Findings

Analyzing the system further, we identified temporary and permanent addresses that surround the core and are linked with it. The calculations for the core and the linked addresses for the period starting from the inception of Ethereum until 15.09.2017 bring about the following results:

Hypotheses

These are possible explanations for the detected activities we could come up with:

The protection offered to clients by crypto-exchanges: all clients’ funds are mixed so that the funds’ sources cannot be tracked and those holding clean money cannot be unjustifiably accused of any illegal activity

A mechanism set in place to protect U.S. residents who wish to avoid control from U.S. regulatory bodies

A mechanism used by a large private exchange to preserve the privacy of its clients; this exchange might be operating with fiat money

A mechanism used to securely transfer crypto-assets between crypto-exchanges

Any kind of Ether-laundering scheme

(http://www.autoadmit.com/thread.php?thread_id=3832972&forum_id=2#34948773)