Thread by @SamouraiWallet

Our latest research report by @ErgoBTC and @LaurentMT is now live on OXT Research.

We follow the trail of the 1,000 BTC stolen in the recent @kucoincom theft.

We track the coins as they are pushed through a complicated scheme of multiple mixers

research.oxt.me/china-and-nort…

We detail the immediate movements of the stolen BTC as they are split and chopped into several mixing services.

Using the free @oxt_btc Analysis Platform we are able to identify the mixing services used (some surprises here!)

We leverage wallet fingerprinting to paint a picture of both pre and postmix activity

We execute a volume and timing analysis for evaluating likely postmix UTXOs and their spend destination

We propose and test our hypotheses at every turn

We easily pierce through Wasabi as usual, but things aren't as they seem!

We discover a new mixer software, and we name names.

We take a close look at the custodial tumbler Blender and discover some interesting patterns

And are able to account for a little over 80% of the stolen funds after mixing.

We are able to likely identify and name the service responsible for the previously unknown "intermediary wallet"

And where the postmix coins were cashed out

Finally, we go over the entire scheme (and it is really is one of the most complex schemes we have researched before)

The entire 43 page report is available to download at research.oxt.me/china-and-nort…

This is our second premium report and is priced at $20.00 (in BTC)

In 15 days the report will unlock and be freely available to the public.

Please consider purchasing to help support what we do

The mission of OXT is to provide the average user the same tools and same research that is available to their adversaries such as Chain Surveillance companies. Unlike those snoops, we provide open source analysis and make our work publicly available for peer review.