The blockchain is expected to provide a secure and transparent financial environment, yet in recent years, malicious actors have exploited it for money laundering and fraud. This presentation delves into a thorough analysis by the blue team, revealing a crucial aspect of these illicit activities - the hidden fund flows within cryptocurrency exchanges. We will uncover the concealed illegal transactions and financial fraud activities within cryptocurrency exchanges, while also discussing how the blue team can effectively utilize anti-money laundering techniques to track these illicit activities.