CryptoQuant’s CEO Ki Young Ju dismissed the idea that private CoinJoin transactions are mostly used by hackers to launder stolen funds.
Private Bitcoin transactions — using a process called CoinJoin — has tripled since 2022 as a result of huge Bitcoin accumulators accelerating their purchases of Bitcoin, according to CryptoQuant.
These Bitcoin whale addresses are primarily linked to spot Bitcoin (BTC) exchange-traded funds, MicroStrategy and custodial wallets, according to CryptoQuant’s Ki Young Ju, who explained that whales “frequently use privacy transactions” to transfer their funds to new institutional investors in a Dec. 26 X post.
CoinJoin transactions pool inputs and outputs from several parties in a way that obfuscates who might own an unspent transaction output.
