IMAGE 1658397398 "Cyber Hackers Laundered Millions Through Crypto Mixers, Says Chainalysis Report"

“Cyber Hackers Laundered Millions Through Crypto Mixers, Says Chainalysis Report”

Read Time:1 Minute

-Blockchain security firm Chainalysis has identified a new trend by cyber criminals wherein they are using crypto mixers to launder funds.
-According to data researched by Chainalysis, the 30-day moving average of cryptocurrencies sent through crypto mixers had reached an all-time high of $51.8 million on April 19, 2022, and this figure is almost double that of last years figure for the same period.
-Dileep Seinberg, founder and CEO, MuffinPay, a bill payment and utility crypto company, said that the entire crypto sector is still in its nascent stages, and so a deep understanding of the technology is needed in order to protect people from cybercrimes in this sector.
-What these crypto mixers do is mix the digital crypto funds with other users funds, and then make multiple combinations and chain of transactions, and keep on doing that until the source and destination of the crypto transaction is lost in the haystack.
-Chainalysis said they are actively working to bring out a security protocol which effectively diminishes the worthiness of crypto mixers, as well as reduces their value to cyber crypto criminals.
-According to the report, the following could be some of the reasons why criminals are using mixers to transfer their ill-gotten crypto funds: sanctions against Russian and N. Korean groups, and the rise of Decentralised Finance (DeFi).


Leave a Reply

%d bloggers like this: