This is in connection with the recent Bybit hack, where they reportedly lost $1.5 billion. Shortly after, an article came out titled...
Bybit Funds on the Move, Could be Headed for Bitcoin Mixers ‘Next’: Elliptic
As you can see, they used the word "could," which means there’s no confirmed result yet on where the money will actually go. It’s like they’re implying that in any illegal activity, including this hack, the hackers will automatically launder the funds through a mixer to cash out, making it harder to track.
No wonder mixers have developed a bad reputation. Even though they’re meant for privacy, illegal transactions like these overshadow their legitimate uses.
Thoughts.....
Mixers have definitely garnered a bad reputation due to all these illegal activities. No wonder why enforcement agencies want to crack them down and close their operations. Mixers are genuine risks in the crypto market where it becomes extremely difficult to track down the illegal transactions.
While cryptocurrency is gaining worldwide attention, things like mixers are the bummer in its reputation. It's a very unfortunate event for Bybit and its users. Hopefully they will be able to survive this attack after this huge loss.