{"id":229859,"date":"2024-04-29T14:07:55","date_gmt":"2024-04-29T14:07:55","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=229859"},"modified":"2024-04-29T14:07:55","modified_gmt":"2024-04-29T14:07:55","slug":"5-biggest-crypto-money-laundering-schemes-of-all-time-cur_year-updated","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/biggest-crypto-money-laundering-cases-of-all-time","title":{"rendered":"5 Biggest Crypto Money Laundering Schemes of All Time | 2025 Updated"},"content":{"rendered":"<p>The <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrency<\/a> industry has gained notoriety over the years due to its use for <a href=\"https:\/\/www.techopedia.com\/10-most-common-cryptocurrency-scams\">criminal activity<\/a> and money laundering.<\/p>\n<p>In late April 2024, U.S. government authorities <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering\" target=\"_blank\">charged a cryptocurrency mixer service called Samourai Wallet with money laundering offenses<\/a>. It was alleged that Samourai Wallet was used to launder over $100 million in crypto by <a href=\"https:\/\/www.techopedia.com\/definition\/27435\/cybercriminal\">cyber criminals<\/a>.<\/p>\n<p>How high is Samourai Wallet on the list of top crypto money laundering exploits?<\/p>\n<p>In this article, we list the top five crypto money laundering cases of all time.<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Crypto\u2019s privacy-preserving properties have drawn criminals to use it for illegal activities.<\/li>\n<li>Bitfinex was involved in one of the biggest crypto hacks of all time, losing 120,000 Bitcoins.<\/li>\n<li>Several crypto-mixing solutions like Tornado Cash have been charged with money laundering offenses.<\/li>\n<li>Samourai Wallet\u2019s mixing solutions \u201cWhirpool\u201d and \u201cRicochet\u201d were used to launder over $100 million.<\/li>\n<li>Tornado Cash was used by a sanctioned North Korean cybercrime organization, Lazarus Group, to launder stolen funds.<\/li>\n<li>According to Chainalysis, over $22.2 billion worth of crypto was laundered in 2023.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"crypto_money_laundering_explained\"\n                               onclick=handleScrollToTitle(\"crypto_money_laundering_explained\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Crypto Money Laundering Explained<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"top_five_biggest_crypto_money_laundering_cases\"\n                               onclick=handleScrollToTitle(\"top_five_biggest_crypto_money_laundering_cases\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Top Five Biggest Crypto Money Laundering Cases<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_to_prevent_money_laundering_in_cryptocurrency\"\n                               onclick=handleScrollToTitle(\"how_to_prevent_money_laundering_in_cryptocurrency\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">How to Prevent Money Laundering in Cryptocurrency?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"faqs\"\n                               onclick=handleScrollToTitle(\"faqs\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">FAQs<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"crypto_money_laundering_explained\"\n                                   onclick=handleScrollToTitle(\"crypto_money_laundering_explained\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Crypto Money Laundering Explained<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"top_five_biggest_crypto_money_laundering_cases\"\n                                   onclick=handleScrollToTitle(\"top_five_biggest_crypto_money_laundering_cases\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Top Five Biggest Crypto Money Laundering Cases<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_to_prevent_money_laundering_in_cryptocurrency\"\n                                   onclick=handleScrollToTitle(\"how_to_prevent_money_laundering_in_cryptocurrency\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">How to Prevent Money Laundering in Cryptocurrency?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"faqs\"\n                                   onclick=handleScrollToTitle(\"faqs\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">FAQs<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    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pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"crypto_money_laundering_explained\">Crypto Money Laundering Explained<\/span><\/h2>\n<p>Let\u2019s briefly talk about what crypto money laundering means.