Besides strict anti-money laundering (AML) policies, it becomes possible for illegal agents in laundering money via cryptocurrency at the crypto exchanges. According to the latest report by a security firm, more than 1.4 billion USD has been laundered in Bitcoin.
As the world is moving to digitization, the scammers over the internet have also updated their tricks to manipulate people. Similarly, people who are involved in illegal activities make use of cryptocurrency in deals happening over the internet. Some are just doing the business of money laundering via cryptocurrency.
Blockchain-based security firm Peckshield conducted a depth analysis over the past year. The research team investigated the on and off the blockchain network. Over the past year, Peckshield has identified and filtered addresses of more than one hundred million transactions. Additionally, it has also reviewed the 50 million wallet addresses at different exchanges.
147,000 BTC to Crypto Exchanges
CoinHolmes is a crypto tracking startup working under the security company Peckshield. According to the data given by the crypto security and crypto tracking platforms, more than 147,000 BTC has been transferred to crypto exchanges since the start of the year. Besides money laundering activities, the blockchain security company has also monitored the other illegal activities of the dark web and the crypto addresses used in it.
Some exchanges are favorite picks of fraudsters for stolen money. Peckshield’s report stated:
“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.”
To swindle money out of innocents, the advanced kinds of tactics are now used. Peckshield accepted the fact that it is more difficult to trace transactions as cryptocurrency mixers become very popular in the market. Peckshield added in the report:
“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.”