According to a report, hackers used the Crypto RenBridge platform to launder $540 million

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Last Updated on August 13, 2022 by Bitfinsider

Decentralization is a unique feature of cryptocurrency that eliminates third-party interference in crypto-asset transactions. While it may be advantageous for investors and other participants in most cases, it may limit fraud detection.

There have been numerous incidents of hacks, scams, frauds, and other questionable activities in the cryptocurrency industry. More criminals are entering the space as acceptance and adoption of digital assets grows. Furthermore, the advancement of technology has greatly aided criminals.

According to a recent Elliptic report, crypto bridges have aided the majority of money laundering within the crypto industry. Since 2020, the blockchain analytics firm has identified RenBridge, a bridge network, as the most commonly used by criminals.

According to Elliptic, RenBridge facilitated the transfer of approximately $540 million to hackers, fraudsters, and other money laundering activities. RenBridge was cited as an example of a DeFi cross-chain platform with high risks.

According to Elliptic, while some cross-chain bridges, such as RenBridge, are legitimate, they have become key players in money laundering.

They built platforms that allow criminals to avoid regulations and easily transfer funds across different networks. According to the report, cross-chain thefts and ransomware operations could also pass through the crypto bridges.

RenBridge is a digital bridge designed to facilitate the conversion of virtual currencies. Users, for example, can convert Bitcoin and ZCash to Ethereum and any other network they desire.

Many people believe that tracing digital transactions is impossible. They are, however, not completely untraceable. It is possible to conceal the sources of funds in some cases by using decentralized special services such as RenBridge.

Furthermore, according to the Elliptic report, the stolen funds from the Japanese Liquid crypto network were laundered using RenBridge. North Korean hackers are suspected of being involved in this crime.

Elliptic also mentioned RenBridge as a well-known ransomware operation in Russia. It stated that approximately $153 million in ransomware proceeds were laundered through the bridge platform.


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Are you new to investing and would like to find out more about investments and cryptocurrency? If you know nothing about a topic and want to become an expert on it, one fool proof way to start is to read good books about the topic.

If you read one book about a topic, you will be able to share knowledge or discuss the topic at an elementary level with almost everyone.

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  1. The Intelligent Investor by Benjamin Graham
  2. Crypto Investing Guide: How to Invest in Bitcoin, DeFi, NFTs and More by Ian Balina
  3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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