16 Jan Chainalysis traced $2.8 billion in bitcoin being sent to crypto exchanges by criminals l…
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Blockchain analytics firm Chainalysis said Wednesday that it traced $2.8 billion in Bitcoin being sent by criminals to crypto exchanges in 2019, with the bulk of those transactions going to Binance and Huobi.
“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 noted, with 27.5% of that amount going to Binance and 24.7% going to Huobi.
On the two exchanges, a small group of accounts that received more than $100 billion worth of BTC in 2019 took in most of the illicit funds, Chainalysis found. 75% of the total amount received on Huobi and Binance went to 810 of the highest-receiving accounts.
“Overall, just over 300,000 individual accounts at Binance and Huobi received Bitcoin from criminal sources in 2019,” Chainalysis noted.