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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Use of Bitcoin “Mixers” By Darknet Entities Rocketed by 900% Last Year

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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A recently released report is shedding light on the evolution of Bitcoin’s presence and utility on the dark web.

The report reveals that those using Bitcoin to conduct transactions on the internet’s underbelly are shifting their behaviors as crypto tracing software grows more advanced and as exchanges start widely requiring users to complete KYC proceedings to access fiat on/off ramps.

This comes as a few particular exchanges see a massive surge in inflows from wallet addresses associated with nefarious transactions.

Use of Crypto Mixers Rockets by 900% Between 2019 and 2020

Users who are looking to launder their Bitcoin – whether it be simply for privacy’s sake or because they don’t want certain transactions being traced – can do so by using mixing services on the dark web.

These services pool assets from a variety of different sources and then redistribute them, making it incredibly difficult to trace the exact origin of the mixed crypto.

Mixing pools mainly exist on the dark web and are frequently used by both buyers and sellers of illegal goods and services.

A recently released report from Bitfury shows that the use of mixers is on the rise.

According to their data, in Q1 of 2019, a total of 790 BTC were sent to mixing services. This number spiked by 900% in Q1 of 2020, with a total of 7,946 BTC being sent to these services.

In dollar terms, this represents a roughly $66m increase.

They note that this is likely due to the widespread trend of crypto exchanges now requiring verification proceedings for users to withdraw funds.

Individuals and entities transacting on the dark web are likely using mixers as a buffer between their potentially nefarious activities and their spot sales on regulated exchanges.

“From this analysis, it seems that exchanges with verification requirements are becoming less popular as a way to withdraw bitcoin from darknet entities, while mixers are becoming more popular for withdrawing from darknet entities,” Bitfury notes.

These Exchanges are Favored by Those Moving Illicit Funds

NewsBTC reported yesterday that on-chain data suggests Huobi, Binance, and OKEx are the three platforms that are favored by those looking to offload crypto associated with illicit transactions.

One source cited within the report explained that these three exchanges received 60% of the Bitcoin transferred from “high-risk addresses.”

Bitcoin
Image Courtesy of Unfolded. Data Source: PeckShield

As exchanges implement stricter regulatory requirements, there’s a strong likelihood that dark web users will begin looking towards peer-to-peer services to facilitate the sale and acquisition of Bitcoin.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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