Using this method, cryptocurrency flows are often heavily moved, quickly moving from one wallet to another, while only a small fraction of BTC is “peeled” to their actual destination.
Back in 2016, coins laundered through peel chains were difficult to track manually, but now many automated tracing systems have been developed. Here are some features promoted by Binance:
- Safe and stable: Use a powerful multi-tier knowledge system
- Support multi-device: Supports web browsers, Android, IOS, HTML5, WeChat and other platforms.
- High performance: Can handle 1.4 million orders per second.
when the Bitcoin price began to explode in early 2021, the temptation seemed to have become too great for the hacker, leading them to move 12.241 BTC in April – worth $4 million at the time.
Not many options left
The evolution of Bitcoin and major altcoins shows us some of the elements of a successful coin
Money laundering first started in 2017 on Alphabay, the largest darknet marketplace at the time.
After the market was shut down by law enforcement later that year, operations shifted to Hydra – the largest illegal marketplace today.