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Criminals Are Mixing Crypto Streams to Conceal Revenue

A pair of handcuffs with one open cuff on top of a pile of gold coins with the Bitcoin logo. It's all on top of the laptop keyboard.

Photo: Chat with Karen Studio ((((Shutterstock).

If crypto trading is transparent on the blockchain, how difficult is it to hide when digital currencies are being traded in less legitimate ways?

Well, at that point, how difficult is it? Washing Your code? According to a new report, online criminals are the main demographics that use services that make it difficult to track crypto transactions. A mixer, also known as a tumbler, is a tool that collects funds distributed by multiple users and confuses them before writing a letter to each user to withdraw the original amount after deducting service charges.

New report from cryptanalysis company Chain analysis According to the announcement on Friday, the largest share of the money sent to the mixer was due to “illegal addresses”. Nearly 10% of all money sent to the mixer came from these supposed cyber criminals, but mixer usage across various addresses such as P2P exchanges and gambling platforms is less than 0.3%. was.

And this year it got worse. These illegal addresses accounted for 23% of all funds sent to the mixer in 2022. These illegal funds came from fraud, stolen funds, fraudulent stores, and more. Report authors, many of these services, Customer identification..Multiple authorized entities like Lazarus GroupThe crew connected to North Korea $ 625 Million Axie Infinity HackThis year, it accounted for 30% of all licensed entities that funded the mixer.Russian darknet marketplace Hydra It accounted for more than 50% of the money sent to the mixer. Hydra is known to be involved in crypto theft, ransomware and more.

The report noted that North Korean cybercriminals are using mixers to try to hide the most money compared to other groups.

Of course, not everyone who uses a mixer is essentially a criminal offender. In particular, transactions on the blockchain are open to the public, and after considerable effort, Trackable.. People trying to hide them Transactions from oppressive government You will find that the additional privacy provided by the anonymous mixer will help. It’s also important to note that mixers don’t work well for criminals. Inevitably, if some of the ciphers users put into the mixer are more than others, they will be part of the coins they started, so try laundering a pot of larger funds.

However, as Chainalysis points out, “The data show that mixers now pose a significant money laundering risk, 25% of the money comes from illegal addresses, and hostile government-related cybercrime. Indicates that a person is using it. “

There are many different types of mixers, but simply put, those who use these services for illegal purposes have a mixer that isn’t central enough to keep track of who puts coins in and who takes them out. I like it. The mixer itself is considered a “remittance agent” by the Financial Crimes Enforcement Network, a US agency that tracks financial crimes at the Treasury. The report points out that some mixer services have been called for illegal activity.Federal prosecutor gives Bitcoin Money laundering It is said that it operates an unlicensed transmission service on the darknet.

“Currently, no mixer follows the rules related to: [Know Your Customer] Process, funding source checking, and other basic customer identification and due diligence regulations [money service businesses] It is covered in most jurisdictions, “the report said.

Despite the price of the remaining crypto Much lower Since its peak in mid-2021, the rate of crypto crime has only increased. The cryptocurrency scene lost more than $ 2 billion between April and June, with $ 870 million of its hits being hacked, according to a second-quarter report from Web3 security firm CertiK released on July 7. It was due to an exploit. Losses in the first half of the year are higher than all of 2021 combined.

The security report lists the two most common attack Mainly flash loans and phishing scams on the following platforms discord Also telegramWhich There is no “confirmed account” system like Twitter In place.

And what does it bid for the rest of the year? CertiK’s report predicts that the funds lost in the attack will increase by 223% compared to last year. So I think we are all looking forward to it.


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