New York Times: $280 Billion 'Dirty Money' Flowed Through Crypto Exchanges in Recent Years, With Binance as a Major Recipient

November 18th. The New York Times put out an article named "The $280 Billion 'Dirty Money' in the Cryptocurrency Industry." It was stated that during the past two years, at least $280 billion of funds directly associated with illegal activities have flowed into major cryptocurrency exchanges. This money originated from hackers, thieves, and ransomware extortionists and could be traced back to North Korean cybercriminals as well as fraudsters from Minnesota in the US and Myanmar. Among them, the world's largest exchange Binance is one of the main recipients of "dirty money." In May this year, it reached a $2 billion business deal with the Trump family's cryptocurrency company. At least 8 other well-known exchanges have also received these funds, including the rapidly growing OKX in the US. The New York Times declared that its key findings are as follows: Although Binance pleaded guilty in 2023, it still received more than $400 million in deposits from Cambodia's Huione Group, which the US Treasury has identified as a key node in criminal activities. This year, $900 million in funds from North Korean hackers flowed into Binance's deposit account. Within 5 months after OKX reached a $504 million settlement with the US government in February this year (due to violating the Bank Secrecy Act), it received more than $220 million in deposits from Huione. In 2024, global cryptocurrency exchanges received at least $4 billion in fraud-related funds, and the stolen funds finally flowed to major exchanges such as Binance, OKX, Bybit, and HTX. More than $500 million flowed from "crypto-to-cash" counters into Binance, OKX, and Bybit last year. These counters enable users to convert cryptocurrency into cash notes, and many of them operate in physical storefronts, providing convenient exit channels for criminals.