Approximately $ 1.4 billion, 147.ooo Bitcoin, was laundered by major exchanges, including Binance and Huobi this year.
Approximately $ 1.4 billion, 147.ooo Bitcoin, was laundered
After a year of rigorous analysis, sw blockchain security firm Peckshield claims to have tracked more than $ 1.4 billion in dirty Bitcoin laundered through multiple cryptocurrency exchanges in 2020.
“We rank exchanges with the most stolen money,” says the report from Peckshield, published on July 14. “The top ten exchanges were: Huobi, Binance, OKEx, ZB, Gate.io, BitMEX, Luno, HaoBTC, Bithumb and Coinbase”.
For Peckshield researchers, the Bitcoin in question originates from several addresses called “high risk”, including those implicated in hacker attacks and darknet activities.
In the past six months alone, blockchain researchers have tracked a total of 13,927 high-risk transactions – totaling 147,000 Bitcoin ($ 1.4 billion) aggregates – reaching several major exchanges.
Singapore-based Huobi was hardest hit by high-risk moves, with more than 40,000 Bitcoin ($ 364 million) sent to the exchange. Just behind is Binance, with more than 25,000 Bitcoin ($ 227 million) reportedly laundered through the exchange.
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The well can be much deeper
The estimated $ 1.4 billion may be just a drop in the water. Peckshield researchers warn that $ 1.59 billion in high-risk funds have been transferred to currency mixers in order to hinder movement.
Coin mixing seems to be a popular method for money launderers looking to outshine their Bitcoin.
Earlier this month, the famous hacker “Blueleaks” revealed that the FBI is tracking money laundering on the dark web. The 270 GB data dump of police documents, exposed by hacker collective Anonymous, details several cases where crooks allegedly used the Panamanian ‘instant’ cryptocurrency exchange MorphToken to launder Bitcoin, exchanging it for the Monero privacy currency.
Huobi and Binance may have been chosen by Peckshield, but they are not alone. In June, on-chain analysts, Ciphertrace, revealed that the LocationBitcoins it was also used for money laundering. According to one report, 12.01% of all Bitcoin received by LocalBitcoins in 2019 came directly from criminal sources.
Now, after this week’s Twitter hack, scammers are probably looking to launder a little bit more Bitcoin. The big question is: why didn’t they use Monero?