Global Probe Finds Illicit Crypto Moving in Patterns Across Major Exchanges

A recent investigation by the International Consortium of Investigative Journalists (ICIJ) has uncovered significant patterns of illicit cryptocurrency transactions across major exchanges and cash-out storefronts. The investigation highlights over $600 million in flows from Huione Group to Binance and OKX accounts, coinciding with U.S. enforcement actions against these platforms. Despite the scrutiny, reports indicate that Huione continued to facilitate substantial sums of Tether (USDT) into these exchanges, underscoring vulnerabilities in monitoring technologies and compliance measures. The findings demonstrate that illicit actors often exploit common weaknesses across multiple platforms, leading to patterns that are difficult to trace due to the use of anonymous wallets and decentralized routing practices. Exchange responses to these issues have been mixed, with some stating they actively monitor and mitigate risks, while others emphasize their compliance efforts. Global regulatory bodies are also facing challenges in enforcement and coordination as they work to combat the sophisticated misuse of cryptocurrencies.

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