Crypto Thieves Embrace Bitcoin Mixers as Regulation Tightens on Tornado Cash
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Over $300M in stolen crypto assets have ended up in Bitcoin mixers in 2023 as hackers try to launder funds after increased regulation of Tornado Cash.
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Data from CertiK shows a shift from using Tornado Cash to Bitcoin mixers like Sinbad to anonymize transactions and launder stolen funds.
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Bitcoin mixers allow users to deposit Bitcoin and distribute it across multiple wallets in varying percentages, making tracking harder.
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Incidents involving stolen funds of $50M+ have been moving toward Bitcoin-based laundering solutions rather than Tornado Cash.
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There's an urgent need for more dynamic countermeasures to combat evolving crypto laundering tactics, like comprehensive tracing of dirty fund movements and information sharing.