‘New frontier’ of crypto laundering involves cross-chain bridges and DEXs: El...
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....
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During the last few months, cross-chain bridge technology has grown a great deal and users can now swap assets between a myriad of networks. Today, between eight different bridges there’s $7.6 billion total-value locked across these platforms.
Cross-Chain Bridges
There’s a decent quantity of cross-chain blockchain bridges these days and it has allowed users to do a variety of different decentralized finance (defi) techniques. Interestingly, a great deal of bridges connect to the Ethereum (ETH) network, as they have Ethereum Virtual Machine (EVM)....
Decentralized finance (DeFi) and cross-chain bridges have seen some of the highest growth in recent months. The crypto market has begun another recovery trend and its effects are reverberating through the entire industry. Cross-chain bridges which allow different blockchains to interact with one another, thereby allowing for trading between two blockchains, are in high demand. […]
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....
Although cross-chain bridges have proven useful so far, the time has come to look beyond these semi-archaic solutions. When suer funds are at stake, it is safe to say the approach may not be ideal. Portal puts an end to wrapped tokens and third-party custody through its multi-chain atomic swap-based approach. Cross-chain Bridges Fail To […]
30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. Cross-Chain Bridge TVL Continues to Climb While the total value locked in decentralized finance (defi) is $258 billion, the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum (ETH), Binance Smart Chain (BSC), Solana (SOL), Avalanche....