RenBridge, a cross-chain project used to transfer money between blockchains, has become a place to facilitate money laundering with huge value.
Based on analytic data by the Elliptic platform, RenBridge has been used to launder at least $540 million in cryptocurrency originating from theft, fraud, ransomware, and various other types of criminal activity since 2020.
Most of the money laundered through RenBridge over the past two years, worth $267.2 million, came from various cryptocurrencies stolen from DEXs, notably $97 million stolen from Japanese crypto exchanges Liquid.
The case of the Nomad cross-chain bridge that was attacked with a loss of more than $176 million is also related to RenBridge. Hours after the hack, the attackers sent the stolen funds through RenBridge. So far, up to $2.4 million stolen from Nomad has been sent through this bridge.
The cross-chain bridge is also a project “supporting” ransomware gangs with ties to Russia, with more than $153 million in ransom payments paid through the platform to date.
The Conti cybercrime group, which recently attacked the Costa Rican government and caused a state of emergency in the country, laundered more than $53 million through RenBridge. Meanwhile, the Ryuk team, which has carried out ransomware attacks against hundreds of hospitals and schools over the past four years, has laundered more than $92 million with RenBridge to date.
In recent times, cross-chain has caused headaches for investors when it is constantly being attacked with hundreds of millions of dollars in damage.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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