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Cybercriminals are after crypto mixers

Crypto mixers can be used to anonymize crypto transactions.

By Mike Hesp
• 2 min read
Cybercriminals are after crypto mixers

Mixers can be used to anonymize crypto transactions. Cybercriminals are especially drawn to this.

The share of cybercriminals in crypto mixers has reached a record high, according to blockchain forensic firm Chainalysis. According to the report, so far this year 23% of the funds sent to mixers originated from illegal addresses. In 2021, that was 12 percent.

Overall, mixer use has risen significantly quarter over quarter since 2020. The evaluation shows that mixers currently pose a substantial money-laundering risk. Because mixers rarely or never ask for KYC information, they are inherently attractive to cybercriminals.

Mixers are used to obscure transaction paths by pooling and mixing money from multiple users. This can be useful for both tax evaders and money launderers.

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