Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
Cointelegraph
Published Aug 10, 2022 10:25PM ET
Updated Aug 11, 2022 12:00AM ET
Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets.
According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form of cryptocurrency into another and moving it across multiple blockchains.
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Written By: Cointelegraph
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