<\/p>\n<p>Money laundering in crypto refers to the act of disguising stolen crypto funds so that they can be used without detection of the illegal activity that produced them.<\/p>\n<div class=\"su-box su-box-style-default\" id=\"\" style=\"border-color:#004499;border-radius:3px\"><div class=\"su-box-title\" style=\"background-color:#0277cc;color:#FFFFFF;border-top-left-radius:1px;border-top-right-radius:1px\">How is crypto used for money laundering? <\/div><div class=\"su-box-content su-u-clearfix su-u-trim\" style=\"border-bottom-left-radius:1px;border-bottom-right-radius:1px\">The privacy-preserving properties of cryptocurrency have drawn illicit actors to use it for trading of illegal goods and services, for laundering money, and for demanding ransom. Cybercriminals are known to use several methods, such as crypto mixing and chain hopping, to move stolen funds.<\/div><\/div>\n<h2><span id=\"top_five_biggest_crypto_money_laundering_cases\">Top Five Biggest Crypto Money Laundering Cases<\/span><\/h2>\n<p>Now, let\u2019s read about the biggest crypto money laundering cases that have occurred to date.<\/p>\n<h3>Bitfinex Hack<\/h3>\n<p>In August 2016, Bitfinex \u2013 one of the world\u2019s largest crypto exchanges at the time \u2013 was hacked for 120,000 <a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\">Bitcoins<\/a> (BTC).<\/p>\n<p>As of April 26, 2024, the stolen crypto was worth $7.73 Billion (at a BTC market price of $64,450), making it one of the biggest crypto hacks of all time.<\/p>\n<p><a href=\"https:\/\/www.justice.gov\/opa\/pr\/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency\" target=\"_blank\">According to the U.S. Department of Justice<\/a> (DoJ), two individuals \u2013 <strong>Ilya Lichtenstein and his wife, Heather Morgan<\/strong> \u2013 were arrested on February 8, 2022, for conspiring to launder the proceeds from the hack.<\/p>\n<p>Lichtenstein and Morgan are said to have laundered the stolen funds through a \u201clabyrinth of cryptocurrency transactions.\u201d<\/p>\n<p>The couple used fictitious identities to set up online accounts at <a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-exchanges\">crypto exchanges<\/a> to withdraw funds.<\/p>\n<p>They also converted BTC into other tokens and privacy-preserving cryptocurrencies while using a practice called \u201cchain hopping,\u201d which involves users moving rapidly between various cryptocurrencies.<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p>According to the U.S. DoJ, over <strong>94,000 Bitcoins<\/strong> were recovered by authorities.<br \/>\n<\/div><\/div>\n<h3>Tornado Cash Service<\/h3>\n<p>Tornado Cash is a cryptocurrency mixer service that enables users to make their cryptocurrencies untraceable. The service mixes one\u2019s tokens with a pool of cryptocurrencies in order to obscure the trail back to the token\u2019s original source.<\/p>\n<p>Criminals and hackers used Tornado Cash to launder stolen funds and to obfuscate the trail of funds tied to their criminal activities.<\/p>\n<p>In August 2023, <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/tornado-cash-founders-charged-money-laundering-and-sanctions-violations\" target=\"_blank\">the U.S. DoJ charged Tornado Cash co-founders<\/a>, <strong>Roman Storm and Roman Semenov<\/strong>, for creating and promoting Tornado Cash.<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p>According to the DoJ, Tornado Cash facilitated <strong>over $1 billion in money laundering transactions<\/strong>.<br \/>\n<\/div><\/div>\n<p>Government authorities added that the mixer was used by a sanctioned <a href=\"https:\/\/www.techopedia.com\/north-koreas-600-million-crypto-heist-deep-dive-into-2023s-cyberattacks\">North Korean cybercrime organization called Lazarus Group<\/a> to launder stolen funds.