Topic: Btc crime - page 3. (Read 825 times)
I am happy that the law enforcement is doing their job and going after criminals. The story is very vague because "cryptocurrencies" could've been any coins, and also what they describe sounds like crypto mixers but could have been multiple investments in ICOs or whatever. If it were Bitcoin specifically, I think it would have been mentioned in the article. In any case, the usage of coins for illicit activities doesn't make the currency itself illegal or bad. That sort of argumentation is used unfairly, since it can actually be applied to any fiat, as well as beyond the financial realm (for example, people who make child porn use cameras, so let's ban those).
as you say, cryptocurrencies are of great benefit in helping the police to effectively prevent crime, the more criminals use cryptocurrencies, the easier it is for the police to track down and catch them
it's the complete opposite of what the media is spreading that bitcoin and cryptocurrencies make criminals more sophisticated, more complex, this is one of the benefits that the government should consider for cryptocurrencies and early mass adoption of cryptocurrencies, lol
it's the complete opposite of what the media is spreading that bitcoin and cryptocurrencies make criminals more sophisticated, more complex, this is one of the benefits that the government should consider for cryptocurrencies and early mass adoption of cryptocurrencies, lol
Discussing this will never end, because there will always be two sides, pros and cons. For the pros, bitcoin is a savings for the future and a secure to be used as payment. As for the cons, they will always look for the weaknesses of BTC which are not often also not in accordance with the vision and mission of satoshi. Crime happens not only in this world using BTC.
A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime. Your title is wrong and misleading.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.
This makes me wonder if crypto is easier to track than using fiat to move the funds around.
If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.
The more criminals use cryptocurrency for their businesses, the easier it's going to be for the police to do their job.
as you say, cryptocurrencies are of great benefit in helping the police to effectively prevent crime, the more criminals use cryptocurrencies, the easier it is for the police to track down and catch them
it's the complete opposite of what the media is spreading that bitcoin and cryptocurrencies make criminals more sophisticated, more complex, this is one of the benefits that the government should consider for cryptocurrencies and early mass adoption of cryptocurrencies, lol
You only need to take a look at the graph of money loundered via cryptocurrency per year to see that there are lots of money loundering going on in the crypto space every year.
I can pretty much only see the Ransomware, Scamming, Stolen and Darknet markets in there. You would be surprised to know how much Fiat is actually received by illicit entities every year. The figures are much, MUCH larger than what you see in Cryptocurrency.Scams are pretty much everywhere. And over 70% of the Cryptocurrency scams I have personally seen on the Internet have happened due to human stupidity. I bet most of these billions are coming from these 'send me $2k I give you double back' kind of scams where they voluntarily send money with no common sense. Also, is this even money laundering that you are showing? I am pretty sure money laundering means concealing illicit funds into funds that are seemingly coming from clean activities.
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Regards,
PrivacyG
A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime. Your title is wrong and misleading.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.
It could be, especially for the newbies and those that haven't been around very much. It's the same message the government preach to there unaware citizens and its not helping although, avenues like this on the forum opens the window to some corrections and new ideas.Criminals have always had means to clean stolen money long before bitcoin was envisioned.
There are several ways people launder money ranging from buying expensive items, funding company projects ad some foreign nations might even chose to use the dollar. This doesn't make it a dollar crime or a crime of which ever means that was used.
Money laundering is laundering and that is the crime, not the means. People just use which ever is the more Co.fortable with them.
A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime.
You are absolutely right. If someone has used Bitcoin for money laundering, then the person who has done this is a criminal. Bitcoin is not a criminal. Bitcoin is used by the biggest companies in the world to transact more money. It is able to transact more money more securely. EitherThat's why the man was caught doing a safe transaction of a lot of money. Bitcoin was not the culprit for this but it was just a medium.
This is the bad side of Bitcoin, many criminals using it to do bad and illegal things which putting bitcoin's reputation in a harm's way and putting bad name all over internet. Nonetheless, we cannot really stop this because many people surely abuse the anonymity of bitcoin which is not really for it. Bitcoin has lots of good things and that's the good side of it, it can be a payment system and a storage value that will be better the gold in the future.
Bitcoin is pseudonymous not anonymous, most of people who doesn't have enough understanding are have higher chance his identity will exposed and the investigator will know who's him.Although it can be used for criminals, but that doesn't mean Bitcoin is a crime or the main factors of crime isn't? They're just using the Bitcoin advantages, that's all. Even fiat is centralized, but criminals are use it before Bitcoin exist.
Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.
