Solana Shadow Trail: Uncovering Solana's Hidden Pathways
Explore the intricate methods used to launder illicit funds on the Solana blockchain.
With over $2.42 billion in daily trading volume for SOL alone, Solana is a hotspot for cryptocurrency transactions. Beneath its surface lies a complex network of exfiltration routes used by bad actors to launder stolen funds. This report by @DavidNzubee delves into these pathways, identifying key non-freezable assets, mapping laundering channels, and providing a database of wallet addresses to secure the Solana ecosystem.
Key Non-Freezable Assets on Solana
These tokens are central to laundering activities due to their liquidity and non-freezable nature.
Solana
Native token with high liquidity on centralized and decentralized exchanges
Raydium
AMM and liquidity provider for Serum DEX
Orca
User-friendly DEX with concentrated liquidity
Helium
Decentralized wireless network token
Marinade Staked SOL
Liquid staking derivative for SOL
Jupiter SOL
Liquidity aggregator token
Pyth Network
Oracle network for real-time market data
Jito
MEV infrastructure token
Diverse Laundering Channels
Bad actors utilize a variety of pathways to launder illicit funds, each with different liquidity capacities and risk profiles.
Centralized Exchanges (CEX)
High liquidity but vulnerable to KYC/AML checks
Decentralized Exchanges (DEX)
Non-custodial swaps with varying liquidity
Cross-Chain Bridges/Swaps
Move assets between blockchains
Non-Custodial Swap Services
Peer-to-peer exchanges with minimal KYC
P2P Exchanges & Fintech Off-Ramps
Direct user-to-user transactions
Novel Techniques
Emerging methods like memecoin creation
In-Depth Analysis and Forensic Techniques
The research employs rigorous methodology to map Solana's exfiltration routes and provide actionable intelligence for blockchain security.
Blockchain Forensics
Utilizing tools like Solscan and SolanaFM to trace transaction flows and identify patterns.
Liquidity Analysis
Assessing trading volumes and liquidity pools via CoinGecko and on-chain data to identify viable exfiltration routes.
Wallet Address Database
Compiling a comprehensive list of addresses associated with laundering activities for monitoring.
Security Recommendations
Developing strategies to enhance Solana ecosystem security based on identified vulnerabilities.
Transaction Tracing Visualization
This interactive visualization demonstrates how funds move through various exfiltration routes, from initial theft to final off-ramp. The full report contains more detailed visualizations and analysis.
Access the Complete Analysis
Download the full report to access detailed analysis of Solana's exfiltration routes, including:
- Comprehensive list of non-freezable assets with detailed liquidity analysis
- In-depth breakdown of all exfiltration pathways with risk assessments
- Complete database of wallet addresses associated with laundering activities
- Technical recommendations for enhancing Solana ecosystem security
- Visual transaction flow diagrams and network maps
Based on the latest data as of April 2025, this report is essential for blockchain security professionals, cryptocurrency exchanges, and anyone involved in Solana ecosystem security.