Dirty money flows
Reuters examined court records, statements by law enforcement and blockchain data, compiled for Reuters by two blockchain analysis firms, and found that Binance has processed transactions totalling at least $2.35 billion stemming from hacks, investment frauds and illegal drug sales. Two industry experts reviewed the calculation and agreed with the estimate. Below is a breakdown of how Reuters arrived at this figure:
Darknet Markets
Hydra Market
$781 mln
Russia
2017-April 2022
Other darknet
markets
$58 mln
2017-Feb 2022
Various
Scams
$838 mln
Various
2019-2021
Finiko ponzi scheme
Cyber Storm
fraud case
$100 mln
2021
Pakistan
StableMagnet fraud
$22.3 mln
Hong Kong,
various
2021
Thodex scam
$17 mln
Turkey
2021
European investment
fraud schemes
At least
$10 mln
2020-2022
Various
Fetch.ai fraud
$2.6 mln
Britain
2021
Other scams
$110 mln
2017-2022
Various
Hacks
Electrum
$13 mln
2020
Various
Zaif exchange
$10 mln
Japan
2018
Eterbase
$3 mln
Slovakia
2020
Other hacking cases
$1 mln
2018-2021
Various
Other
WazirX foreign
exchange violations
case
$382 mln
India
2020
Sources: Crystal Blockchain, Merkle Science, Coinoxs, Greater Manchester Police, European Funds Recovery Initiative, Pakistan Federal Investigation Agency, U.S., German, British court records, Slovakian National Police, India Directorate of Enforcement, Reuters reporting
Dirty money flows
Reuters examined court records, statements by law enforcement and blockchain data, compiled for Reuters by two blockchain analysis firms, and found that Binance has processed transactions totalling at least $2.35 billion stemming from hacks, investment frauds and illegal drug sales. Two industry experts reviewed the calculation and agreed with the estimate. Below is a breakdown of how Reuters arrived at this figure:
Darknet Markets
Hydra Market
$781 million
Russia
2017-April 2022
Other darknet markets
$58 million
Various
2017-Feb 2022
Scams
Finiko ponzi scheme
$838 million
Various
2019-2021
Cyber Storm fraud case
$100 million
Pakistan
2021
StableMagnet fraud
$22.3 million
Hong Kong, various
2021
Thodex scam
$17 million
2021
Turkey
European investment fraud schemes
At least $10 million
Various
2020-2022
Fetch.ai fraud
$2.6 million
Britain
2021
Other scams
$110 million
2017-2022
Various
Hacks
Electrum
$13 million
2020
Various
Zaif exchange
$10 million
2018
Japan
Eterbase
$3 million
Slovakia
2020
Other hacking cases
$1 million
2018-2021
Various
Other
WazirX foreign exchange
violations case
$382 million
India
2020
Sources: Crystal Blockchain, Merkle Science, Coinoxs, Greater Manchester Police, European Funds Recovery Initiative, Pakistan Federal Investigation Agency, U.S., German, British court records, Slovakian National Police, India Directorate of Enforcement, Reuters reporting