Data shared by CertiK showed that a third of the losses from 50 of the largest crypto exploits in 2023 ended up in the Bitcoin network.
While Bitcoin’s decentralization gives many the freedom to transfer assets without the risk of censorship, malicious actors are also taking advantage of the network’s inherent privacy to move their stolen funds.
Before the sanctions issued by the United States Treasury Department’s Office of Foreign Assets Control (OFAC) in 2022, Tornado Cash was the prominent choice for hackers to launder stolen crypto. According to the OFAC, more than $7 billion in crypto assets have been laundered using the mixer since 2019. However, new findings from blockchain security firm CertiK shows that there’s been a shift in 2023.
Data analyzed by CertiK shows that more than $300 million in the stolen proceeds from 50 of the largest exploits of 2023 ended up in Bitcoin, as hackers try to find other places to move their ill-gotten gains after the increased regulatory scrutiny toward Tornado Cash.
Read more