Crypto Crooks Sent Over $300M to Bitcoin Mixers in 2023: CertiK Research
Following the demise of the popular crypto mixing protocol, Tornado Cash, the Bitcoin ecosystem has become a preferred avenue for discreet fund movement, according to research by blockchain analytics firm CertiK.
In its recent report, CertiK, known for conducting smart contract audits and on-chain monitoring, disclosed that over $300 million has been unlawfully moved through the Bitcoin network.
Providing more details, the platform revealed that 50 of the largest blockchain exploits this year have found their way to the leading blockchain protocol as bad actors seek to navigate increased regulatory scrutiny.
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
Crypto hacks have become common in the emerging industry, with the blockchain ecosystem experiencing losses exceeding $1.7 billion in the past year, according to an Immunefi crypto losses report.
In November alone, crypto losses amounted to over $343 million, all attributed to frauds, scams, or platform hacks.
Previously, malicious actors turned to crypto-mixing platforms like Tornado Cash to move illicit gains.
Prior to its sanction, the US Treasury Department’s Office of Foreign Assets Control (OFAC) noted that the Ethereum-based mixing protocol facilitated the movement of over $7 billion.
The Treasury Department also added 40 cryptocurrency wallet addresses to its sanction list.
With Tornado Cash no longer in operation, the anonymity and privacy offered on the Bitcoin network have become attractive to bad actors seeking to evade
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