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MCS | What is a Bitcoin Tumbler?

21 days ago

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"According to a report on 28th from Elliptic, a Cryptocurrency analysis company, the BTC leaked in a massive hacking incident in Kucoin in last September was detected being transferred. "The stolen funds started moving this Monday morning," said Tom Robinson, co-founder and chief scientist of Elliptic. "Kucoin hackers are laundering the money. Of the 1,008 BTC stolen, 425 BTC is believed to have already been sent to the chipMixer's BTC mixer", he explained. By hiding the traces of the transactions on blockchain, the mixer makes it difficult to track down the funds, the funds' usage, and whether they are cashed." _From coiness.com

A key concept of Blockchain  technology is its reliability based on transparency of transaction details. Bitcoin has being said it will provide financial autonomy and privacy to countless people by adding transparency and anonymity. This means that except for the the wallet address the privacy is perfectly guaranteed, and that the transaction histories are recorded transparently on the block, ensuring confidence in the result.

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However, the first market in which bitcoin transactions were activated was when bitcoin was used as a payment method on a website called Silkroad, which sells illegal items and information such as drugs, hacking codes, and personal information. It was used as a means of illegal profit-taking based on anonymity. There are many transactions that require anonymity in current markets where Bitcoin and many other cryptocurrency are activated as various means of payment, investment, and exchange. For this reason, even if the centralized exchange system and various tracking programs have made it no longer easy to make anonymous or free transactions, related services are still growing in the gray area of the law.

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The most representative form of service that hides transparent crypto flows and helps anonymity is called the "Cryptocurrency Mix & Tumbler" service. It refers to a service that sends assets to the recipient by mixing and shaking them in a cup, hiding the source and owner of bitcoin and confusing the transfer process.

For example, when an item is purchased, donated, or transmitted for personal purposes using BTC, the BTC transaction is not technically anonymous. The transaction will leave your ID information somewhere, whether on the exchange or the seller. If someone decides to track it down, there are many clues left to track you who sent the BTC.

There are many services to get rid of this, but the basic way of working is to divide the coin you sent to the tumbler into many individual pieces, then transfer the pieces mixed with separate pieces of other customers, and then make the source unknown.

Naturally, customers who want to use these services are those who need to erase the traces of their asset transfers. Companies that provide such services claim to protect personal privacy for good intentions, but it is likely to come within the scope of legal restriction soon as the service goes against the keynote of the national regulations and the Anti-money Laundering Global Task Force.

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Published 21 days ago