of stolen funds and avoid detection.

The decline in the use of cryptomixers for money laundering is due to efforts by law enforcement and regulators, such as sanctions and the closure of the Sinbad mixer in November 2023.