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Thursday

13 May 2021

Alleged $366M Bitcoin mixer busted after analysis of 10 years of blockchain data

Alleged $366M Bitcoin mixer busted after analysis of 10 years of blockchain data


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Authorities estimate at least 23% of the Bitcoin that flowed through the mixing service was transferred to darknet-based narcotics marketplaces such as Silk Road.

Sterlingov’s arrest was the product of authorities fastidiously unpicking the web of BTC transactions associated with the mixer service dating back to 2011, using the Bitcoin blockchain to identify the site’s operator.

Law enforcement was able to identify that Sterlingov had paid for Bitcoin Fog’s server hosting expenses using the now-defunct digital currency Liberty Reserve, allowing them to trace when he bought the Liberty Reserve using Bitcoin transferred from the collapsed pioneer crypto exchange, Mt Gox.

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cointelegraph.com
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