Contemplating the magnitude of funds altering fingers within the cryptocurrency market daily, cybercrime and cash laundering are plentiful, with some of the notorious such incidents involving the crypto mixing service Twister Money (TORN).
Because it occurs, Twister Money has discovered itself within the midst of a scandal implicating it within the assaults on Ethereum (ETH) blockchain bridges, together with Concord’s Horizon bridge, by the North Korea-sponsored Lazarus Group.
To make issues worse for the mixer, new information has come to mild that reveals that Twister Money has to date acquired 74.7% of the full funds laundered on the Ethereum community, or as much as 300,160 ETH, in response to the 2022 Mid-Year Blockchain Security and AML Analysis Report by blockchain safety agency SlowMist.
As for the remainder of the funds, about 24% of them (95,570 ETH) are nonetheless in hackers’ wallets, whereas 1.5% (6,250 ETH) have been despatched to a buying and selling platform.
Supply of the preliminary funding for the assaults
As well as, the analysis has additionally found that Twister Money accounts for the most important chunk of the preliminary funding for cash laundering incidents on the Ethereum and Bitcoin (BTC) networks.
As per the SlowMist report, the suspicious withdrawals linked to those safety incidents additionally occurred from crypto exchanges, sure buying and selling platforms, and even people’ private crypto wallets.
Twister Money and its use in cash laundering
Notably, Twister Money appears to have been used to launder over $7 billion value of digital belongings since its creation in 2019, together with the belongings stolen by the Lazarus Group, forcing the US Treasury Division to position sanctions on the blending service in early August.
That mentioned, the scenario that has led to this consequence might get additional out of hand as blockchain consultants, together with a former FBI intelligence analyst, have predicted that the North Korean crypto hacking downside would worsen.
It’s also value mentioning that Twister Money was earlier used to maneuver $80 million in digital belongings stolen from the Ethereum-based stablecoin protocol Beanstalk Farms in a mid-April flash loan attack, as Finbold reported.