Over 5 years, the world’s largest cryptocurrency exchange Binance laundered $2.35 billion in illicit funds. The transactions involved hacking, investment fraud and illegal drug sales, Reuters found. The agency relied on court records, law enforcement statements and blockchain data.
Among the illegal payments that passed through Binance from 2017 to 2021 were lost millions to the firm Eterbase, according to the agency. In 2020, hacker group Lazarus hacked into a small Slovak cryptocurrency exchange and stole about $5.4 million worth of virtual currency.
Allegedly, the hackers opened at least 20 anonymous accounts on Binance hours later, allowing them to convert the stolen funds and hide the money trail. This fact follows from the accounts that Binance shared with police, Reuters pointed out.
The blockchain data also revealed that the crypto-exchange has been processing transactions of the world’s largest drug market, the darknet site Hydra, for the past 5 years. It is noted that buyers and sellers used the exchange to make and receive $780 million in cryptopayments.