<\/p>\n<p>In March 2024, <strong>Tornado Cash developer Alexey Pertsev<\/strong> <a href=\"https:\/\/www.dlnews.com\/articles\/people-culture\/alexey-pertsev-accused-of-laundering-1bn-at-tornado-cash\/?utm_source=telegram&amp;utm_medium=organic_social&amp;utm_campaign=\" target=\"_blank\">was accused of laundering $1.2 billion<\/a> of illegal funds through the platform. During a two-day trial in late March, the prosecutors asked for 64 months in prison for Pertsev. The judge will deliver <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/03\/27\/dutch-prosecutors-seek-64-month-jail-sentence-for-tornado-cash-dev-alexey-pertsev\/#:~:text=10%20Years%20of%20Decentralizing%20the%20Future&amp;text=Prosecutors%20seek%20to%20sentence%20Tornado,open%2Dsource%20projects%20are%20treated.\" target=\"_blank\">the verdict<\/a> on May 14, as reported by CoinDesk.<\/p>\n<h3>Ronin Bridge Exploit<\/h3>\n<p>In March 2022, gaming-focused blockchain Ronin Network was hacked for over $600 million in <a href=\"https:\/\/www.techopedia.com\/definition\/usd-coin-usdc\">USDC<\/a> <a href=\"https:\/\/www.techopedia.com\/definition\/stablecoin\">stablecoin<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\">Ether<\/a> (ETH) tokens, in what is the biggest <a href=\"https:\/\/www.techopedia.com\/definition\/34630\/decentralized-finance-defi\">decentralized finance<\/a> (DeFi) hack to date.<\/p>\n<p>According to blockchain analytics firm <a href=\"https:\/\/www.chainalysis.com\/blog\/axie-infinity-ronin-bridge-dprk-hack-seizure\/\" target=\"_blank\">Chainalysis<\/a>, North Korean cybercrime collective Lazarus Group gained access to five of nine private keys held by transaction validators for Ronin Network\u2019s cross-chain bridge.<\/p>\n<p>They used the keys to approve <strong>the withdrawal of 173,600 ETH tokens and 25.5 million USDC tokens<\/strong>.<\/p>\n<p>Thereafter, Lazarus Group conducted a highly sophisticated laundering technique by using over 12,000 unique crypto addresses.<\/p>\n<p>The stolen funds were sent to crypto wallets before being mixed in batches using Tornado Cash. The hackers then swapped ETH for BTC, which was again mixed in batches.<\/p>\n<p>The mixed BTC was deposited to fiat off-ramp services to be converted to cash.<\/p>\n<figure id=\"attachment_229879\" aria-describedby=\"caption-attachment-229879\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/How-the-Ronin-Bridge-was-hacked-and-the-stolen-funds-were-laundered.-Source-Chainalysis-224x300.jpg\" alt=\"How the Ronin Bridge was hacked and the stolen funds were laundered.\" width=\"1200\" height=\"1610\" class=\"wp-image-229879\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/How-the-Ronin-Bridge-was-hacked-and-the-stolen-funds-were-laundered.-Source-Chainalysis-224x300.jpg 224w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/How-the-Ronin-Bridge-was-hacked-and-the-stolen-funds-were-laundered.-Source-Chainalysis.jpg 763w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-229879\" class=\"wp-caption-text\">How the Ronin Bridge was hacked and the stolen funds were laundered. Source: Chainalysis<\/figcaption><\/figure>\n<h3>Bitcoin Fog<\/h3>\n<p>Bitcoin Fog is said to be <strong>the longest-running Bitcoin money laundering service<\/strong> in the world.<\/p>\n<p><a href=\"https:\/\/www.justice.gov\/opa\/pr\/bitcoin-fog-operator-convicted-money-laundering-conspiracy\" target=\"_blank\">According to the U.S. DoJ<\/a>, Bitcoin Fog operated between 2011 and 2021. During the time, Bitcoin Fog is said to <strong>have moved over 1.2 million Bitcoins, valued at $400 million at the time of the transactions<\/strong>.<\/p>\n<p>In March 2024, a U.S. court convicted a dual Russian-Swedish national named Roman Sterlingov for operating Bitcoin Fog.<\/p>\n<p>Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department\u2019s Criminal Division said:<\/p>\n<blockquote><p>\u201cRoman Sterlingov operated Bitcoin Fog, a cryptocurrency \u2018mixing\u2019 service that allowed criminals to launder hundreds of millions of dollars in illicit funds from darknet marketplaces. The defendant and his customers believed they could use Bitcoin Fog to conceal these illicit transactions.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cAs the jury\u2019s guilty verdict shows, that belief was mistaken. The Criminal Division is committed to unmasking and prosecuting those who use technology to hide their crimes, no matter how sophisticated the scheme may be.\u201d<\/p><\/blockquote>\n<h3>Samourai Wallet<\/h3>\n<p>Similar to the Tornado Cash allegations, <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering\" target=\"_blank\">the U.S. DoJ charged co-founders of a crypto mixer service called Samourai Wallet<\/a> with money laundering offenses in April 2024.