ICIJ Probe Links Major Exchanges to $408M Laundering, Raising Market Risk Concerns

• ICIJ’s Coin Laundry investigation tracks illicit crypto flows across 35 countries.
• $408 million flowed from Huione to Binance accounts between July 2024 and July 2025.
• FBI estimates Americans lost $9.3 billion to crypto crimes in 2024, up 67% from 2023.

The International Consortium of Investigative Journalists (ICIJ) has released The Coin Laundry, a cross-border investigation exposing how cryptocurrency companies aided a shadow economy profiting from criminal activity. Led by ICIJ, the project involved 113 journalists from 38 media partners across 35 countries.

Over 10 months of reporting, journalists gathered hundreds of cryptocurrency wallet addresses connected to illegal operations. Reporters collected these addresses from scam victims, police reports, court records, sanctions lists, and complaints filed with Seychelles’ financial regulator. The team disentangle…

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