Why Are Crypto Thefts Hiding Through Bitcoin Mixing Services?

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Crypto thefts still seem to dominate the Bitcoin mixing service, where their contribution rate is increasing rapidly in the service.

Along with developments in the crypto industry, the perpetrators of theft of digital assets are also increasingly widespread, moreover there are still several security gaps on several platforms that do not appear to be a priority for developer priority.

Hacking is one of the biggest crypto thefts in the industry, usually attacking decentralized financial (DeFi) platforms.

It has proven to have lost hundreds of billions of dollars in assets, some of which are recoverable, but is still a concern for investors.

Crypto Thieves Still Love Mixing Services

According to the Use the Bitcoin report, blockchain analytics company Chainalysis has seen an all-time high usage of the mixing service as people try to protect their privacy.

For your information, mixing is a service that makes it difficult for blockchain analysts to trace the source of funds from multiple addresses. This will break the path between the source of funds and the withdrawal of funds, so that transparency will be lost from the transaction data made through this service.

Due to the nature of this service, crypto theft actors often use it so that their stolen funds are untraceable and can be cashed out safely.

Chainalysis also reports that nearly 10 percent of funds sent to mixing services come from illicit addresses, or addresses of crypto criminals. This is what Chainalysis is trying to fight and change.

“Mixers [mixing services] will soon become obsolete as Chainalysis continues to improve the ability to separate specific mix transactions and view the user's original source of funds. But for now, our data shows that mixers accept more cryptocurrencies than ever before in 2022," the company said.

The company's report also reveals that funds sent to mixing services are still dominated by centralized crypto exchanges (CEXs) and DeFi platforms.

Also, almost no transactions from high-risk jurisdictions. That means, mixing services have little chance of being used for money laundering.

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