PlusToken Analysis Traced 39,814.17 Bitcoin (BTC) Through Mixers to Exchanges

An Aug. 16, 2019, graph analysis mapped 39,814.17 Bitcoin (BTC) tied to PlusToken through mixers to Huobi, Bittrex, Kraken and other exchange services, a total then valued at about $416.29 million.

The review used graph analysis to follow transactions across multiple hops, starting from an address identified as a mixer transfer address. At two hops, it estimated that 500 BTC, then worth about $5.24 million, had moved to Bittrex.

The tracing also mapped thousands of smaller transfers to user wallets and flows through other mixing services. CryptoQuant classified Bittrex-linked wallets as suspected laundering destinations in its four- and five-hop analysis and identified none at other exchanges.