Elliptic Says RenBridge Was Used to Launder $540M Illicit Funds

RenBridge, a cross-chain channel used to funnel money between different blockchains, was used to launder at least $540 million in crime-related crypto funds, blockchain analytics firm Elliptic said on Wednesday.

The sum includes over $153 million in ransomware proceeds and crypto believed to have been stolen by North Korean hackers, the firm said.

Cross-chain bridges offer an unregulated alternative to using centralized platforms like crypto exchanges for transferring funds between blockchains. Another blockchain analytics firm, Chainalysis, estimates nearly $2 billion may have been stolen from attacks on cross-chain bridges this year.

More than $2.4 million from the hack of the Nomad bridge in August has already been laundered through RenBridge, according to Elliptic.

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