Technology

Criminals Laundered $540M Through RenBridge: Report

Blockchain analytics firm Elliptic has claimed that over $540 million in illicit funds have been laundered through the decentralized cross-chain service RenBridge over the past two years. Elliptic’s vice president of policy and regulatory affairs, David Carlisle, has said that he expects regulators to start cracking down on cross-chain bridges in the next six months to a year. Elliptic has claimed that criminals use RenBridge and other cross-chain bridges to launder money and cover their tracks on-chain. In a Wednesday CNBC interview, Elliptic’s vice president of policy and regulatory affairs, David Carlisle, said that the cross-chain bridge RenBridge has been used to launder at least $540 million in illicit crypto proceeds over the last two years, including over $153 million that allegedly originated from ransomware payments. Carlisle said that he thinks regulators will begin zeroing in on cross-chain bridges in the next six to 12 months. “One major question is whether bridges will become subject to regulation since they act a lot like crypto exchanges, which are already regulated,” he said.

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