I don't see anything special from the News, I think this will be a good news for people that are against cryptocurrency, they will start saying that's why they are not in support of cryptocurrency, they will start making noise that cryptocurrency is used for illegal activities.My question is can't stolen fiat currency be transferred internationally? Before bitcoin was created stolen money were been transferred internationally and uptill now stone fiat currency are been transferred internationally, but nobody is talking about that, I think they are just trying to tag cryptocurrency with illegal activities and trying to proof that fiat currency is pure.
Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.
Does this case generalize that Bitcoin is the culprit? of course wrongBitcoin was not created for that and there is absolutely no compelling reason for Bitcoin to commit crimes. What if cocaine and drugs were proof that the dealer was caught? is the item to blame? Not
Bitcoin is just a medium by which it is used, and each medium depends on its use. Have you heard that Ukraine accepts Bitcoin donations for humanity?
So Bitcoin can be incarnated with various useful and detrimental functions, depending on the user.
We must make the right words in this case because indeed if we look at the development of the existing case it is only a group of criminals who do money laundering through Crypto, especially bitcoin there, not a crime from bitcoin.
These are two different things because when they say bitcoin is a crime, the context here is bitcoin is evil but money laundering through Crypto, especially bitcoin, it can be said that bitcoin is an object used for their crimes, it doesn't mean bitcoin is a crime because bitcoin is only an object that is used with wrong by irresponsible people.
These are two different things because when they say bitcoin is a crime, the context here is bitcoin is evil but money laundering through Crypto, especially bitcoin, it can be said that bitcoin is an object used for their crimes, it doesn't mean bitcoin is a crime because bitcoin is only an object that is used with wrong by irresponsible people.
A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime. Your title is wrong and misleading.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.
This makes me wonder if crypto is easier to track than using fiat to move the funds around.
If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.
The more criminals use cryptocurrency for their businesses, the easier it's going to be for the police to do their job.
So, just to be fair towards "Bitcoin" .....let's look at Banks!
"According to 2019 anti-money laundering statistics, 60.5% of the banks' fines were due to anti-money laundering regulations violations. Source : https://legaljobs.io/blog/money-laundering-statistics/
https://sanctionscanner.com/blog/the-five-biggest-money-laundering-scandals-317 <== 5 of the biggest money laundering scandals ever reported was linked to ===> Banks!
Money laundering needs "Money" or "Currency" .....what is Bitcoin and Crypto currencies.... well, it is a payment option and a currency in some countries. Criminals will use anything that has value.... to commit financial crimes.
HSBC – Fined $1.9bn.
Wachovia Bank – Fined $160m.
Standard Chartered Bank – Fined $1.1bn.
Danske Bank – Fined $1.4bn.
Bank of Credit and Commerce International – Liquidated.
Commerzbank – Fined $50m.
Westpac Bank – Fined AU$1.3bn.
Goldman Sachs – $600m in profits.
"According to 2019 anti-money laundering statistics, 60.5% of the banks' fines were due to anti-money laundering regulations violations. Source : https://legaljobs.io/blog/money-laundering-statistics/
https://sanctionscanner.com/blog/the-five-biggest-money-laundering-scandals-317 <== 5 of the biggest money laundering scandals ever reported was linked to ===> Banks!
Money laundering needs "Money" or "Currency" .....what is Bitcoin and Crypto currencies.... well, it is a payment option and a currency in some countries. Criminals will use anything that has value.... to commit financial crimes.
HSBC – Fined $1.9bn.
Wachovia Bank – Fined $160m.
Standard Chartered Bank – Fined $1.1bn.
Danske Bank – Fined $1.4bn.
Bank of Credit and Commerce International – Liquidated.
Commerzbank – Fined $50m.
Westpac Bank – Fined AU$1.3bn.
Goldman Sachs – $600m in profits.
So you are saying bitcoin is evil because they used bitcoin to launder money and commit crime and you want everyone to stop using bitcoin? Why don't you stop using fiat currency because most of the laundering is done through fiat currency. At least they got caught using crypto currencies. I bet it would have been even harder for them to trace the criminals if they used the standard (fiat) currency to launder and commit crimes.
Blockchain Decentralization is making it more possible for those scammers to successful lounder money without being caught.
And it is very sad and obvious that scamming activities has the highest percentage rate on the chart from 2017 to 2020
This is the problem with some of these people, as soon as they see the word bitcoin, they rush to conclude it's all bitcoins fault whereas, in reality, bitcoin is only a victim too with this kind of crime. They are the same with the mainstream media that are hostile when it comes to cryptocurrency, they will put in the headline some bad title about bitcoins and when you read the full news bitcoin has really nothing to do with it.
