More than $1.4 billion in dirty money has been moved to crypto exchanges this year

A new report from blockchain security firm Peckshield shows that more than $1.4 billion in dirty money was transferred to crypto exchanges in 2020.

Peckshield said it has been collecting online and offline data for more than a year. After verifying and analyzing the data, they were able to identify more than 100 million transaction addresses. They can also mark more than 50 million mainstream crypto wallet addresses on crypto exchanges.

Using a digital asset tracking platform called CoinHolmes, Peckshield found that about 147,000 bitcoins, worth more than $1.4 billion, have been moved to exchanges this year.

According to the report, these assets are related to hacker attacks, dark web economy, gambling, etc. Most of the stolen funds fell into major crypto exchanges. According to Peckshield’s report:

“We ranked the exchanges that received the most stolen funds and found that the top ten exchanges are: Huobi, Binance, Okex, ZB Gate.io, Bitmex, Luno, HaoBTC, Bithum, and Coinbase.”

Peckshield emphasized that some of the monitored addresses also transferred funds to cryptocurrency mixing services, which made it difficult to continue tracking.

“As of June 30, 2020, we have monitored high-risk addresses, of which $1.62 billion flowed into blacklisted addresses and $15.9 billion flowed into mixing services. It is particularly important to emphasize that most of the funds through mixing services have been successfully laundered.”

As previously reported, wallets associated with PlusToken are suspected of large-scale sales on the open market on cryptocurrency exchanges, which in turn caused the prices of BTC, ETH, and other altcoins to surge.

Source: Cointelegraph