Report Cites Money Laundering Risks Of Cryptocurrency Cross-Chain Bridges – Fin Tech – United States – Mondaq
15 August 2022
BakerHostetler
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15 August 2022
BakerHostetler
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According to a recent post by blockchain analytics firm
Elliptic, cross-chain bridges – decentralized protocols that
allow users to transfer assets between blockchains – have
become a key facilitator of money laundering. Since 2020, one
protocol, RenBridge, has reportedly facilitated the laundering of
over $540 million in cryptoassets derived from theft, fraud,
ransomware and other illicit endeavors. While much of the traffic
on bridges is legitimate, according to Elliptic, the lack of
regulation allows criminal activity to flourish. Without a central
service provider to facilitate these cross-chain transactions,
bridges are likely to continue to pose a challenge to
regulators.
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