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Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

Published 08/10/2022, 10:25 PM
Updated 08/11/2022, 12:00 AM
Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets.

According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form of cryptocurrency into another and moving it across multiple blockchains.

Rogue states and hacker groups

Authorities concerned

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