On-chain data reveals that hundreds of millions of dollars worth of Bitcoin (BTC<\/a>) linked to a discontinued dark web marketplace has abruptly been moved to a crypto mixer.<\/p>\n According to blockchain detective ZachXBT, an entity has moved<\/a> about 4800 BTC, worth $144 million, originating from the defunct Abaraxas darknet marketplace to a Bitcoin mixer.<\/p>\n \u201cAn entity moved ~4800 BTC ($144 million) originating from Abraxas darknet market which exit scammed in Nov 2015 after previously sitting dormant. They consolidated funds and also deposited [them] to a Bitcoin mixer. This graph shows an example of the movements from one of the addresses.\u201d <\/em><\/p>\n Earlier this week, Financial Crimes Enforcement Network (FinCEN) released<\/a> a new proposal for the US government to start keeping an eye on crypto tumblers.<\/p>\n Citing the USA Patriot Act, FinCEN proposes regulations that would have financial institutions monitor, keep records of, and report transactions that go through crypto or \u201cconvertible virtual currency\u201d (CVC) mixers.<\/p>\n According to FinCEN, crypto tumblers \u2013 which aim to conceal the identity of users conducting crypto transactions by running their assets through a pool of other tokens from random origins \u2013 are still being used to commit crimes, such as money laundering, overseas.<\/p>\n \u201cFinCEN assesses that transactions involving CVC mixing within or involving a jurisdiction outside the United States are of primary money laundering concern, and, having undertaken the necessary consultations, also finds that imposing additional recordkeeping and reporting requirements would assist in mitigating the risks posed by such transactions. <\/em><\/p>\n Such reporting will assist law enforcement with identifying the perpetrators behind illicit transactions and preventing, investigating, and prosecuting illegal activity, as well as rendering such transactions \u2013 through increased transparency \u2013 less attractive and useful to illicit actors.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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