{"id":483274,"date":"2022-08-11T05:25:23","date_gmt":"2022-08-11T02:25:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic\/"},"modified":"2022-08-11T05:25:23","modified_gmt":"2022-08-11T02:25:23","slug":"cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic\/","title":{"rendered":"# Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27e26b568ff\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27e26b568ff\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic\/#%E2%80%9D_Cross-chain_bridge_RenBridge_laundered_540M_in_hacking_proceeds_Elliptic_%E2%80%9C\" >&#8221; Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic\/#Rogue_states_and_hacker_groups\" >Rogue states and hacker groups<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/cross-chain-bridge-renbridge-laundered-540m-in-hacking-proceeds-elliptic\/#Authorities_concerned\" >Authorities concerned<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cross-chain_bridge_RenBridge_laundered_540M_in_hacking_proceeds_Elliptic_%E2%80%9C\"><\/span>&#8221; Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvMTlkZmFmZTgtMjQyYS00NTRiLWFmM2YtMDRhZWZlZjZkOGUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>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.\u00a0<\/p>\n<p>According to an Aug. 10 report, crypto bridge RenBridge has\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/hub.elliptic.co\/analysis\/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge\/\">facilitated<\/a> the laundering of at least\u00a0$540 million in proceeds of crime since 2020 through a process known as chain hopping \u2014 converting one form of cryptocurrency into another and moving it across multiple blockchains.<\/p>\n<p>Elliptic said that decentralized cross-chain bridges provide \u201can unregulated alternative to exchanges for transferring value between blockchains.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rogue_states_and_hacker_groups\"><\/span>Rogue states and hacker groups<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For the most part, cross-chain bridges or blockchain bridges are used for legitimate purposes, enabling users to move cryptocurrencies seamlessly across blockchain networks. <\/p>\n<p>Users typically deposit their tokens from one chain to the bridge protocol, which is locked into a contract, then the user is issued the equivalent of a parallel token in another chain. <\/p>\n<p>However, Elliptic noted these bridges have also been used by ransomware gangs, exploiters, and hackers to launder proceeds of crime, with RenBridge accounting for at least $540 million of laundered proceeds since 2020.\u00a0<\/p>\n<p>Most recently, at least $2.4 million in crypto assets stolen during the Nomad hack on Aug 2 went through the cross-chain bridge, according to the firm. <\/p>\n<p>Elliptic also noted that assets from decentralized finance (DeFi) services worth at least $267.2 million have been laundered using RenBridge in the last two years, while a portion of the $80 million stolen from Liquid Global exchange last year, allegedly by North Korea, has passed through RenBridge. <\/p>\n<p>The Conti ransomware group, which famously attacked the Costa Rican government back in June, has also laundered over $53 million through RenBridge so far. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Authorities_concerned\"><\/span>Authorities concerned<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Elliptic noted that blockchain bridges such as RenBridge poses a challenge to authorities trying to clamp down on individuals and groups using the emerging <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> for illicit activities. <\/p>\n<p>&#8220;Blockchain bridges such as RenBridge pose a challenge to regulators since there is no central service provider that facilitates these cross-chain transactions,&#8221; it said.\u00a0<\/p>\n<p><strong>Related: <\/strong><strong><em>Is there a secure future for cross-chain bridges?<\/em><\/strong><\/p>\n<p>In a Jun. 30 status <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/recommendations\/Targeted-Update-Implementation-FATF%20Standards-Virtual%20Assets-VASPs.pdf\">report<\/a> from the Financial Action Task Force (FATF), the intergovernmental organization highlighted increasing risks associated with &#8220;chain hopping,&#8221; particularly in the DeFi space:<\/p>\n<blockquote><p>\u201cThe rapid growth and evolution of the Defi sector is a cause for concern as it could cause risks to accelerate and proliferate.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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