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On-chain analyst ZachXBT said more than 87% of inflow volume to FreedomXMR, or FXMR, was directly linked to illicit activity. Based on a review of past FXMR inflows involving individual transfers of more than $10,000, ZachXBT said more than $20 million was traced to funds directly connected to ransomware, hacking attacks, malware and social engineering incidents.
ZachXBT also said FreedomXMR operators were securing Monero (XMR) liquidity through KuCoin, adding that related addresses had sent funds to KuCoin more than 3,000 times.