The RenBridge cross-chain bridge was used by criminals to launder more than half a billion dollars, according to Elliptic researchers.
Cross-chain crime is a growing challenge for AML. More than half a billion dollars has already been laundered through a single blockchain bridge, Elliptic research has found.
Learn morehttps://t.co/LiqhJddeDB#crosschain #crypto #renbridge— elliptic (@elliptic) August 10, 2022
Experts found that since 2020 RenBridge has laundered around $540 million in proceeds from thefts, fraud, ransomware and other forms of criminal activity.
Among them are crypto assets stolen from exchanges and DeFi services totaling at least $267.2 million, including $33.8 million, stolen from Liquid.
Also, unknown actors sent to RenBridge part of the funds obtained from the attack on the Nomad cross-chain protocol.
The bridge is also frequently used by ransomware operators — at the time of the analysis, RenBridge had laundered more than $153 million in ransom payments from victims.
The specialists called decentralized cross-chain bridges “an unregulated alternative to exchanges for transferring funds between blockchains.” They noted that criminals are increasingly using them, making asset tracing harder.
Chainalysis estimated the damage from hacks of cross-chain protocols since the beginning of the year at $2 billion.
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