ICIJ's latest investigation The #CoinLaundry is a collaboration of 113 journalists from 38 media partners in 35 countries that exposes how cryptocurrency companies have empowered a shadow economy that lavishly profits from crime.
Here are our findings:
Over 10 months, reporters gathered hundreds of cryptocurrency wallet addresses linked to known illicit activity and disentangled tens of thousands of transactions recorded across public blockchains — the digital ledgers of crypto trades. icij.org/investigations
Journalists interviewed dozens of scam victims across 12 countries and followed their crypto transfers to some of the world’s largest exchanges. ICIJ and its partners worked with more than two dozen blockchain analysts to review and verify the findings. icij.org/investigations
The #CoinLaundry found that money launderers for drug traffickers, Southeast Asian scam center operators and North Korean hackers used brand-name exchanges to move funds.
ICIJ traced hundreds of millions of dollars from the Cambodian financial institution Huione Group flowing into customer accounts at Binance and OKX, even as the two exchanges were under heightened scrutiny from authorities.
Learn more: icij.org/investigations
In theory, it’s the job of regulators to make sure crypto firms are meeting their legal obligations to combat money laundering. But in practice, a patchwork of laws and fragmented enforcement efforts often means less government oversight for the industry. icij.org/investigations
Additionally, The #CoinLaundry looked into a shadowy constellation of so-called “cash desks” and courier services that allow people to anonymously cash out huge sums of cryptocurrency outside the view of financial regulators. icij.org/investigations
To uncover the use of crypto to supersize scams, reporters examined a pyramid and Ponzi scheme that stiffed millions of victims worldwide, according to prosecutors. Its alleged mastermind has repeatedly rebooted the scheme. Now, his eyes are on Hollywood. icij.org/investigations
What’s a blockchain? Is The #CoinLaundry based on leaked documents? Are crypto transactions anonymous? These questions and more, answered.
Stay tuned for more reporting on The #CoinLaundry! icij.org/investigations
Kyrrex customers, who were onboarded without proper checks, were later accused of fraud and other crimes. The exchange did so while providing some of its trading services through accounts hosted — in industry terms, “nested” — on another exchange, HTX. icij.org/investigations
If you want to learn more about how The #CoinLaundry's trailblazing blockchain analysis uncovered illicit transactions to crypto giants Binance and OKX, check out our data team’s process here: icij.org/investigations
Thanks to our partners for collaborating on The #CoinLaundry!
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Do you have a tip, documents revealing the ownership of crypto wallets, or are you a blockchain expert willing to help ICIJ trace cryptocurrency? Please get in touch with ICIJ reporter @Spencer Woodman at swoodman@icij.org, or on Signal at spencerwoodman.07.
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