Cybercriminals who use crypto-mixing services at record high prices, according to Chainalysis
New data from the market intelligence company Chainalysis reveals that bad players use crypto-mixing services at unbeatable prices.
According to a new blog post from the crypto insight company, the use of crypto mix has increased in 2022, with illegal addresses accounting for 11% more of the funds sent to mixers compared to last year.
“Although the values received by mixers fluctuate significantly from day to day, the 30-day moving average reached a record high of $ 51.8 million in cryptocurrency on April 19, 2022, roughly doubling incoming volumes at the same time in 2021. ..
Illegal addresses make up 23% of the funds sent to mixers so far in 2022, up from 12% in 2021. »
A crypto-mixing service is a tool used to make it difficult to track the movement of money by collecting funds from many different users and mixing them up. Users would then withdraw their money, which is now randomized.
Chainalysis says that the market sector that contributes most to increasing use rates for crypto-mix is decentralized finance (DeFi).
“The increases are primarily due to increased volumes sent from centralized exchanges, DeFi protocols, and in particular addresses related to illegal activity.
DeFi protocols in particular have risen not only in terms of value sent to mixers, but also in terms of the share of all volume sent to mixers, which makes sense given that the time coincides with Defi’s growing prominence in the general cryptocurrency ecosystem. . »
Chainalysis also notes that although there are legitimate use cases for cryptomixers, such as financial privacy, the digital asset society and regulators should recognize that cybercriminals associated with hostile authorities benefit from the service.
Mixers present a difficult question to regulators and members of the cryptocurrency community. Virtually everyone will recognize that financial privacy is valuable, and that in a vacuum there is no reason why services such as mixers should not be able to offer it.
However, the data show that mixers currently pose a significant money laundering risk, with 25% of the funds coming from illegal addresses, and that cybercriminals linked to hostile governments benefit from it. “
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