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The RenBridge cross-chain bridge was used by criminals to launder over half a billion dollars. Elliptical analysts have come to such conclusions. Cross-chain crime is a growing challenge
The RenBridge cross-chain bridge was used by criminals to launder over half a billion dollars. Elliptical analysts have come to such conclusions.
Cross-chain crime is a growing challenge for AML. According to Elliptic research, more than half a billion dollars has been laundered through a single blockchain bridge.
Learn morehttps://t.co/LiqhJddeDB#cross chain #crypto #renbridge– elliptical (@elliptic) 10 August 2022
Experts have found that approximately $540 million received through theft, fraud, ransomware and other criminal activities since 2020 has been laundered through RenBridge.
These include crypto assets stolen from exchanges and DeFi services worth at least $267.2 million, including $33.8 million stolen from Liquid.
Also, some of the funds received from the attack on the Nomad cross-chain protocol were sent to RenBridge.
The bridge is also frequently used by ransomware operators – at the time of analysis, over $153 million ransomed from the victim was laundered through RenBridge.
Experts have called decentralized cross-chain bridges “an unregulated alternative to exchanges for transferring funds between blockchains.” They pointed out that attackers are using them more and more, making it difficult to track assets.
Recall that Chainalysis has estimated $2 billion in damage from hacking cross-chain protocols since the start of the year.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
