Digital Marketing

CRYPTO CRIMINALS LAUNDERED $540 MILLION USING A SERVICE CALLED RAINBRIDGE, NEW REPORT SHOWS

One of the main ways criminals in the world of crypto criminals laundering is to send digital assets through blockchains, bypassing a central service that can track and freeze transactions.

They use so-called cross-chain bridges to do this, and the dollar amount is increasing. A special cross-chain bridge called RenBridge has been used to launder at least $540 million in crime-related cryptocurrency since 2020, according to new research from blockchain analytics firm Elliptic.

That amount includes $153 million in ransomware payments, meaning hackers are using Rainbridge to break into corporate networks and force companies to pay to get their data back. Elliptic says RenBridge was a “major enabler” of Russia-linked ransomware groups.

David Carlisle, vice president of policy and regulatory affairs at Elliptic, said China’s bridges are “both a blessing and a curse” at the moment. Like many popular crypto tools, they help expand the market by giving people more ways to pay and transact. Cross-chain bridges are particularly important to the growth of the decentralized finance, or DeFi, space, which is a cryptocurrency alternative to the banking system.

The other side of the coin is that “they are not being effectively governed and are very vulnerable to cyber attacks or being used in crimes like money laundering,” Carlisle told CNBC.

Carlisle said he expects regulators to start focusing on building bridges in the next six to 12 months, as governments continue to crack down on the darkest corners of the crypto world.

On Monday, the Treasury Department blacklisted cryptocurrency mixing service TornadoCash, claiming the service has been used to launder more than $7 billion worth of virtual currency since 2019. To prosecute criminal behavior in crypto.

“A key question is whether bridges will be subject to regulation, because they operate in a very similar way to crypto exchanges, which are already regulated,” Carlisle said.

Developers have built cross-chain bridges to allow users to send tokens from one chain to another. Cross-chain digital asset transfers are based on darknodes, or networks of thousands of cryptographic correctors. This allowed them to become a primary tool for obfuscating crypto-cash.

Rainbridge became a popular destination to do so. Elliptic says it has been used to launder the proceeds of theft, fraud, ransomware and other types of criminal activity.

Elliptic said North Korea likely stole other laundered crypto assets through Rainbridge. The service was also used by the Conti cybercrime group, which recently attacked the Costa Rican government and triggered a national state of emergency. Elliptic’s investigation revealed that Conti laundered more than $53 million through Rainbridge.

“Cross-chain bridges are a loophole in the regulatory system that governments around the world have painstakingly built to combat cryptocurrency laundering,” said Tom Robinson, Chief Scientist at Elliptic.

Bainbridge is the go-to option for those looking to clean up stolen cash. According to Elliptic, more than $267 million in crypto assets taken from exchanges and de-fi services were laundered through Rainbridge over the past two years, including $33.8 million from Japanese crypto exchange Liquid.

 

Bridges Are Particularly Vulnerable To Attack

Blockchain cybersecurity firm CertiK previously noted that when bridges hold hundreds of millions of dollars in assets under custody and multiply their potential attack vectors by operating on two or more blockchains, they are prime targets for hackers. become

Last week, the bridge, known as the Nomad, suffered nearly $200 million in damage in a catastrophic failure as a result of a fault. Within hours, thieves began using Bainbridge to steal money. According to Elliptic, so far, $2.4 million in stolen crypto assets have been sent to Nomad through RenBridge.

“North Korea’s Ransomware Gangs, Scammers and Even Hackers Are Moving Beyond Regulated Crypto Exchanges Crypto criminals laundered $540 million using a service called RainBridge, a new report shows

One of the main ways criminals in the world of cryptocurrency laundering is to send digital assets through blockchains, bypassing a central service that can track and freeze transactions.

They use so-called cross-chain bridges to do this, and the dollar amount is increasing. A special cross-chain bridge called RenBridge has been used to launder at least $540 million in crime-related Crypto criminals currency since 2020, according to new research from blockchain analytics firm Elliptic.

That amount includes $153 million in ransomware payments. Meaning hackers are using Bainbridge to break into corporate networks and force companies to pay to get their data back. Elliptic says RenBridge was a “major enabler” of Russia-linked ransomware groups.

David Carlisle, vice president of policy and regulatory affairs. At Elliptic, said China’s bridges are “both a blessing and a curse” at the moment. s Like many popular Crypto criminals tools, they help expand the market by giving people more ways to pay and transact. Cross-chain bridges are particularly important to the growth of decentralized finance. Or DeFi, space, which is a cryptocurrency alternative to the banking system.

The other side of the coin is that “they are not being effectively governed. And are very vulnerable to cyber attacks or being used in crimes like money laundering,” Carlisle told CNBC.

Carlisle said he expects regulators to start focusing on building bridges in the next six to 12 months. As governments continue to crack down on the darkest corners of the crypto world.

On Monday, the Treasury Department blacklisted cryptocurrency mixing service TornadoCash. Claiming the service has been used to launder more than $7 billion worth of virtual currency since 2019. To prosecute criminal behavior in crypto.

“A key question is whether bridges will be subject to regulation. Because they operate in a very similar way to Crypto criminals exchanges, which are already regulated,” Carlisle said.

Developers have built cross-chain bridges to allow users to send tokens from one chain to another. Cross-chain digital asset transfers are based on dark nodes or networks of thousands of cryptographic correctors. This allowed them to become a primary tool for obfuscating crypto-cash.

Bainbridge became a popular destination to do so. Elliptic says it has been used to launder the proceeds of theft, fraud, ransomware and other types of criminal activity.

Elliptic said North Korea likely stole other laundered crypto assets through Bainbridge. The service was also used by the Conti cybercrime group. Which recently attacked the Costa Rican government and triggered a national state of emergency. Elliptic’s investigation revealed that Conti laundered more than $53 million through Bainbridge.

“Cross-chain bridges are a loophole in the regulatory system that governments around. The world has painstakingly built to combat cryptocurrency laundering,” said Tom Robinson, Chief Scientist at Elliptic.

Rainbridge is the go-to option for those looking to clean up stolen cash. According to Elliptic, more than $267 million in crypto assets taken from exchanges. And de-fi services were laundered through Rainbridge over the past two years. Including $33.8 million from Japanese crypto exchange Liquid.

 

Bridges Are Particularly Vulnerable To Attack

Blockchain cybersecurity firm CertiK previously noted that when bridges. Hold hundreds of millions of dollars in assets under custody and multiply their potential attack vectors by operating on two. Or more blockchains, they are prime targets for hackers. become

Last week, the bridge, known as the Nomad, suffered nearly $200 million. In damage in a catastrophic failure as a result of a fault. Within hours, thieves began using Bainbridge to steal money. According to Elliptic, so far, $2.4 million in stolen Crypto criminals assets have been sent to Nomad through RenBridge.

“North Korean Ransomware Gangs, Scammers and Even Hackers Are Moving Beyond Regulated Crypto Exchanges

For more information, please visit friday night funkin unblocked games 911.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
adana escort - escort adana - mersin escort - escort mersin - adana escort bayan - cheaterplayer.com