Bangladesh militants use Bitcoins for laundering money to Kashmir

bryant.coleman

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Quote from: Kittygalore on March 27, 2021, 07:32:36 AM

That is why I said to bring a companion with you and do the transaction in the public, with a lot of people surrounding you, any chance of a funny business happening will be alleviated and having a companion insures that they won't overpower you. There isn't really any blackmail when someone you did transaction with knows about your identity unless you gave them something compromising then that is the time to worry, and it is also easy to deal with because you know who is behind the blackmail.

One issue that I have noticed while dealing with the P2P platforms is that every now and then the criminals manage to hack inactive accounts with good feedback and use them to con unsuspecting sellers. I faced this issue a couple of times in Localbitcoins, but fortunately the moderators/arbitrators helped me to get my coins back. So you can't solely trust the trust/feedback score of these users. You need to check their feedback for the most recent 5 or 10 trades. And in case they don't have recent trades, then don't deal with them although they may be having good feedback.

Kittygalore

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Quote from: Sithara007 on March 15, 2021, 11:25:09 PM

Quote from: Kittygalore on March 15, 2021, 03:14:37 AM

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If some inexperienced user was in my place, then he might have lost his coins. And dealing with these people face to face is not recommended at least in developing nations. You don't know their criminal background. Once the transaction is done, there is always a chance that they will blackmail or threaten you, as your identity is known.

That is why I said to bring a companion with you and do the transaction in the public, with a lot of people surrounding you, any chance of a funny business happening will be alleviated and having a companion insures that they won't overpower you. There isn't really any blackmail when someone you did transaction with knows about your identity unless you gave them something compromising then that is the time to worry, and it is also easy to deal with because you know who is behind the blackmail.

goldade

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As much as this is intended to put bitcoin in a bad light, I really see no big deal in the fact that bitcoin was used in laundering money by militants. I know this news is only getting this much attention just because bitcoin is involved.
You should know everything in the world can be used for either good or bad. Nothing is good or bad intrinsically, only the purposes used for determine this.
This is just like saying the internet is bad or harmful because hackers use it to rob people of their hard earned money. Bitcoin in itself isn't good or bad. This is determined by what people use it for.

Kong Hey Pakboy

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Quote from: perfect999 on March 21, 2021, 11:06:19 AM

I know very well that news like this will cause a lot of countries to be planning to ban Bitcoin, but it wouldn’t make any sense at all. For me I would say that the best thing for them to do is to make sure that they don’t ban it and then they would look for ways they are going to regulating it, if issues like this are going to keep popping up. If they ban cryptocurrencies, then people will resort to mostly making use of P2P. So, banning crypto doesn’t make any sense.

Although sometimes I feel issues like this are usually being exaggerated because they have to do with Bitcoin, we know very well that these people have been making use of fiat and no one is talking about it, but when it is Bitcoin they start making noise about it.

That is the best case for bitcoin, being regulated but you have to consider the countries that are banning it, most of them have a really tense environment which means that they will have to do anything they can to stop the opposing forces to fund their activities and to establish peace in the region which is difficult because there are militants that are opposing the government. That is the sad truth, media likes to go for the sensational things rather than the truth.

wiss19

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Quote from: Swopon on March 09, 2021, 07:51:08 PM

The US government announced in August 2020 that hundreds of cryptocurrency accounts, four websites and four Facebook accounts were seized. This step has failed the attempt to collect funds with the digital currency of militant groups.

However, digital currency is still banned in Bangladesh. Bangladesh Bank issued a notice on December 2016 asking everyone to refrain from such transactions.

Unregulated decentralized currency will have some problems, that has always been the case, when we first said that we do not want government interference with our money, we took the reality of bad people using this currency as well. Just a few years ago we had dark net that sold drugs and even provided illegal services for bitcoin payments, that was always the case even when we first started, and that is why we should not be shocked about news like this.

