RenBridge Allegedly Used to Launder $540 Million

11.08.2022 09:46
by Maksym Prykhodko
1 min read

According to a report made by Elliptic, a blockchain forensics firm, there has been at least $540 million laundered on the RenBridge so far. By using this cross-chain bridge, criminals have converted crypto from one asset into another and then moved it over various blockchains in order to cover the trace of money.

Elliptic’s report has connected multiple cyberattacks with money laundering on the RenBridge.

These include at least $2.4 million stolen in the recent Nomad hack, part of the $80 million taken from the Liquid Global crypto exchange, and at least $267.2 million worth of crypto stolen from various DeFi services. The Conti cybercriminal organization, specializing in ransomware, is also implicated in laundering more than $53 million.

Usually, cross-chain bridges are used for legitimate purposes. They allow users to easily move crypto across multiple blockchains. However, cross-chain bridges are currently operating in an unregulated manner, as there isn’t an associated central service provider which could be controlled by the governmental institutions.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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