Chainalysis has researched the bitcoin addresses associated with FutureNet
FutureNet’s operations are certainly well known to the Polish cryptocurrency community. A warning regarding this company was published by the Office of Competition and Consumer Protection in March 2019.
FutureNet’s business pattern was justified. The company offered advertising packages that could be sold at a profit. In addition, program participants could earn extra money by recruiting more people to sell more packages. A typical diagram for the operation of the financial pyramid.
The company carried out its transactions using the FuturoCoin (FTO), and received investment contributions from participants in bitcoin. Now Chainalysis has taken the Polish company for wallpaper. She decided to trace BTC transactions related to FutureNet to discover the mechanisms of money laundering belonging to the company’s clients.
Victims usually bought BTC on Bitflyer or Korbid exchanges. Analysis of the materials available on YouTube and online entries of people cheated by FutureNet allowed Chainalysis to draw interesting conclusions. BTC from clients went to the addresses of BitcoinAPI, but everything seems to indicate that it did not participate in this illegal procedure. Next, cryptocurrencies went primarily to CoinDeal, as well as to Huobi and CoinCola.
The analysis showed that since the beginning of operations in 2015, FutureNet addresses have received over USD 85 million in BTC with BitcoinAPI. This represents more than half of all funds that FutureNet obtained during its operations. It is also close to 25% of all funds ever sent by BitcoinAPI. FutureNet was laundering in this way cryptocurrencies, mainly on the Polish CoinDeal exchange. Chainalysis showed that 37% of all BTCs on this exchange came from FutureNet. In addition, at one point the company was responsible for up to 62% of the entire BTC pool at CoinDeal.