Hackers and fraudsters used crypto bridge RenBridge to launder $540 million, says report
Hackers, fraudsters, and others laundered at least $540 million through the cryptocurrency bridge network RenBridge since 2020, according to blockchain analysis group Elliptic. Elliptic researchers published the report today, citing RenBridge as an example of the risks of decentralized cross-chain networks.
RenBridge is pitched as a way to easily convert virtual currencies like ZCash and Bitcoin to the Ethereum network and then to other blockchains. But “as well as a legitimate tool, cross-chain bridges have also emerged as a key facilitator of money laundering,” letting users avoid regulations and move money easily across networks, the report says. That includes the proceeds of ransomware operations and theft from other chains.
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