Elliptic: RenBridge has been used to launder at least $540 million in crime-linked cryptocurrency cash

Elliptic, a blockchain analytics and encryption compliance solution, said on Wednesday that RenBridge, a cross-chain channel used to transfer funds between different blockchains, was used to launder at least $540 million in crime-related transactions, CoinDesk reported. Crypto funds. The company said the sum included more than $153 million in ransomware proceeds and cryptocurrencies believed to have been stolen by North Korean hackers. The hack of the Nomad bridge in August has laundered more than $2.4 million through RenBridge. Another blockchain analysis firm, Chainalysis, estimates that nearly $2 billion may have been stolen from cross-chain bridge attacks this year.