What is The Coin Laundry investigation?
The Coin Laundry exposes how cryptocurrency companies have empowered a shadow economy that lavishly profits from crime. Led by the International Consortium of Investigative Journalists, the groundbreaking cross-border investigation reveals how many of these companies make money off the proceeds of scams, theft and other crimes — while those harmed are left with little hope of justice.
Over 10 months of reporting, ICIJ and 37 media partners in 35 countries gathered hundreds of cryptocurrency wallet addresses, which are analogous to bank account numbers, linked to known illicit activity. Journalists collected them from scam victims, sanctions lists, police reports, court records, complaints filed with Seychelles’ financial regulator and from test transactions with crypto services, among other sources. Reporters then disentangled tens of thousands of transactions recorded across public blockchains to expose the global financial flows behind money laundering networks, cyber heists and other criminal enterprises.
What is a blockchain?
A blockchain is a digital ledger that stores information across a computer network. Cryptocurrency transaction data is stored in files known as “blocks,” which are saved chronologically to create a digital “chain.”
Each block has a unique identifier, or hash, generated by a cryptographic algorithm that also includes data from the previous blocks in the chain. Blockchains are distributed, which means copies are saved across multiple computers and must match across the network to be valid, rather than relying on a centralized third party, like a bank.
What is the difference between a centralized and decentralized exchange?
Centralized exchanges (CEX) and decentralized exchanges (DEX) are services that enable users to buy, sell and trade cryptocurrency.
In a centralized exchange, users generally create accounts to deposit funds and start trading, sending and receiving cryptocurrency. They can also cash in crypto assets for government-issued, or fiat, currency. Many jurisdictions around the world require centralized exchanges to follow anti-money laundering laws; they must collect user information, monitor suspicious transactions and report them to regulators.
In a decentralized exchange, users trade cryptocurrency using smart contracts, which are self-executing pieces of code stored on a blockchain. Decentralized exchanges don’t collect user information and generally don’t take custody of their users’ digital assets.
Are cryptocurrency transactions anonymous or pseudonymous?
Cryptocurrencies, such as Bitcoin, are often referred to as “pseudonymous” because transactions are linked to wallet addresses and can be traceable. In its Coin Laundry stories, ICIJ frequently uses the term “anonymous” to describe cryptocurrency wallet addresses that are shrouded in secrecy. They are effectively anonymous when investigators are unable to learn the identities behind them.
How is the crypto industry regulated?
In the past decade, as the value of the crypto industry has soared past $3 trillion, governments around the world have struggled to keep up. Across jurisdictions, authorities have been tasked with protecting consumers and safeguarding financial systems, often while still supporting innovation.
This has resulted in a global patchwork of policies that range from total bans to full legal embraces. Cryptocurrency is mostly legal in 45 nations, partially banned in 20 and generally banned in 10, according to the Atlantic Council, a Washington-based, nonpartisan think tank, which analyzed crypto regulation in 75 countries.
What are the key findings of The Coin Laundry investigation?
A trailblazing analysis by ICIJ revealed that as recently as July 2025, Huione Group, a Cambodian financial institution flagged by U.S. authorities as a “primary money laundering concern,” sent about a million dollars worth of cryptocurrency a day to accounts at Binance. In total, ICIJ traced hundreds of millions of dollars from Huione flowing into customer accounts at Binance and OKX, even as the two exchanges were under heightened scrutiny from U.S. authorities.
The Coin Laundry also exposes a shadowy constellation of so-called cash desks and courier services that allow people to anonymously cash out huge sums of cryptocurrency outside the view of financial regulators. To uncover the use of crypto to supersize scams, reporters examined a pyramid and Ponzi scheme that stiffed millions of victims worldwide, according to U.S. prosecutors. Its alleged mastermind, Lado Okhotnikov, has repeatedly rebooted the scheme. Now, he has eyes on Hollywood.
Read more about The Coin Laundry here.
How did Binance and OKX respond to the Huione findings?
