Good breakdown 👍 this is basically how blockchain tracing actually works in practice — starting from the TXID and then building a full transaction graph instead of looking for a single “destination”.
The key insight is really the branching and splitting behavior, because most stolen funds don’t move in a straight line. They get layered across multiple wallets before any consolidation or exchange exit point.
One thing worth adding is using clustering tools and explorers that visualize flows, because manual hopping can become very complex very quickly.
I also found a related explanation here: crypto tracking and blockchain analysis basics