Tuesday, December 6, 2022
HomeTechnologyBlockchain analytics firm Elliptic research unveils crypto criminal used RenBridge to launder...

Blockchain analytics firm Elliptic research unveils crypto criminal used RenBridge to launder over $540 million

According to a report by CNBC, criminals have used the cross-chain bridge RenBridge to launder more than $540 million since 2020 in connection with crimes involving crypto currency, according to an analysis by a blockchain analytics business called Elliptic.

The startling amount of $153 million in ransomware payments is included in this total. This indicates that hackers have been making use of RenBridge when they breach into business networks and demand payment in cryptocurrency from the organisations in order to regain access to their data. According to Elliptic, the cross-bridge platform RenBridge has been a significant enabler to ransomware platforms that are associated with Russia.

David Carlisle, who is the vice president of policy and regulatory affairs at Elliptic, says that these cross-chain connections may be both a boon and a bane for the company. According to him, on the one hand, the market is expanded due to the availability of additional transaction platforms provided by these bridges. He also notes that the establishment of cross-chain bridges is an essential component of total DeFi space.

Carlislie is of the view that over the course of the next year, authorities will begin to exert more pressure on crypto bridges. The most recent development came only one day after the United States Treasury gave its sanction for the usage of the cryptocurrency mixer Tornado Cash. Since 2019, it is reported that Tornado Cash has been responsible for laundering more than $7 billion.

The crypto-bridge Noman suffered a loss of more than $200 million as a result of a big exploit last week. Shortly after that, criminals began utilising RenBridge as a means to launder money.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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