$144,000,000 Worth of Bitcoin Linked to Defunct Darknet Marketplace Gets Moving
It has been just revealed that $144m worth of dormant Bitcoin has started moving suddenly. Check out where the money went below. Dormant Bitcoin gets moving Blockchain data analysis has revealed that a significant amount...
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It has been just revealed that $144m worth of dormant Bitcoin has started moving suddenly. Check out where the money went below.
Dormant Bitcoin gets movingBlockchain data analysis has revealed that a significant amount of Bitcoin (BTC) worth hundreds of millions of dollars, which was previously associated with a now-defunct dark web marketplace, has been transferred to a cryptocurrency mixer.
According to the findings of blockchain investigator ZachXBT, an unidentified entity has moved around 4,800 BTC, which is equivalent to $144 million, from the Abaraxas darknet marketplace to a Bitcoin mixer.
“An entity moved ~4800 BTC ($144 million) originating from Abraxas darknet market which exit scammed in Nov 2015 after previously sitting dormant. They consolidated funds and also deposited [them] to a Bitcoin mixer. This graph shows an example of the movements from one of the addresses.”
The Financial Crimes Enforcement Network (FinCEN) proposed new regulations this week that would require financial institutions to keep an eye on crypto tumblers, citing the USA Patriot Act.
The proposed regulations would make financial institutions monitor, record and report transactions that go through crypto mixers or “convertible virtual currency” (CVC) mixers.
According to FinCEN, crypto tumblers are still being used to commit crimes such as money laundering overseas, and aim to conceal the identity of users conducting crypto transactions by running their assets through a pool of other tokens from random origins.
“FinCEN assesses that transactions involving CVC mixing within or involving a jurisdiction outside the United States are of primary money laundering concern, and, having undertaken the necessary consultations, also finds that imposing additional recordkeeping and reporting requirements would assist in mitigating the risks posed by such transactions.”
The notes continued and said the following:
“Such reporting will assist law enforcement with identifying the perpetrators behind illicit transactions and preventing, investigating, and prosecuting illegal activity, as well as rendering such transactions – through increased transparency – less attractive and useful to illicit actors.”
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