Case study: crypto followed through a mixer to the end point
Date: | Week: 35 | Reading time: 7 minutes | Updated: Author: Tyler Dijst
In short
Crypto through a mixer: can it still be traced? Often further than people think, but not always to the very end. A mixer makes a route harder to follow, not invisible. What exactly can be established differs from case to case.
Paucitas is an independent expert firm that investigates investment fraud and crypto fraud, in hundreds of cases a year. Even with routes through a mixer, we regularly find a usable end point in practice.
Get in touch with Paucitas or ring +31 20 244 5774. You will hear honestly what is possible in your case.
In a nutshell
If your money went through a mixer, it can feel like a dead end. It need not be. Paucitas works out how far the route can be followed and tells you honestly where the limit lies.
You have lost money and you have been told it went through a mixer. Perhaps you think that means it has vanished for good. That feeling is completely understandable. In this composite example from practice you can read how a route through a mixer was still traced to an end point, and where the limits were.
Can crypto sent through a mixer still be traced?
Often yes, with a clear limit. A mixer pools amounts from many users and pays them out in different portions and at different times. As a result you can no longer read which deposit belongs to which payout. But the transactions themselves remain visible on the blockchain.
After the mixer the work shifts from following to comparing: which payouts match, in amount, timing and later behaviour, what went in shortly before? That takes patience and precision. It does not give certainty, but it does give a pattern others can check.
What did the route look like before the mixer?
In this case the money first went to an intermediate address. There it was pooled with amounts from other victims and then split into ever smaller parts. That is called a peel chain. Every step is on the blockchain, with date, amount and transaction hash.
Two intermediate addresses received money from several victims within the same quarter of an hour. That made it plausible that they were a shared collection point. A pattern like that is often a first breakthrough.
Did your money also go through a mixer? Let Paucitas see how far the route can be followed. You can ring us any time, 24/7, on +31 20 244 5774.
Which 2 breakthroughs brought the end point into view?
- A pattern after the mixer: a series of payouts matched, in amount, timing and later behaviour, what had gone in shortly before.
- A branch around the mixer: a small part went via a cross-chain hop to another network and arrived there directly at a trading platform.
That second branch could be followed completely. The smallest amount thus produced the strongest finding. We see that more often: not the main route but a side trail gives the solid lead.
An example from practice
A victim had little to go on: two of his own addresses, three transaction hashes and screenshots of a platform that was no longer online. Others had already told him that a mixer meant the end of the trail.
Paucitas followed eleven steps, with an explicit limit at the mixer and a fully traced side branch. The report named at which platform, when and how much arrived. He then knew where his money had gone, and had a strong attachment for his police report.
Paucitas takes privacy very seriously and never shares clients' personal details. This is a composite example: names, amounts and details have been changed. The situation is one we see in practice.
What is an end point and what can you do with it?
The end point is often a cash-out point: the moment the money arrives at a trading platform. From there the data sits with that service provider. What can you do with the Paucitas report? It shows whether money is still available or where it went, and what the next steps are. In a case of fraud, one of those steps is reporting it to Report Fraud or, in Scotland, to Police Scotland. The police can request the data from the platform, and the Paucitas report is a strong attachment that sets everything out fully and clearly.
By comparison: in the stolen bitcoin case the end point came after two intermediate steps, here after eleven. The more steps, the more important it is that each one is accounted for rather than estimated.
What can an investigation into a mixer not establish?
After the mixer a link is probable, not certain. A good report says so. A report that hides the limit does not survive the first critical question. Mixers are often used for money laundering, and law enforcement takes them down, as Europol reports. That does not change the fact that your own route needs to be mapped properly first.
What Paucitas does for you
Paucitas works it all out for you: your transactions, the route of the money, the collection points, the platforms where it arrived and the timeline. Paucitas also reads through all the conversations, documents, emails and other communication, so you get the full picture of where all the money went, step by step. Paucitas does all tracing itself, without tracing tools. With a mixer that is decisive: a route that looks plausible and a route that is correct look the same at first glance. Read more in manual blockchain investigation. You receive a report that anyone can follow and understand step by step, including the police and your solicitor.
- What you can provide: addresses, transaction hashes, screenshots and bank statements. Never your recovery phrase or private key.
- Costs: every investigation is tailored. You get a bespoke quote in advance that we go through together, with no surprises.
- Turnaround: from the same day to around two weeks.
How tracing across multiple wallets works in general is explained in tracing crypto across multiple wallets and mixers. What you can secure right now is in securing evidence after crypto theft. Another example is USDC fraud across three networks.
Want to know how far your route can be followed? Get in touch for a free intake, or ring +31 20 244 5774. Via the form you will hear from us within 1 to 3 hours.
Sources: Report Fraud; Police Scotland, scams and frauds; Europol, Cryptomixer shut down; Europol, Bestmixer.io taken down.
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Frequently asked questions about crypto through a mixer
Can crypto still be traced after a mixer?
Paucitas can often do that, but not as one continuous line. After the mixer we work with amounts, times and patterns, and we tell you honestly what is certain and what is probable.
Does finding an end point mean the money comes back?
Paucitas: that depends on your situation. If you still have access to your own wallet or account holding funds, there may still be options. If everything has been sent to the fraudsters, the picture is different. That cannot be judged from a distance. Paucitas first looks at your situation and tells you honestly what is and is not possible. Be careful with anyone who promises in advance that your money will come back. In doubt? Contact Paucitas and you will know where you stand.
What is a peel chain?
Paucitas explains: a series of transactions in which a small part is split off each time. Those side branches often provide a usable lead.
What does Paucitas need from me?
Paucitas works with whatever you have: addresses, transaction hashes, screenshots and bank statements. Never your recovery phrase or private key.
How long does such an investigation take?
Paucitas takes anything from the same day to around two weeks, depending on the case. You get a bespoke quote in advance.
From Amsterdam, for the whole of the UK
Everything can be done fully online. Prefer to meet in person? You are very welcome at our office in Amsterdam, by appointment.
Paucitas is an independent expert firm based in the Netherlands that, for clients across the UK, investigates investment fraud and crypto fraud, establishes the origin and legitimacy of crypto assets and prepares expert reports for legal proceedings and compliance.
Your own situation
If you are reading this, you probably have a question about your own situation. That is exactly what Paucitas does.
The first step is contact by phone. You can book that call by phone or through the contact form, so you do not have to wait. In the call we look together at what can factually be established in your case and what Paucitas can examine for you.