Of course it is not good that this happens, money laundering should not be a bitcoin problem, but people laundered money even before bitcoin, you think there was no money laundering before 2008? Of course there was, so we should not see this as a problem of bitcoin but a problem of currency, whatever currency there will be, people will always do illegal stuff and launder that money into regular life.

perfect999

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I know very well that news like this will cause a lot of countries to be planning to ban Bitcoin, but it wouldn’t make any sense at all. For me I would say that the best thing for them to do is to make sure that they don’t ban it and then they would look for ways they are going to regulating it, if issues like this are going to keep popping up. If they ban cryptocurrencies, then people will resort to mostly making use of P2P. So, banning crypto doesn’t make any sense.

Although sometimes I feel issues like this are usually being exaggerated because they have to do with Bitcoin, we know very well that these people have been making use of fiat and no one is talking about it, but when it is Bitcoin they start making noise about it.

sunsilk

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Quote from: mazdafunsun on March 21, 2021, 05:06:25 AM

I dont know how this is a big thing, yes crypto currencies are used for bad things as well as for good things. It is the same with FIAT, FIAT is used way more for laundering and bad things. Yu dont see news articles stating '' FIAT was used for such and such crime'' but for crypto it is suddenly big news

It is because new to the ears of most people when they tag bitcoin or crypto being used for criminal acts or funding. And this probably won't change even though bitcoin is started to become accepted and adopted by large institutions.

Quote from: mazdafunsun on March 21, 2021, 05:06:25 AM

besides crypto is easier to trace so it is even better that criminals use crypto over fiat, they can be found more easily.

Easier or you mean harder?

worle1bm

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With the growing technology and technical upgradation people find new ways to make exploite it and use it for illicit activities and for that we can't blame technology?But still this is associated with bitcoin and critics will say it's anonymous transaction feature have increased these types of crimes but for their knowledge it can be said that if nobody could trace it how come the feds came to know about such crimes in Bitcoin?Its because you can trace the transactions in Bitcoin it's not much anonymous as it is considered to be.The crimes are done with the use of cash also but the only possible explanation is that you cannot bank transfer such funds as it is directly under supervision and you need to personally handle it which drug dealers have huge circle around the world.So were there no such crimes before 2009 when Sathoshi first introduced Bitcoin? Yes there were but government just got an excuse now to shift their blames on Bitcoin for such money laundering schemes.

bryant.coleman

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Just some media trying to demonize thing that goes against their interests. fiat actually far surpasses crypto currency if compared to crypto in the use for illegal activities. You see everywhere it's the paper money that got used for transaction like drugs, etc that appears in some news. if crypto being used for criminal activities it's definitely not the currency's mistake but the people themselves. whenever there's some hole people always gonna exploit.

Even now, there is only one form of payment which is 100% anonymous, and that is physical cash. In the cryptocurrency sector, we have so called "anonymous" coins such as Monero, Zcash and Deep Onion. But recently there have been instances of users of Monero getting arrested after authorities tracked their transactions. So although the coins claim that they are anonymous, there is a chance that someone will be able to trace the transaction back to the user. But no such issue with physical cash. It is impossible to trace any of the transactions, if done using physical cash.

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Of course, news like this has a negative impact on the global adoption of Bitcoin, but what should be done? How can criminals and terrorists be prevented from using Bitcoin or new technologies? They are always looking for appropriate means to achieve their goals.
For example, terrorists use computers, the Internet and a mobile phone to communicate with each other and coordinate terrorist operations, as well as use bank accounts, cards and cash to buy weapons and explosives, so can these things be prevented?
The same thing with Bitcoin, they will certainly use Bitcoin and cryptocurrencies to achieve their purposes, and no one can prevent them from doing so, but we cannot cancel Bitcoin for this reason.

mazdafunsun

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I dont know how this is a big thing, yes crypto currencies are used for bad things as well as for good things. It is the same with FIAT, FIAT is used way more for laundering and bad things. Yu dont see news articles stating '' FIAT was used for such and such crime'' but for crypto it is suddenly big news, besides crypto is easier to trace so it is even better that criminals use crypto over fiat, they can be found more easily.

sana54210

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Quote from: Swopon on March 09, 2021, 07:51:08 PM

According to the commentary of the officer, a special action group of Sohail Newaz and Fazle Rabbi Chowdhury named two militants were arrested by the Dhaka Metropolitan Police (DMP), special branch of Counter Terrorism and Transnational Crime(CTTC) in September 2019. During interrogation, they said that militant organizations have been getting a lot of funds through Bitcoin system since 2014.

