What is a token swap?¶

A token swap converts one digital asset into another through an exchange, wallet service or on-chain protocol. It changes the form and often quantity of value; it does not make the original value disappear.

Custodial and on-chain swaps leave different records¶

An exchange may record the trade only internally. A decentralised swap can involve contracts, pools and intermediate tokens in several on-chain movements. Wallet summaries often simplify that structure.

Continue the trace through the received asset¶

Preserve assets sold and received, exact contracts, network, quantities, rate, fees, hash or provider reference, account and times. Account for decimals and contemporaneous value rather than comparing raw quantities.

Conversion can be legitimate trading or service use. Assess timing, repetition, communications, source and onward movement before inferring concealment.