RenBridge is a channel that is cross-chain, which is used in funneling money that’s between various blockchains. It was used in the facilitation of the laundering of at least $540 million when it comes to cryptocurrency funds related to crime. This is what Elliptic, an analytics firm for blockchain, revealed on Wednesday.
This sum is inclusive of at least $153 million in the form of ransomware proceeds as well as cryptocurrency. It is believed that North Korean hackers are responsible for stealing this.
Elliptic And RenBridge
Bridges that are cross-chain provide an alternative that is unregulated when it comes to using of centralized platforms such as crypto exchanges. This is for funds that are transferred between blockchains, which can be vulnerable to cyberattacks.
Earlier in the year, there were two different attacks on the Nomad and Ronin bridges. This led to a loss of around $825 million, which hackers were able to steal. Chainalysis is also an analytics firm for blockchain, that estimated that around $2 billion could have been stolen through cyberattacks on bridges that are cross-chain, this year alone.
According to a chief scientist who works at Elliptic, RenBridge was involved in the process of laundering. It was obfuscation as well as layering that was achieved by passing designated assets through the RenBridge firm. This helped conceal that the funds came from illegal origins. Elliptic said that RenBridge had facilitated the transfer of a lot of funds, but only around $540 million of those were related to crime.