Crypto thieves used RenBridge to launder $540 million.
By The Exchange Team
Crypto criminals launder money by moving digital assets across blockchains, evading a centralised service that can trace and freeze transactions.
They use things called "cross-chain bridges" to do this, and the amounts of money involved are getting big.
Since 2020, RenBridge has been used to launder $540 million in criminal crypto currency.
This includes $153m in ransomware payments, meaning hackers use RenBridge to hack into company network and demand money to return data.
Elliptic's VP of policy and regulatory relations called cross-chain bridges "a blessing and a curse"
Like many popular crypto tools, they give individuals new methods to pay and deal.
Cross-chain bridges are important to the development of DeFi, crypto's alternative to the financial system.