A report from Reuters claims that Binance may have allowed the laundering of more than $2.35 billion over a period of five years. The report highlighted instances when North Korean hackers, Russian drug dealers, and European organized crime groups allegedly processed money through the exchange.
State Hackers, Drug Dealers, and Organized Crime
Binance, one of the largest cryptocurrency exchanges in the world, may have let billions of dollars worth of hacked funds transact through its platform, a new investigative report from Reuters has found.
According to the report, Binance allegedly processed more than $2.35 billion of stolen funds between 2017 and 2021. The funds (the total of which was calculated from court records, law enforcement statements, and with the help of blockchain analysis firms) are said to have originated from on-chain hacks, investment frauds, and illegal drug sales. Blockchain research firm Chainalysis has stated that Binance processed $770 million of criminal...
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