<\/p>\n<p>Samourai Wallet is a crypto wallet that was developed in 2015 by Keonne Rodriguez and William Lonergan Hill. According to the DoJ, the wallet had two features that assisted in money laundering activities.<\/p>\n<ul>\n<li>A feature called \u201cWhirlpool\u201d coordinated batches of cryptocurrency trades between Samourai Wallet users to obscure the fund trail.<\/li>\n<li>Meanwhile, a feature called \u201cRicochet\u201d allowed wallet users to make intermediate transactions known as \u201chops\u201d when sending cryptocurrency from one address to another address.<\/li>\n<\/ul>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<p>DoJ alleged that Samourai Wallet was used to launder <strong>over $100 million in criminal proceeds<\/strong> and executed <strong>over $2 billion in illegal transactions<\/strong>.<br \/>\n<\/div><\/div>\n<h2><span id=\"how_to_prevent_money_laundering_in_cryptocurrency\">How to Prevent Money Laundering in Cryptocurrency?<\/span><\/h2>\n<p>Putting a full stop to money laundering is very difficult.<\/p>\n<p>Just look at the crypto mixer sector. When government authorities took action against services like Tornado Cash, new mixer solutions like Sinbad and YoMix came up.<\/p>\n<p>Crypto criminals are becoming more sophisticated with time, and they are now diversifying their money laundering activity across more services.<\/p>\n<p>Therefore, fighting crypto crime will require concerned authorities to have a better understanding of on-chain activity than ever before.<\/p>\n<p>Blockchain forensic company Chainlysis <a href=\"https:\/\/go.chainalysis.com\/crypto-crime-2024.html\" target=\"_blank\">wrote in a report<\/a>:<\/p>\n<blockquote><p>\u201cThe changes in money laundering strategy we\u2019ve seen from crypto criminals like Lazarus Group serve as an important reminder that the most sophisticated illicit actors are always adapting their money laundering strategy and exploiting new kinds of crypto services. Law enforcement and compliance teams can be more effective by studying these new laundering methods and becoming familiar with the on-chain patterns associated with them.\u201d<\/p><\/blockquote>\n<p>Meanwhile, financial institutions such as Japan\u2019s Sumishin SBI Net Bank are taking extra measures to reduce cryptocurrency money laundering risk.<\/p>\n<p>In July 2023, Sumishin SBI Net Bank <a href=\"https:\/\/www.netbk.co.jp\/contents\/company\/info\/2023\/0707_001750.html\" target=\"_blank\">released a mandate<\/a> restricting users from transferring funds to crypto exchanges for about one month after account opening.<\/p>\n<p>Elsewhere, crypto analytics firm Elliptic <a href=\"https:\/\/www.elliptic.co\/anti-money-laundering-aml-in-cryptocurrency#:~:text=Know%20Your%20Customer%20(KYC)%20and,customer%20information%20to%20identify%20outliers.\" target=\"_blank\">said<\/a> in a report that <a href=\"https:\/\/www.techopedia.com\/definition\/anti-money-laundering-aml\">anti-money laundering<\/a> (AML) processes were the \u201cobvious answer to maintaining a clean cryptocurrency landscape.\u201d<\/p>\n<p>Simple measures like <a href=\"https:\/\/www.techopedia.com\/definition\/know-your-customer-kyc\">know your customer<\/a> (KYC) can stop crypto crime at its source by detecting dangerous users at the earliest opportunity, said Elliptic.<\/p>\n<p>Other measures included wallet screening and transaction monitoring.<\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>Crypto\u2019s anonymity and privacy-preserving properties have become a double-edged sword for the industry. There are too many bad actors out there who are misusing cryptocurrencies and giving the entire industry a bad name.<\/p>\n<p>However, as the U.S. Attorney Matthew M. Graves for the District of Columbia said in relation to the Bitcoin Fog\u2019s case:<\/p>\n<blockquote><p>\u201cDarknet criminals should know by now that operations like Bitcoin Fog cannot provide the anonymity for cryptocurrency transactions that they claim they can.\u201d<\/p><\/blockquote>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><\/time><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">Is crypto being used for money laundering?