It's Fun to Get Hacked! Is Crypto Technology Unsafe?


 According to a CNBC report, criminals used the RenBridge chain bridge which is a decentralized application (dApp) that allows individuals to earn real BTC, ZEC and BCH on Ethereum in illegal money-changing activities of more than $540 million since 2020, in cryptocurrency related crimes.

This includes $153 million in ransomware payments. That is, tempters are taking advantage of RenBridge by hacking into corporate networks and forcing companies to pay in cryptocurrencies to get their data back.

According to Elliptic, the RenBridge cross-bridge platform has become the most important facilitator in the ransom payment platform linked to Russia.

In addition, this cross-chain bridge can be defined as either a blessing or a curse, said Elliptic's vice president of foundations and affairs, David Carlisle.

He also stated that this bridge can expand the market by offering another platform for dealing with commerce and is important for the development of DeFi.

Therefore, RenBridge is a popular destination for crypto currency criminals to 'launder' crypto assets through fraud, theft, ransom fraud and other criminal activities. In addition, crypto assets laundered by RenBridge may have been stolen by North Korea.

Carlislie believes the superintendent will break the crypto bridge within the next 12 months. Khabar stated, Tornado Cash has fetched more than $7 million since 2019.

The main issue that is emphasized is whether the position is subject to regulation due to its actions such as crypto exchanges that have been closely guarded.

Elliptic also says more than $267 million has been stolen from DeFi exchanges and services through RenBridge since 2 years ago.