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"Crypto criminals laundered $540 million by using a service called RenBridge, new report shows"

2022-08-10 [vendor] RenBridge money laundering report
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Incident Details

Two days after OFAC sanctioned crypto tumbler Tornado Cash, the blockchain analytics firm Elliptic pointed to cryptocurrency bridges as a likely future target for sanctions if the Treasury Department continues its attempts to crack down on crypto money laundering. In addition to their purpose of allowing different currencies to be used cross-chain, cryptocurrency bridges are a useful tool for obscuring the path of cryptocurrencies, as it can be difficult for outside observers to link cryptocurrencies flowing into a bridge with the destination wallet(s) on the other end.Elliptic singled out the RenBridge chain in particular, saying that at least $540 million in funds linked to crimes have been moved through the bridge in the last two years. $153 million of this, they say, originated from ransomware plots, and $53 million is allegedly linked to the Russia-based group behind the Conti ransomware.

Technical Details

Vendor / Product
RenBridge money laundering report

Timeline

  1. 2022-08-10 Breach occurred
  2. 2022-08-10 Publicly disclosed