These two further said that they collected a huge amount of money from Pakistan and Gulf countries in the form of cryptocurrency. They used to raise money through 'Hundi', but it is now in the monitoring of the law-discipline forces.

This is another proof that bitcoin could be moved around however we want, if you look at it from a different point of view, you could see this as "if these groups can move money around and launder money, then I can do whatever I want since my thing is not this illegal", because none of us do anything this dangerous and illegal, what could be the worst thing you could do? Trade bitcoin when it is not allowed? Gamble with bitcoin when it is not allowed?

None of them are as serious subjects as this and that is why it is really not a big deal if you ask me, that is why I think it is quite obvious that we should not be worried about what we do when there are people who do worse things.

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Quote from: Kittygalore on March 15, 2021, 03:14:37 AM

Even if the government do track your transactions with your bank, I think that there should be some kind of amount that you are going to reach before you can get flagged so if most transactions that you have are around the 3 digit in USD, I don't think that it won't raise some flags. I do agree P2P is the best but I think that the safety issue of dealing with stranger can be alleviated if you have some companion in the transaction and you do the transaction in a public place.

P2P platforms can be quite risky. I have dealt with some buyers (with 100% positive feedback) in P2P platforms and had very bad experience sometimes. The strategy adopted is very simple. They keep us waiting for 1 hour or more, claiming that there is some issue with the bank. Then they will mark the transaction as "paid" without making the payment. I am having years of experience in dealing with these people, so I immediately opened the dispute option and got my coins back. If some inexperienced user was in my place, then he might have lost his coins. And dealing with these people face to face is not recommended at least in developing nations. You don't know their criminal background. Once the transaction is done, there is always a chance that they will blackmail or threaten you, as your identity is known.

Flowzer

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Quote from: Swopon on March 09, 2021, 10:26:17 PM

Quote from: Darker45 on March 09, 2021, 10:19:02 PM

Because we all want privacy with our financial transactions, the good people and the bad, whether we are hiding something or not.

This does not amount to a big deal actually. Sometimes we are overemphasizing such incidents simply because Bitcoin is involved in it. More often than not, criminals use fiat. Good people use it, too. The same goes with Bitcoin. It is being used both by bad and good people. But in terms of cross-border transactions, Bitcoin is a whole lot better than fiat. We all know that. Terrorists must have also heard of it.

Exactly, Bangladesh is a developing country and recently promoted from least developing country to Developing country in terms of Economy and GDP rate. By the way, people are getting smart nowadays and criminals too. Passing money from border, Bitcoin is the most safest way to transfer the whole money without knowing anyone. That's why, criminal can take that opportunity. On the other hand, good people also use Bitcoin as you already explained.

But for the huge amount of BTC, most of the market have a daily limit and need KYC to bypass withdrawing it.
So, if the case tracked earlier, the fund can be blocked at the market.

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Quote from: bryant.coleman on March 15, 2021, 12:54:04 AM

As long as you are dealing solely with cryptocurrency, there is no problem. But the issue is that you need to convert your holdings to fiat cash at some point of time. If you do that through online banking, then the government can easily track you. One option is to deal with physical cash. There are a few traders in P2P platforms who do that. But then, it can be quite risky to deal using physical cash with unknown people.

Even if the government do track your transactions with your bank, I think that there should be some kind of amount that you are going to reach before you can get flagged so if most transactions that you have are around the 3 digit in USD, I don't think that it won't raise some flags. I do agree P2P is the best but I think that the safety issue of dealing with stranger can be alleviated if you have some companion in the transaction and you do the transaction in a public place.

bryant.coleman

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Quote from: Renampun on March 15, 2021, 12:39:12 AM

yes, banned Bitcoin is an impossible job right now...
The ones that can be banned are the exchange sites and other sites that deal with Bitcoin and cryptocurrencies but not Bitcoin. but now we already have a VPN and there are many ways you can do to avoid getting banned.

