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Hackers use cryptomixers in stolen crypto laundering

cryptomixers

TL;DR Breakdown

• According to researchers, the crypto mixer Absolutio is the most used among cybercriminals.
• Cryptomixers offer anonymous transactions from different sources, so they cannot be traced.

Cryptomixers have remained at the center of cyber-crimes that many hackers take advantage of. These mixers allow criminals to send the cryptos they stole anonymous so they can’t be tracked.

When a cyber-attack occurs where a ransom is requested with payments in cryptocurrencies, the law enforcement authorities trace the transaction to the IP address from which the wallet that received the token was opened. With this complex tracking mechanism, criminals have adopted new strategies to avoid getting caught, and that’s where crypto mixers come in.

Cybercriminals take advantage of crypto mixers

cryptomixers

Cryptomixers have allowed hackers to ask for the ransom of cryptocurrencies and mix it up to send money from various random transactions. With this mechanism, all the stolen money will be divided into several transactions with different cryptocurrencies, which will make it difficult to trace. After mixing the tokens, all funds will be sent to a new crypto wallet that the hackers registers.

These cryptomixers usually charge fees between 1 to 3 percent depending on the number of cryptocurrencies to be mixed. The mixing process is usually quick and is ensured by the web provider.

However, the function of the crypto mixer goes beyond what the authority understands. Considering these mixers cannot be traced. But mixers offer their users a basic register in which no personal data will be required.

Cryptomixers gain priority among cybercriminals

Today cryptomixers are a priority for cybercriminals because they offer them a system that cannot be traced. These mixers usually use crypto platforms such as Mix-BTC, Blender, Absolutio, and AudiA6, among their favorites. Besides Mix-BTC, each crypto platform works exclusively with the TOR network so that transactions can be anonymous.

Mixers typically use Bitcoin, Ethereum, Litecoin, Ether Classic, Dash, and Bitcoin Cash. But they also offer transactions in Stablecoins like Tether. According to research sources, cryptomixers do not have a fixed fee, but the client can choose how much money to pay for the service, although the more they pay, the more exclusive it will be.

Crypto mixing platforms like Absolutio offer a complex system in which the user can benefit from anonymous transactions. The mixer offers a service of data elimination after the transaction, and there are not to be traced by national authorities. However, for the mixer to be exploited, the user must give 30 percent of the money to mix, showing that Absolutio is the most expensive platform on the list.

So far, police could not stop these virtual thefts, although they motivate people not to fall for these scam networks and notify the authorities.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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