Data from the chain shows that Bitcoin (BTC) worth hundreds of millions of dollars, linked to a discontinued dark web marketplace, has been abruptly moved to a crypto mixer.
According to blockchain detective ZachXBT, an entity has done just that moved approximately 4,800 BTC, worth $144 million, from the defunct Abaraxas darknet marketplace to a Bitcoin mixer.
“An entity moved ~4,800 BTC ($144 million) from the Abraxas darknet market, which was scammed in November 2015 after previously being inactive. They consolidated the funds and also deposited [them] to a Bitcoin mixer. This graph shows an example of the movements from one of the addresses.”
Earlier this week, the Financial Crimes Enforcement Network (FinCEN) released a new proposal to the US government to start monitoring crypto tumblers.
Citing the US Patriot Act, FinCEN is proposing regulations that would ensure that financial institutions monitor, track and report transactions that pass through crypto or convertible virtual currency (CVC) mixers.
According to FinCEN, crypto tumblers — which aim to conceal the identities of users conducting crypto transactions by passing their assets through a pool of other tokens of random origin — are still being used to commit crimes abroad, such as money laundering.
“FinCEN assesses that transactions involving CVC commingling within or involving a jurisdiction outside the United States are of primary importance for money laundering purposes and, after due consultation, has also concluded that imposing additional record keeping and reporting requirements would help reduce the risks posed by such risks. transactions.
Such reporting will help law enforcement identify the perpetrators behind illegal transactions and prevent, investigate and prosecute illegal activities, and – through greater transparency – make such transactions less attractive and useful to illegal actors.”
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Featured image: Shutterstock/Sergey Nivens