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web3/concepts/cross-bridges.md

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Cross Bridges

In crypto technology a cross bridge is a combination of smart-contracts across multiple blockchain networks that facilitate interoperability and transactions across different cryptoassets.

Cross bridges are commonly used for money laundering transactions in which multiple cryptoassets are swapped in a method called chain-hopping which is used to obscure the provenance of funds associated with illicit financing.

See also DeFi and money-laundering.

References

  1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
  2. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
  3. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.