According to Peckshield, which specializes in tracking and analyzing crypto transactions, it has found that more than $1.4 billion has been laundered through cryptocurrency exchanges, after following up on many suspicious transaction addresses throughout 2020.

and quoted from Peckshield Report The post on July 14 reads:

We have categorized cryptocurrency exchanges according to their exploitation of stolen money laundering.

Among the top ten trading platforms present in this list are:

Huobi, Binance, OKEx, ZB, Gate.io, BitMEX, Luno, HaoBTC, Bithumb and Coinbase.

According to the researchers at Peckshield, addresses are categorized according to the bitcoin they contain and some of them are classified as “high risk” addresses involved in hacking attacks and dark web activity.

Read:Binance Founder Responds to User Complaint About Leverage Coins Removal

In the past six months alone, Peckshield has tracked blockchain addresses with a total of 13,927 high-risk transactions, totaling 147,000 bitcoins, or $1.4 billion, flowing to several prominent cryptocurrency exchanges.

The worst off was Singapore-based Huobi, with more than 40,000 bitcoins worth $364 million sent to it.

Binance is in second place directly, with more than 25,000 Bitcoins sent to it, equivalent to $227 million.

The following are columns showing money laundering operations and the cryptocurrency trading platforms used in this:

Mixing with the wrong audience:

$1.4 billion may be a drop in the ocean of money laundering.

Peckshield researchers warn that $1.59 billion in high-risk funds have moved into currency mixers in order to obfuscate their movement.

Coin shuffling is a common method of money laundering as fraudsters seek to hide their bitcoin by mixing it with other transactions and splitting it into small amounts.

Earlier this month, a hack revealed “BlolixThe FBI is tracking money laundering on the dark web.

While a 270GB data dump of police documents, revealed by a group of anonymous hackers, shows that there are many cases where fraudsters use MorphToken trading platform to transfer suspicious and stolen bitcoin into the hard-to-trace currency Monero.

Read:The recent bitcoin price drop forced many miners to stop and sell their hardware

Huobi and Binance may have been mentioned by Peckshield at the top of the list of exchanges used for money laundering, but they are not alone.

In June, analysts at Ciphertrace revealed that money launderers are also using LocalBitcoins exchanges.

The Ciphertrace report indicated that 12.01% of all bitcoin received by LocalBitcoins in 2019 were from criminal sources.

After the recent Twitter hack and get 12 bitcoins, scammers will also resort to laundering the victims’ money.

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