Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
The blockchain forensics firm said cross-chain bridges provide an "unregulated alternative" to exchanges for transferring value between blockchains. 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....
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As the world of crypto continues to evolve, so too do the methods employed by criminals to launder illicit funds. A recent report by Elliptic sheds light on the alarming surge in crypto money laundering, with a staggering $7 billion in suspicious or high-risk funds already laundered through cross-chain and cross-asset platforms. Data presented in […]
According to a study published by the blockchain analysis firm Elliptic, over 13% of all proceeds of crime in bitcoin (BTC) were laundered via privacy wallets in 2020, up from 2% from the figures posted in 2019. 13% of All Proceeds of Crimes Leveraging BTC Were Laundered Via Privacy Wallets Dr. Tom Robinson, Elliptic’s co-founder and Chief Scientist, stated in the report called “Financial Crime Typologies in Cryptoassets” that so far in 2020, laundered crypto money through privacy wallets represented over $160 million worth in bitcoin from darknet markets, thefts, and....
ChainSwap, a cross-chain asset bridge & application hub for smart chains, launched its cross-chain bridge aggregator today. The initial version of ChainSwap Cross-chain Bridge Aggregator integrates three leading bridge solutions, namely Poly Bridge, Multichain, and AnySwap. More bridges are expected to be supported by the aggregator. ChainSwap’s final goal is to integrate all cross-chain bridges available on the market and become the go-to platform for cross-chain solution seekers. Why a Bridge Aggregator: Current Challenges Imagine that you want to transfer a token from ETH to BSC with a....
The number of crypto criminals using so-called privacy wallets to help hide their identities is on the rise, according to analytics firm Elliptic.
Curve, Uniswap, 1inch, and the Ren bridge were the top platforms of choice for laundering illicit crypto, according to Elliptic. New research from blockchain analytics and crypto compliance firm Elliptic has revealed the extent to which cross-chain bridges and decentralized exchanges (DEXs) have removed barriers for cybercriminals.In an Oct. 4 report titled “The state of cross-chain crime,” Elliptic researchers Eray Arda Akartuna and Thibaud Madelin took a deep dive into what they described as “the new frontier of crypto laundering.” The report summarized that the free flow of capital....