Whenever the word cryptocurrency is used people start connecting it with btc usage and it's not true as they might have used some other coins also but even if they have laundered money through bitcoin does it become bad money? Fiat is used in many illicit activities so does it make bad money? Using weapons in wars imply that weapons are not good or the people whose intentions are bad should be blamed ? People need to understand that bitcoin is like any other mode of payment and we need to utilise it in effective manner.
Interesting. In this case they didn't use any mixer but rather moved the money to cryptocurrencies and exchanged them several times. No further details are given but it would be interesting to know if one of the coins used was Monero. I also don't see if they used a DEX or a CEX, it would be interesting to know.
It is a fantasy what you have written.
How could they withdraw millions from a French bank?
There is currently a €1k cash payment limit in France, so to withdraw millions from a bank they would have to have filled out a bunch of AML paperwork, and I don't think that would be done by someone who is trying to launder money.
In the unlikely event that they could have taken out those millions in bank bills, driving from France to Israel, they probably wouldn't have been stopped in EU territory, but if they had, they would have had a lot of explaining to do, otherwise they could have been preventively seized the money.
But at the EU border, they would have had to declare the money, otherwise it could have been seized, and, again, I don't think that declaring the money would be done by someone who is trying to launder it:
EU Cash Controls
"As part of the EU’s efforts to tackle money laundering and the financing of terrorism, all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10 000 or more (or equivalent in other currencies, bonds, shares or travellers’ cheques). Customs authorities are empowered to check persons, their luggage and their means of transport. They are also empowered to detain undeclared cash."
I imagine you don't live in the EU or don't know how things are there.
This makes me wonder if crypto is easier to track than using fiat to move the funds around.
If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.
If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.
It is a fantasy what you have written.
How could they withdraw millions from a French bank?
There is currently a €1k cash payment limit in France, so to withdraw millions from a bank they would have to have filled out a bunch of AML paperwork, and I don't think that would be done by someone who is trying to launder money.
In the unlikely event that they could have taken out those millions in bank bills, driving from France to Israel, they probably wouldn't have been stopped in EU territory, but if they had, they would have had a lot of explaining to do, otherwise they could have been preventively seized the money.
But at the EU border, they would have had to declare the money, otherwise it could have been seized, and, again, I don't think that declaring the money would be done by someone who is trying to launder it:
EU Cash Controls
"As part of the EU’s efforts to tackle money laundering and the financing of terrorism, all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10 000 or more (or equivalent in other currencies, bonds, shares or travellers’ cheques). Customs authorities are empowered to check persons, their luggage and their means of transport. They are also empowered to detain undeclared cash."
I imagine you don't live in the EU or don't know how things are there.
What is supposed to be the point of this post? Are you just sharing some news? Or are you implying that Bitcoin or cryptocurrency is the preferred tool for money laundering?
Just also recently, just the other month, Credit Suisse was also found guilty of money laundering. That crime took place within a banking system that is compliant with what's supposed to be tough AML measures.
Money laundering happens everywhere using all kinds of means. Money is being laundered in casinos. Money is laundered through real estate, through artworks, even through stocks, and others.
But the point is that Bitcoin dwarfs in comparison to how much money laundering happens in the fiat system.
Just also recently, just the other month, Credit Suisse was also found guilty of money laundering. That crime took place within a banking system that is compliant with what's supposed to be tough AML measures.
Money laundering happens everywhere using all kinds of means. Money is being laundered in casinos. Money is laundered through real estate, through artworks, even through stocks, and others.
But the point is that Bitcoin dwarfs in comparison to how much money laundering happens in the fiat system.
This is a major international money-laundry.
...attemptThey were caught!
This is a proof that laundering via a public ledger isn't always a good idea
Every currency in the world and financial system is used to commit crimes. Why are we making a big deal out of it? It's said that it's difficult to find a dollar bill without a physical trace of narcotics on it. Are you going to stop using cash because of it? I sure won't.
fiat money had been used since from the beginning of time and it is really just ends up on bitcoin or crypto would really took the blame whenever someone get caught on using it.It is true that trying out to do illegal
on a public ledger would be always a good idea and this is one of the example of this one which it do really ends up on a disaster.
This is a major international money-laundry.
...attemptThey were caught!
This is a proof that laundering via a public ledger isn't always a good idea
Every currency in the world and financial system is used to commit crimes. Why are we making a big deal out of it? It's said that it's difficult to find a dollar bill without a physical trace of narcotics on it. Are you going to stop using cash because of it? I sure won't.
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