Over $1.4 Billion of Laundered Money This Year Has Moved Onto Crypto Exchanges

Blockchain security company discovered more than $ 1.4 billion of laundered money into the top ten crypto exchanges.

A recent report by Peckshield, a blockchain security company, verifies that more than $ 1.4 billion of laundered money has moved to crypto exchanges by 2020.

Peckshield says it has been collecting data online and offline for over a year. After validating and analyzing the data, they can identify more than 100 million transaction addresses. They can also categorize more than 50 million mainstream crypto wallet addresses on crypto exchanges.

Utilizing a digital asset tracking platform called CoinHolmes, Peckshield found that about 147,000 Bitcoin (worth more than $ 1.4 billion US dollars) had switched to exchanges this year.

Security breached

These assets are associated with hacker attacks, the dark web economy, gambling, and so on. A large number of stolen funds went into major crypto exchanges. Peckshield said:

“We ranked the exchanges with the largest amount of stolen money, and found that the top ten exchanges were: Huobi, Binance, Okex, ZB Gate.io , Bitmex, Luno, HaoBTC, Bithum, and Coinbase.”

Source: Peckshield Report 

Peckshield stressed that some of the monitored addresses are also transferring their funds to the crypto mixer, making it difficult to keep track of them.

“As of June 30, 2020, we have monitored the high-risk address, of which $1.62 billion flowed into the blacklist address and $15.9 billion into the mixed currency service provider In particular, it should be emphasized that most of the funds through the mixed currency service have been successfully laundered.”

Source: Cointelegraph

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