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A major way criminals in the crypto world launder money is by sending digital assets across blockchains, bypassing a centralized service that can trace and freeze transactions.
They use so-called cross-chain bridges to make it happen, and the dollar amounts are getting large. One particular cross-chain bridge called RenBridge has been used to launder at least $540 million in crime-related crypto cash since 2020, according to new research from blockchain analytics firm Elliptic.
Included in that amount is $153 million in ransomware payments, meaning hackers are using RenBridge when they break into corporate networks and force companies to pay up to get their data back. Elliptic says RenBridge was “an important facilitator” for Russia-linked ransomware gangs.
David Carlisle, Elliptic’s vice president of policy and regulatory affairs, said cross-chain bridges are “a bit of a blessing and a curse” at the moment. Like so many popular crypto tools, they help...
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