Bitcoin has been called a money-laundering tool for years.
Until a network accused of laundering over $1 billion in crypto actually came to light.
ZachXBT had to pose as a customer, spending $349,700 USDC to gain the network’s trust. Using the data he obtained, he says he traced a cluster of over $12 million linked to funds from the Bybit hack; afterward, 442,000 USDT linked to that cluster was frozen.
And this is the part I find thought-provoking.
If Bitcoin really is an “invisible money-laundering machine”...
How can someone with a magnifying glass trace the money on the blockchain?
Bitcoin can be used to launder money.
This case shows that’s real.
But the blockchain does something else, too:
It leaves a trail.
So what do you think?
Is Bitcoin a tool that helps criminals hide their money—
or a ledger that makes it harder for them to disappear completely? 👀
Until a network accused of laundering over $1 billion in crypto actually came to light.
ZachXBT had to pose as a customer, spending $349,700 USDC to gain the network’s trust. Using the data he obtained, he says he traced a cluster of over $12 million linked to funds from the Bybit hack; afterward, 442,000 USDT linked to that cluster was frozen.
And this is the part I find thought-provoking.
If Bitcoin really is an “invisible money-laundering machine”...
How can someone with a magnifying glass trace the money on the blockchain?
Bitcoin can be used to launder money.
This case shows that’s real.
But the blockchain does something else, too:
It leaves a trail.
So what do you think?
Is Bitcoin a tool that helps criminals hide their money—
or a ledger that makes it harder for them to disappear completely? 👀
