Hackers embrace cryptocurrency laundering to evade the law

As law enforcement agencies have increased their ability to track bitcoin transactions, cybercriminals are turning to “mixers” and other methods of cryptocurrency laundering to hide their illicit proceeds.

One illicit operation dependent on cryptocurrency is ransomware attacks, where threat actors often demand payments in bitcoin, the most popular form of cryptocurrency. And while at one time, bitcoin transactions were thought to be anonymous, law enforcement agencies over the years have become increasingly proficient at tracing ransomware payments and identifying perpetrators. That has led to the indictments of alleged operators of some of the most notorious cybercrime campaigns in recent memory, including SamSam ransomware and the GameOver Zeus botnet.

With bitcoin achieving mainstream acceptance over the last decade, threat actors used popular cryptocurrency exchanges to hide their profits. But cybercriminals have adapted in recent years by embracing new cryptocurrency…