Binance, the world’s largest cryptocurrency exchange, has laundered $ 2.35 billion in unlawful cash during the last five years.
According to Reuters, the transactions were tied to hacking, financial fraud, and drug trafficking. Court records, law enforcement statements, and blockchain data were all used by the agency.
According to the agency, millions of dollars in Eterbase funds were lost as a result of unlawful payments made through Binance between 2017 and 2021. In the year 2020, the hacking collective Lazarus broke into a tiny Slovak crypto exchange and stole $5.4 million in digital money.
The hackers are reported to have launched at least 20 anonymous Binance accounts hours later, allowing them to convert the stolen funds and conceal the trail of money. According to Reuters, this data stems from the accounts Binance provided with the police.
According to blockchain data, the crypto exchange has been processing transactions for the world’s largest drug market, the Hydra darknet site, for the past 5 years. The exchange was utilized by vendors and buyers to send and receive $780 million in cryptocurrency payments.