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There are two ways to obfuscate source of funds, in this case Ether:

  1. Use a cryptocurrency tumbler, that mixes a source walet's contents into multiple parts that can be sent to a final exchange for fiat withdrawal
  2. Convert source funds into Monero

About the 2nd method, which is often said to be the most untraceable, how can someone obfuscate Ether as Monero without KYC, and eventually convert it to fiat for withdrawal? And would conversion to Monero only occur on a crypto exchange, given that DeFi exchanges only deal in ERC-20 tokens?

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