BlockBeats News, November 18th, The New York Times published an article titled “The $280 Billion ‘Dirty Money’ in the Cryptocurrency Industry,” stating that at least $280 billion of funds directly related to illegal activities have flowed into major cryptocurrency exchanges over the past two years. This money comes from hackers, thieves, and ransomware extortionists, traceable back to North Korean cybercriminals and fraudsters from Minnesota in the US to Myanmar. Among them, the world’s largest exchange Binance is one of the main recipients of “dirty money”—it struck a $2 billion business deal with the Trump family’s cryptocurrency company in May this year. At least 8 other well-known exchanges have also received these funds, including the rapidly expanding OKX in the US.
The New York Times stated that its key findings include:
Despite Binance’s guilty plea in 2023, it continued to receive over $400 million in deposits from Cambodia’s Huione Group, which the US Treasury has identified as a key node in criminal activity. This year, $900 million in funds from North Korean hackers flowed into Binance’s deposit account.
Within 5 months after OKX reached a $504 million settlement with the US government in February this year (for violating the Bank Secrecy Act), it received over $220 million in deposits from Huione.
In 2024, global cryptocurrency exchanges received at least $4 billion in fraud-related funds, with the stolen funds eventually flowing to major exchanges such as Binance, OKX, Bybit, and HTX.
Over $500 million flowed from “crypto-to-cash” counters into Binance, OKX, and Bybit last year. These counters allow users to convert cryptocurrency into cash notes, many of which operate in physical storefronts, providing convenient exit channels for criminals.
