- The International Consortium of Investigative Journalists (ICIJ) exposed connections between major crypto exchanges and criminal organizations.
- Binance processed $408 million in Tether (USDT) transfers for the Huione Group from July 2024 to July 2025.
- OKX received $226 million in USDT from Huione after it pleaded guilty as an illegal money transmitter.
- Funds linked to scams were moved through HTX, Bybit, and Kraken accounts, including a Russian crime network using Kraken.
- Over $900 million in funds from a $1.5 billion hack on Bybit was sent to Binance deposit addresses through THORChain.
The International Consortium of Investigative Journalists (ICIJ) has published findings linking cryptocurrency accounts on major exchanges like Binance, OKX, HTX, Bybit, and Kraken to global criminal networks. Their report covers transactions from mid-2024 through mid-2025 involving organized crime groups.
The ICIJ’s Coin Laundry report reveals that Binance processed $408 million in tether (USDT), a common stablecoin pegged to the U.S. dollar, for the Cambodia-based Huione Group. This continued during the period when Binance‘s former CEO, Changpeng Zhao, entered a guilty plea and resigned in October 2025. Zhao stated he would reinvest any fines refunded to him “in America.”
The report also shows that OKX customer accounts received $226 million in USDT from Huione after the group admitted to illegal money transmission activities. Furthermore, over $161 million arrived after the U.S. Treasury classified Huione as a “primary money launderer” in May 2025. Huione operates a Telegram-based marketplace aiding scams and human trafficking, funneling about $1 million in USDT to Binance customers daily despite U.S. sanctions.
Additional evidence points to scam proceeds moving through accounts on HTX, Bybit, and Kraken. A prominent member of a Russian-speaking crime syndicate reportedly managed large crypto transfers via Kraken. The investigation also identified five Binance deposit addresses receiving over $900 million from THORChain, a platform that swaps cryptocurrencies. This flow coincided with North Korean Hackers moving funds from a $1.5 billion hack on Bybit. Although no direct link to North Korean money laundering was found, experts suggested Binance should have flagged the transactions.
The broader Coin Laundry report, created with blockchain analysts and over 100 journalists from 37 international media partners, explores how criminal actors use crypto exchanges and the regulatory environment. It raises concerns about exchanges’ efforts to detect and halt illicit transactions and highlights the challenges victims face, gaps in compliance measures, and the tools traffickers and cartels gain through crypto.
In response to questions about Huione transactions, Binance said it collaborates with law enforcement but cannot prevent deposits. It added: “Users who transact with this service are subject to investigation by our compliance department, and appropriate action will be taken if any potential illicit activities are identified.”
For more details, see the full ICIJ Coin Laundry report.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
