Greater than 60% of ETH deposits to Twister Money in 2024 originated from high-risk sources, together with accounts linked to main crypto hacks.
In response to a International Ledger report shared with crypto.information, over $552 million in stolen cryptocurrency was laundered through cryptocurrency mixing service Twister Money between Jan.1 and Nov. 27.
Twister Money acquired a complete of 457,768 ETH, valued at round $1.64 billion at present costs, throughout this era. The vast majority of these funds got here from high-risk sources, and over 56% of the entire quantity was linked to crypto hacks that occurred in 2023 and 2024.
It is a noticeable leap from 2023, when Twister Money dealt with 314,740 ETH in withdrawals.
The WazirX hack in July was the biggest contributor this yr, with the attacker funneling 61,698 ETH, price round $217.2 million, by means of the blending service.
Funds from the Heco Bridge hack got here second, with 52,281 ETH ($189.1 million) laundered. The hack initially transpired in 2023, however the attacker laundered the funds in March this yr.
Equally, hackers behind the Poloniex breach funneled 18,874 ETH ($68.4 million) by means of Twister Money. In the meantime, 12,930 ETH ($46.8 million) got here from the Orbit Chain exploit.
Lastly, the Penpie exploit added 11,261 ETH, price $40.8 million, to the mixer’s illicit transactions.
Twister Money was sanctioned by the U.S. Treasury in 2022 for its function in facilitating cash laundering. The regulator alleged that since 2019, the service processed over $7 billion in illicit funds, together with $455 million linked to North Korea’s Lazarus Group.
Just lately, a U.S. Court docket dominated that the Treasury overstepped its authority by sanctioning a few of Twister Money’s immutable sensible contracts.
The International Ledger report warned that this ruling creates a “harmful precedent” that would hinder world efforts to fight monetary crime within the crypto area, stating that “unhealthy actors could launder even bigger quantities of cryptocurrency” as regulators face challenges implementing compliance.
The choice may additionally shake investor confidence and immediate regulators to impose stricter guidelines, “which may imply legit companies face heightened scrutiny and tighter reporting necessities,” the report added.
