RenBridge, a cross-chain project used to transfer money between banks blockchain together, has become a place to facilitate money laundering with "terrible" value.
Based on the analytics data of the Elliptic platform, RenBridge was used to launder at least $540 million cryptocurrency originating from theft, fraud, ransomware and many other types of criminal activity as of 2020.
Cross-chain crime is a growing challenge for AML. More than half a billion dollars has already been laundered through a single blockchain bridge, Elliptic research has found.— elliptic (@elliptic) August 10, 2022
Learn morehttps://t.co/LiqhJddeDB#crosschain #crypto #renbridge
Most of the money laundered through RenBridge in the past two years, worth $267.2 million, comes from many coins cryptocurrency various stolen from the floor DEX, prominently 97 million USD was stolen from the exchange crypto Japan Liquid.
Besides, the case Nomad cross-chain bridge was hacked and "fouled", losses of more than $176 million are also "closely" related to RenBridge. A few hours after hack, the attackers sent the stolen funds through RenBridge. So far, up to 2.4 million USD stolen from Nomad has been sent through this bridge.
RenBridge is also a project “supporting” to ransomware gangs with ties to Russia, with more than $153 million in ransom payments paid through the platform to date.
Cybercrime group Conti. recently attacked the Costa Rican government and caused a state of emergency in the country, laundering more than $53 million through RenBridge. Meanwhile, the "infamous" Ryuk group, which has carried out ransomware attacks against hundreds of hospitals and schools over the past 4 years, has laundered more than $92 million USD with RenBridge to date.
Although has become a dominant trend since the end of 2021 because of the undeniable advantages that the field brings to the cryptocurrency industry, especially the ability to easily convert tokens between blockchains. However, in recent times, cross-chain has turned into an "obsession" for investors when it is constantly attacked with hundreds of millions of dollars worth of damage.
Since the incident hack Wormhole ($325 million) and Ronin ($662 million) in the first quarter of 2022, the third quarter will continue to be a bad period for cross-chain. Outside Horizon bridge on Harmony hacked, with an estimated loss of $ 100 million, believed to be behind North Korean hackers, Nomad immediately entered the top of the biggest hacks in the history of the cryptocurrency industry in 2022, leading to a series of names. The age of large projects was "contaminated" and raised the cross-chain projects on this list to 4.