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Cryptocurrency criminals have laundered money by sending digital assets across blockchains, also called cross-chain bridges. This way they are able to bypass centralized service that can block and freeze transactions.
A new research posted by Elliptic revealed that one particular cross-chain bridge called RenBridge has been used to launder at least $540 million in crime-related crypto cash since 2020.
Elliptic says RenBridge was “an important facilitator” for Russia-linked ransomware gangs.
David Carlisle, Elliptic’s vice president of policy and regulatory affairs, said cross-chain bridges are “a bit of a blessing and a curse” at the moment. Like so many popular crypto tools, they help expand the market by giving people more ways to pay and transact. Cross-chain bridges are notably vital to the development of the decentralized finance, or DeFi, space, which is crypto’s alternative to the banking system.
Source - Elliptic
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