According to a research report by CertiK, over $300 million has been illegally transferred through the Bitcoin network after the popular crypto mixing protocol, Tornado Cash, shut down. The report revealed that 50 of the largest blockchain exploits this year have used Bitcoin as a means to avoid regulatory scrutiny. Previously, malicious actors turned to platforms like Tornado Cash to hide their gains, but with its closure, they have now turned to Bitcoin mixers to evade regulatory sanctions. Bitcoin mixers are different from regular crypto mixing platforms as they allow users to deposit Bitcoin, which is then distributed into smaller units across multiple crypto wallets, making it difficult to track and recover stolen assets. This trend of using Bitcoin mixers to launder illicit funds has raised concerns among global leaders, leading to initiatives to combat crypto hacks.
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