July 27, 2022 (Investorideas.com Newswire) According to an analysis by StockApps.com, Bitcoin Mixer’s usage has hit a new high of $800M in Q2, 2022. This implies that the funds from wallets belonging to state-sanctioned groups and illegal activity almost doubled.
Speaking on the report, StockApps’ Edith Reads said that mixers have high adoption for a reason. “Mixers or tumblers are devices that create a separation between the monies a user deposits and the funds the user withdraws. They make cryptocurrency transactions more difficult to trace. Mixers combine the monies put by a large number of users and then randomly mix them. They ensure transactions are untraceable,” She stated.
Considerable Potential for Laundering Illicit Funds
Some mixers offer an extra layer of privacy. They enable users to withdraw cash in varying amounts and transmit it to multiple wallet addresses.
The use of a mixer does not constitute an immoral or unlawful act. There are valid reasons why an individual might desire to protect their privacy by using cryptos.
However, Mixers have become an indispensable piece of equipment for cybercriminals. They use it to launder their proceeds without drawing the attention of the authorities. This is due to the widespread usage of cryptocurrencies in illegal online activities.
Gallery of Villians
A better part of the increase is due to a rise in the volume of signals received from addresses associated with illegal activities. Some of those illegal activities include crypto scams and ransomware attacks. Money confiscated from victims by US government-designated organizations also adds to it. Moreover, volumes sent from centralized exchanges or DeFi protocols also increased.
Analysis of illicit volume suggests that Russian and North Korea sanctioned businesses top the list. Also, criminals promoting bitcoin investment schemes are driving the surge in illegal volumes.
One sanctioned organization is Hydra, a Russian dark web market where criminals can buy and sell goods and services. The remaining data came from entities such as the North Korean hacking outfit Lazarus and Blender.io tumbler. The full story and statistics can be found here: Bitcoin Mixer’s Usage Touches a New High of $800M in Q2 2022
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