As long as you are dealing solely with cryptocurrency, there is no problem. But the issue is that you need to convert your holdings to fiat cash at some point of time. If you do that through online banking, then the government can easily track you. One option is to deal with physical cash. There are a few traders in P2P platforms who do that. But then, it can be quite risky to deal using physical cash with unknown people.

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Quote from: Sithara007 on March 14, 2021, 10:40:17 PM

Quote from: ene1980 on March 14, 2021, 05:34:46 PM

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First of all, Bitcoin is not something that can be banned. If the Bangladesh government wants to ban Bitcoin, then the only way to do that is to shut down the entire internet in that country. Otherwise, it is not practical to spy on 200 million people and their bank accounts, to know whether they are trading cryptocurrency using P2P platforms or not. And it is not just P2P platforms. Users can even register with international cryptocurrency exchanges and do trading (those which allow users from Bangladesh, and not the Binance type exchanges).

yes, banned Bitcoin is an impossible job right now...
The ones that can be banned are the exchange sites and other sites that deal with Bitcoin and cryptocurrencies but not Bitcoin. but now we already have a VPN and there are many ways you can do to avoid getting banned.

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Quote from: ene1980 on March 14, 2021, 05:34:46 PM

From what i understand there are still people in Bangladesh actively trading in bitcoin and the government has pushed the market underground as bitcoin is banned for a long time as i remember checking the banned country list a few years ago and i do not think they changed that and obviously there are people from Bangladesh in this forum and they might be active in P2P based platforms. I am also curious to know how they are dealing with the situation.

First of all, Bitcoin is not something that can be banned. If the Bangladesh government wants to ban Bitcoin, then the only way to do that is to shut down the entire internet in that country. Otherwise, it is not practical to spy on 200 million people and their bank accounts, to know whether they are trading cryptocurrency using P2P platforms or not. And it is not just P2P platforms. Users can even register with international cryptocurrency exchanges and do trading (those which allow users from Bangladesh, and not the Binance type exchanges).

ene1980

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Quote from: Sithara007 on March 11, 2021, 10:25:42 PM

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If they ban the trading of Bitcoin, then the activity will move underground and become more risky for everyone. People will start using decentralized P2P platforms such as Bisq which are extremely difficult to track. Obviously the government can nab a few by posing as traders, but out of the millions of cryptocurrency users in India, how many are they going to arrest? If they allow the exchanges to operate, at least they will make KYC mandatory and the authorities will be able to track the transactions.

From what i understand there are still people in Bangladesh actively trading in bitcoin and the government has pushed the market underground as bitcoin is banned for a long time as i remember checking the banned country list a few years ago and i do not think they changed that and obviously there are people from Bangladesh in this forum and they might be active in P2P based platforms. I am also curious to know how they are dealing with the situation.

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Quote from: bryant.coleman on March 14, 2021, 01:13:45 PM

Quote from: Imran232 on March 14, 2021, 12:06:32 PM

So whats a big deal if they use bitcoin. Any person do anything but we only blame bitcoin. This is not right. Bitcoin is just a way so why we will blame thats because of it is impossible to track sender and reciever. Well thats not the right fact. I want to tell another thing lots of Bangladeshi prople works in others countries and a huge percent of people use hundi method to transfer money in Bangladesh. Government knows and government also can track them and also government ban it. So what people still use hundi. I think if government start a user-friendly way for bitcoin in our country that people definitely also use bitcoin.

The Hundi/Hawala method remains the preferred mode of funding for 99.999% of the terrorist organizations in the South Asia region. And regarding this news, I am not even sure about its reliability. For me, it looks as if some of the government officials have come up with a wild theory with hardly any proof. They are looking for excuses to ban Bitcoin and to persecute cryptocurrency users. And scripted stories such as this one helps them to go ahead with their plans.

Many countries says Bitcoin is being used for terrorism just to ruin its reputation and of course to regulate Bitcoin. If this thing is true, then for sure everything is recorded which the government can review very well. Terrorism are using fiat money as well, maybe they can also ban people from using it but then again, Bitcoin is still great despite of this one and there’s no proof for this claim.

Topic: Bangladesh militants use Bitcoins for laundering money to Kashmir (Read 583 times)