The crypto industry has become a global criminal "shadow financial system".

Odaily Planet Daily reports that the International Consortium of Investigative Journalists (ICIJ) has released a series of investigations titled "Coin Laundry," indicating that the crypto industry is being exploited on a large scale by transnational criminal groups, evolving into a new global "shadow financial system." The investigation reveals that criminal funds have flowed through major platforms such as Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin, and are linked to North Korean hackers, Chinese and Russian criminal organizations, and the Sinaloa Cartel in Mexico.

The ICIJ points out that the speed, anonymity, and global accessibility of blockchain technology allow criminal organizations to transfer funds without traditional financial oversight. Gerard Ryle, Executive Director of the ICIJ, stated that the investigation highlights two core questions: what responsibility do large trading platforms bear, and why is regulation struggling to keep pace with this highly covert and rapidly expanding system? More than 100 journalists from 35 countries participated in the investigation. (CoinDesk)