Elliptic
Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic
Cross-chain bridges have been the target of more than a few hacks this year, but new data from blockchain analytics provider Elliptic alleges one has been used to launder over half a billion dollars in ill-gotten crypto assets. According to an Aug. 10 report, crypto bridge RenBridge has facilitated the laundering of at least $540 million in proceeds of crime since 2020 through a process known as chain hopping — converting one form of cryptocurrency into another and moving it across multiple blockchains. Elliptic said that decentralized cross-chain bridges provide “an unregulated alternative to exchanges for transferring value between blockchains.” Rogue states and hacker groups For the most part, cross-chain bridges or blockchain bridges are used for legitimate purposes, en...
Curve Finance exploit: Experts dissect what went wrong
Decentralized finance protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a domain name system (DNS) hijacking incident. The automated market maker warned users not to use the front end of its website on Tuesday after the incident was flagged online by a number of members of the wider cryptocurrency community. While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users who attempted to make use of the platform then had their funds drained to a pool operated by the attackers. Curve Finance managed to remedy the situation in a timely fashion, but attackers still managed to siphon what was origi...
Blockchain forensics firm finds millions in sanctioned crypto wallet
Blockchain security and forensics firm Elliptic has been working with authorities to expose crypto wallets affiliated with sanctioned individuals or organizations. The United Kingdom-based company has discovered a wallet with “significant crypto-asset holdings” in the millions of dollars that may be linked to sanctioned Russian officials and oligarchs. Speaking to Bloomberg on March 14, Elliptic co-founder Tom Robinson said that crypto could be used for sanctions evasion. However, it has been widely reported and generally accepted now that Russia is very unlikely to pivot to crypto assets to circumvent them. The report did not specify the exact value of the crypto in the wallet it discovered or the nature of the assets it held. Robinson added that the scale of the use of crypto is in...
