Crypto Criminals Favor Twister Money Above Different Strategies For Cash Laundering

• CertiK Alert has recognized Twister Money as essentially the most most well-liked cash laundering technique for crypto criminals.
  
• Criminals deployed Twister Money in over 60 of all 224 incidents recorded in Q1 2024.
  
• Digital property thieves transacted about $69 million by way of Twister Money in Q1 2024.
  

CertiK Alert, the safety platform that screens blockchain protocols, has recognized Twister Money as essentially the most used technique by malicious actors for laundering stolen funds within the blockchain ecosystem. In accordance with the blockchain tracker, criminals deployed Twister Money in over 60 of all 224 incidents recorded in Q1 2024.

Regardless of being sanctioned by the Workplace of Overseas Belongings Management (OFAC), cash launderers most well-liked Twister Money over different strategies, together with crypto exchanges, BTC transfers, and Railgun.

In the meantime, CertiK Alert famous that funds had been despatched on to exchanges in 47 recorded incidents. The funds despatched to exchanges amounted to $220 million, a few of which has since been frozen. 

Though criminals used Twister Money for a lot of the fraudulent transactions recorded, CertiK Alert famous that the overall sum transacted by way of this technique in Q1 amounted to solely about $69 million. Therefore, it implies the person transactions carried out utilizing this technique had been comparatively smaller than these despatched on to exchanges.

Contemplating that the majority of the laundered funds handed by exchanges, CertiK Alert highlighted the necessity for real-time alerting at any time when there are suspicious incidents. The blockchain safety platform suggested firms and organizations to undertake specialised platforms that may assist them improve their compliance, danger administration, and anti-money laundering (AML) methods.

Twister Money is an open-source decentralized tumbler that runs on blockchain protocols compliant with the Ethereum Digital Machine (EVM). It’s used for mixing doubtlessly identifiable funds to obscure the path again to their sources.

Authorities within the U.S. sanctioned Twister Money following safety implications and the rampant use of the protocol by dangerous actors. Consequently, a number of decentralized finance (DeFi) purposes have banned the usage of Twister Money on their platforms. A few of them embrace Aave, Uniswap, dYdX, and Balancer.