Hackers and scammers laundered $540M via RenBridge Cross-chain Bridge: Elliptic
Cross-chain bridge RenBridge has reportedly helped crypto criminals launder “at least” $540 million in various digital currencies from theft, fraud, ransomware and various other types of criminal activity since 2020.
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Onchain forensic firm Elliptic said in a new report that RenBridge has gained its popularity among criminal cyber gangs like Conti. According to published data, over $267 million in crypto stolen from various decentralized finance (DeFi) projects was laundered via RenBridge. Almost $34 million (out of $97 million) stolen from the Liquid crypto exchange was also sent to RenBridge.
Ransomware scammers have also been actively using the cross-chain bridge over the past few years. Structures close to the Ryuk ransomware, which was used for attacks against schools and hospitals, have also laundered over $92 million via RenBridge to date.
The news comes after the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash for laundering over $7 billion worth of crypto since 2019.
Tornado Cash User Sends ETH to Addresses of Crypto Industry Representatives
The US regulator says that the smart contract helped North Korean hackers Lazarus Group launder $455 million of stolen crypto. Moreover, Tornado Cash reportedly helped launder over $96 million from the Harmony bridge heist as well as $7.8 million from the Nomad bridge hack.
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