Amount of Money Laundered by Crypto Criminals on RenBridge Revealed: The Amount Is Unbelievable!

As known bitcoin and cryptocurrency An important way criminals in the world of money laundering are to send digital assets over Blockchains, bypassing a central service that can monitor and freeze transactions.

Criminals Laundered $540M In Cryptocurrency On RenBridge Since 2020

To achieve this, they use so-called inter-chain bridges, and their dollar-denominated amounts are increasing. A private cross-chain bridge called RenBridge has been used to launder at least $540 million in criminal-related cryptocurrencies since 2020, according to new research from blockchain analytics firm Elliptic.

That amount includes a $153 million ransomware payment, meaning hackers use RenBridge when they break into corporate networks and force companies to pay to get their data back. Elliptic says RenBridge is a “major helper” for Russia-linked ransomware gangs.

David Carlisle, Elliptic’s vice president of policy and regulatory affairs, said cross-chain bridges are “both a blessing and a curse” right now. Like many popular crypto brokers, they help expand the market by giving people more ways to pay and transact. Cross-chain bridges are particularly vital to the development of the DeFi space, the crypto alternative to the banking system.

Conversely, “they are not managed effectively and are therefore very vulnerable to hacking or being used in crimes like money laundering,” Carlisle told CNBC.

*Not investment advice.

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