In 2023, cryptocurrency mixers processed Bitcoin transactions totaling more than $300 million, stolen in various cyber incidents, according to CertiK analysts.
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Over $300M in #stolen #crypto assets made their way into Bitcoin mixers in 2023: Data
Data shared by #CertiK showed that a third of the #losses from 50 of the largest #crypto exploits in #2023 ended up in the #Bitcoin #Network. pic.twitter.com/RNlNrwTpnn
— Mystie.Eth (@mystie_eth) December 14, 2023
According to their calculations, a third of losses from the 50 largest exploits fell on the Bitcoin network.
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After sanctions were imposed on the popular mixers Tornado Cash, criminals shifted attention to similar services to hamper tracking of stolen funds.
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‘Mixers are in demand not only among users who care about privacy, but also among various cybercriminals. While this scenario poses a problem, it is important to recognise it as an inherent aspect of decentralized systems,’ said Joe Green, head of CertiK’s incident-response group.
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He also added that increasingly sophisticated methods for money laundering require prompt action from AML-services.
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‘The most effective countermeasure may be comprehensive tracking of ‘dirty’ funds. Information sharing with relevant parties, such as exchanges, is also an important step,’ Green said.
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In late November, the Bitcoin mixer Sinbad.io was sanctioned by the United States after servers were seized.