The popularity of cryptomixers is growing rapidly - illegal addresses are pushing volumes to ATH
The analytical company Chainalysis emphasized that 10% of all funds coming from illegal addresses are sent to cryptomixers.
The ongoing crypto winter has slowed down network activity in popular blockchains, but the use of cryptocurrency mixers has doubled in 2022, with addresses classified as "illegal" making the main contribution.
Cryptocurrency mixers, also called "tumblers", provide anonymity of transactions, making the sender or recipient of the transaction completely unidentified. While this technology has a valid use case for ordinary users, hackers use it to hide from the authorities.
Data from the analytical company Chainalysis shows that the 30-day moving average of the total daily income received by cryptomixers reached a new historical high of $51.8 million in April 2022. This amount is twice the incoming volume received on the exchanges for the same time in 2021.
According to the firm, almost 10% of all funds coming from illegal addresses are sent exclusively to cryptomixers. In addition, data for the second quarter of 2022 show that funds sent to mixers at illegal addresses come from stolen funds and fraudulent stores.
Although transaction mixers themselves are not illegal in nature, this may change as regulators have begun to look for ways to introduce regulation in this area. In March, the United Kingdom's National Crime Agency (NCA) said it was seeking to regulate coin mixers in accordance with anti-money laundering laws.
In May, cryptomixer Blender.io He was sanctioned by the US Treasury Department because of his involvement in the infamous Axie Infinity (AXS) hack, which resulted in $620 million worth of digital assets being stolen. The department noted that under the conditions of sanctions, all mixer facilities in the United States will be blocked, and if new ones are found, they will need to be reported.
Meanwhile, Tornado Cash (TORN), the controversial cryptomixer at the center of some decentralized finance (DeFi) exploits, revealed the source code of its user interface earlier in July. According to the developers, this step is aimed at fulfilling the obligations of full decentralization and transparency.
https://coin-signal.com/cryptonews/the-popularity-of-cryptomixers-is-growing-rapidly-illegal-addresses-are-pushing-volumes-to-ath/
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