Global Probe Finds Illicit Crypto Moving in Patterns Across Major Exchanges

The International Consortium of Investigative Journalists (ICIJ) has unveiled significant findings on how illicit actors are moving large sums of crypto across exchanges and brokers, revealing recurring patterns. Their investigation, named 'Coin Laundry,' indicates that over $600 million has flowed from Huione Group into Binance and OKX, despite enforcement actions against these platforms. The ICIJ reports highlight deficiencies in tracking illicit transactions, with many funds passing through anonymous wallets and complex networks that defy conventional monitoring methods. Former compliance staff have noted that they struggle to keep pace with evolving criminal tactics. Notably, Huione, labeled a 'primary money laundering concern' by the U.S. Treasury, has been linked to substantial transfers of Tether's USDT to Binance and OKX. Regulators emphasize the importance of improved international collaboration in combatting financial crime in the crypto sector as exploitation patterns continue to emerge.

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