The report from the blockchain analysis firm also mentions that the majority of the assets were sent to exchange platforms, with Binance (27.5%) and Huobi (24.7%) being the top 2 respectively.
“While exchanges have always been a popular off-ramp for illicit cryptocurrency, they’ve taken in a steadily growing share since the beginning of 2019. Over the course of the entire year, we traced $2.8 billion in Bitcoin that moved from criminal entities to exchanges.”
Chainalysis also adds an explanation for how this could be possible. The report suggests that most of the big receiving accounts are probably over-the-counter (OTC) brokers. For these platforms, the hoops that need to be jumped are a lot lower, making illicit activity a bit easier through them.
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