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Bitcoin Laundering: $10M+ Through Exchanges

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ByMarcel Bich

Aug 14, 2023
Bitcoin Laundering: $10M+ Through Exchanges
Marcel Bich
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According to blockchain analysts at BitOK, the seized Bitcoins in the bribery case of former Moscow investigator Marat Tambiyev are just a fragment of a larger-scale scheme.

Cryptocurrency Money Laundering: The Intricate Schemes and Huobi’s Role

In early 2022, unknown attackers, potentially linked to members of the arrested hacker group The Infraud Organization, successfully tested a money laundering scheme involving 654 BTC (~$24.9 million at the time). During this period, reports emerged about the arrest of the hackers. BitOK revealed that around 500 BTC were successfully laundered through the cryptocurrency exchange Huobi after being divided into different wallets.

As previously reported, Russia has become a significant market for Huobi, accounting for over 17% of its traffic. In other major jurisdictions, Huobi has faced accusations of non-compliance with local regulations and compliance requirements.

Unknown individuals repeated the laundering scheme in late December, splitting the cryptocurrency into multiple addresses. Cybercriminals sent Bitcoins not only to Huobi but also to the Ukrainian crypto exchange WhiteBIT, where over 250 BTC were sent. Additionally, a portion of the funds began to be laundered in March 2023, with slightly over 295 BTC being transferred to the BitexBit platform. BitOK estimates that since early 2022, the unidentified individuals have laundered more than 5200 BTC (~$156 million at the current exchange rate). It remains uncertain whether the hackers from The Infraud Organization were involved in this series of laundering operations.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.