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Yes, crypto is used to launder money. According to <a href=\"https:\/\/go.chainalysis.com\/crypto-crime-2024.html\" target=\"_blank\">Chainalysis<\/a>, over $22.2 billion worth of crypto was laundered in 2023.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How much money has been laundered through crypto?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">According to Chainalysis, over $22.2 billion worth of crypto was laundered in 2023.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How do you detect money laundering in crypto?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Money laundering in crypto can be detected by studying chain activity, transaction monitoring, and KYC.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How much cryptocurrency value is received by illicit addresses?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Illicit addresses sent $22.2 billion worth of crypto to services for money laundering in 2023, according to Chainalysis.<\/p>\r\n                <\/div><\/div><\/section>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering\" target=\"_blank\">Founders And CEO Of Cryptocurrency Mixing Service Arrested And Charged With Money Laundering And Unlicensed Money Transmitting Offenses<\/a>\u00a0(Justice)<\/li>\n<li><a href=\"https:\/\/www.justice.gov\/opa\/pr\/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency\" target=\"_blank\">Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency<\/a>\u00a0(Justice)<\/li>\n<li><a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/tornado-cash-founders-charged-money-laundering-and-sanctions-violations\" target=\"_blank\">Tornado Cash Founders Charged With Money Laundering And Sanctions Violations<\/a>\u00a0(Justice)<\/li>\n<li><a href=\"https:\/\/www.dlnews.com\/articles\/people-culture\/alexey-pertsev-accused-of-laundering-1bn-at-tornado-cash\/?utm_source=telegram&amp;utm_medium=organic_social&amp;utm_campaign=\" target=\"_blank\">Alexey Pertsev accused of laundering $1.2bn at Tornado Cash, says Dutch indictment \u2013 DL News<\/a>\u00a0(Dlnews)<\/li>\n<li><a href=\"https:\/\/www.coindesk.com\/policy\/2024\/03\/27\/dutch-prosecutors-seek-64-month-jail-sentence-for-tornado-cash-dev-alexey-pertsev\/#:~:text=10%20Years%20of%20Decentralizing%20the%20Future&amp;text=Prosecutors%20seek%20to%20sentence%20Tornado,open%2Dsource%20projects%20are%20treated.\" target=\"_blank\">Dutch Prosecutors Seek 64-Month Jail Sentence for Tornado Cash Dev Alexey Pertsev<\/a>\u00a0(Coindesk)<\/li>\n<li><a href=\"https:\/\/www.chainalysis.com\/blog\/axie-infinity-ronin-bridge-dprk-hack-seizure\/\" target=\"_blank\">Crypto Community Makes Profiting Hard for North Korean Hackers<\/a>\u00a0(Chainalysis)<\/li>\n<li><a href=\"https:\/\/www.justice.gov\/opa\/pr\/bitcoin-fog-operator-convicted-money-laundering-conspiracy\" target=\"_blank\">Bitcoin Fog Operator Convicted of Money Laundering Conspiracy<\/a>\u00a0(Justice)<\/li>\n<li><a href=\"https:\/\/go.chainalysis.com\/crypto-crime-2024.html\" target=\"_blank\">The Chainalysis 2024 Crypto Crime Report<\/a>\u00a0(Go.chainalysis)<\/li>\n<li><a href=\"https:\/\/www.netbk.co.jp\/contents\/company\/info\/2023\/0707_001750.html\" target=\"_blank\">\u304a\u77e5\u3089\u305b<\/a>\u00a0(Netbk.co)<\/li>\n<li><a href=\"https:\/\/www.elliptic.co\/anti-money-laundering-aml-in-cryptocurrency#:~:text=Know%20Your%20Customer%20(KYC)%20and,customer%20information%20to%20identify%20outliers.\" target=\"_blank\">Anti-money Laundering (AML) in Cryptocurrency<\/a>\u00a0(Elliptic)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency industry has gained notoriety over the years due to its use for criminal activity and money laundering. In late April 2024, U.S. government authorities charged a cryptocurrency mixer service called Samourai Wallet with money laundering offenses. It was alleged that Samourai Wallet was used to launder over $100 million in crypto by cyber [&hellip;]<\/p>\n","protected":false},"author":286557,"featured_media":229905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[602],"tags":[],"category_partsoff":[],"class_list":["post-229859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Biggest Crypto Money Laundering Schemes of All Time | 2025<\/title>\n<meta name=\"description\" content=\"Cryptocurrencies and money laundering have become synonymous. 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