In response to questions about the Huione Group transactions, Binance said it works closely with global law enforcement and is an industry leader in identifying and reacting to suspicious deposits. “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,” the firm said in a statement.
OKX told ICIJ that it invests heavily in compliance and that it “took proactive steps to restrict relevant accounts” even before the group was labeled a money laundering concern. OKX said that it has been working with the U.S. government on the matter, sometimes initiating engagement.
Is The Coin Laundry based on leaked documents?
For the most part, no. ICIJ based some of its early findings on wallet addresses identified in leaked documents from Cyprus Confidential, an ICIJ-led investigation published in November 2023. ICIJ and media partners also traced tens of thousands of transactions using wallet addresses obtained from scam victims, sanctions lists, in-person visits to brick-and-mortar crypto operations, financial filings, and complaints filed by clients of crypto exchanges with Seychelles’ Financial Services Authority (FSA).
How did ICIJ trace cryptocurrency transactions?
ICIJ mainly relied on the blockchain data sources Arkham Intelligence and Tronscan. ICIJ reviewed the transactions of addresses tied to illicit activity. To do the bigger analysis of Huione Group activity, ICIJ retrieved data from the blockchain explorers’ API services to identify the Binance and OKX customer accounts Huione sent funds to. We coded our internal Python scripts to pull this data, then used tools to analyze, filter and clean it. ICIJ relied extensively on expert guidance when developing our methodology and reviewing our findings.
Which experts weighed in on The Coin Laundry’s findings?
ICIJ and its partners relied on more than two dozen experts to either trace cryptocurrency transactions or to verify our analyses. While many asked to remain unnamed, some of the experts and organizations that assisted the investigation include: ChainArgos, Crystal Intelligence, zeroShadow, Arkham Intelligence, Complexity Science Hub, Inca Digital; Guillermo Fernandes, cryptocurrency and dark web researcher; Ken Gamble, executive director and chairman of IFW Global; John Griffin, the James A. Elkins centennial chair in finance, McCombs School of Business, University of Texas-Austin; Paul Sibinek, CEO of Cryptoforensic Investigators; blockchain researcher Yury Serov; Marc Bouzy, partner at Broker Defense; Aurélien Vuilleumier, senior associate at Heptagone Digital Risk Management & Security.
ICIJ also received help connecting with victims of cryptocurrency scams from the Lionsgate Network, AARP and the Better Business Bureau. Early in the reporting process, Crystal Intelligence provided ICIJ with several pro bono training sessions in cryptocurrency investigations. ChainArgos also provided blockchain training.
Who are ICIJ’s partners on The Coin Laundry investigation?
The investigation was led by ICIJ, a Washington, D.C.-based nonprofit global network of reporters, in collaboration with 37 media partners including The Indian Express, CBC/Radio Canada, Le Monde, The Toronto Star, La Presse, Malaysiakini, Australian Financial Review, NDR and L’Espresso. A total of 113 journalists from 35 countries took part in the collaboration.
How can I join an ICIJ investigation?
ICIJ welcomes new offers to collaborate with journalists and prioritizes those with a proven record of high-quality investigations. Journalists seeking to partner with ICIJ should email contact@icij.org. ICIJ only partners with journalists.
How do I get in touch with ICIJ if I want to share a tip or documents?
Do you have a tip, documents revealing the ownership of crypto wallets, or are you a blockchain expert willing to help ICIJ trace cryptocurrency? Please get in touch with ICIJ reporter Spencer Woodman by email at swoodman@icij.org, on Signal at spencerwoodman.07 or on Telegram at @Spencer_Woodman.
ICIJ encourages whistleblowers and other sources to submit all forms of content that might be of public concern — documents, photos, crypto addresses, video clips as well as story tips — and to do so securely. We accept all information that relates to potential wrongdoing by corporate, government or public service entities in any country, anywhere in the world. We do our utmost to guarantee the confidentiality of our sources.
Find out how to contact us securely here.
Who funds ICIJ?
ICIJ relies entirely on donations to fund our work. Please consider donating to ICIJ.
You can find a list of our recent supporters here.
