Topic: Have there been any money laundering schemes that used cryptocurrency? - page 4. (Read 605 times)
December 03, 2019, 08:52:05 AM
maybe it could have happened because they used crypto technology for abuse, because they hid their funds. the nature of crypto like this can be exploited by people, one example is the concealment of money so that it cannot be known freely by banks. but I have not known the news about this but if only guessed, I have seen it.
December 03, 2019, 08:51:02 AM
yes, it happened before... For example:
https://www.manhattanda.org/da-vance-announces-guilty-pleas-in-2-8-million-internet-drug-ring/
This being said, i'm pretty sure 99% of the people laundering money are using the "old fashioned" ways... Like using a store front or a business. Using crypto is far to complex, and it still requires you to give your dirty money to somebody else face to face so you get crypto currencies in return, these transactions can all be traced, and when you want to spend your "cleaned" money, you need a second interaction with a potential crypto buyer....
Very complicated to do this right, and even if you do, it would probably have been easyer to use other means of money laundering.
Same goes for terrorists, drug buying, weapons purchases.... Sure, there are darknet markets, sure some dealer *might* accept monero, sure a terrorist *might* have some crypto... But i'm pretty sure +90% of all drug/weapon purchases are done with plain old cash.
https://www.manhattanda.org/da-vance-announces-guilty-pleas-in-2-8-million-internet-drug-ring/
This being said, i'm pretty sure 99% of the people laundering money are using the "old fashioned" ways... Like using a store front or a business. Using crypto is far to complex, and it still requires you to give your dirty money to somebody else face to face so you get crypto currencies in return, these transactions can all be traced, and when you want to spend your "cleaned" money, you need a second interaction with a potential crypto buyer....
Very complicated to do this right, and even if you do, it would probably have been easyer to use other means of money laundering.
Same goes for terrorists, drug buying, weapons purchases.... Sure, there are darknet markets, sure some dealer *might* accept monero, sure a terrorist *might* have some crypto... But i'm pretty sure +90% of all drug/weapon purchases are done with plain old cash.
December 03, 2019, 08:43:58 AM
As there are many corrupt wealthy people around the world, such as politicians and crooks, and they would always try to get rid of their cash in many ways such as money laundering. Since there are many ways to get rid of cash ranging from the obvious to the rather obscure. Has anyone used cryptocurrencies in money laundering schemes?
I mean considering the anonymous nature of cryptocurrencies around the world, I think that it would be a good idea to use it to hide your money by converting cash into cryptocurrency which can only be accessed by yourself and anyone who has knowledge of the secret passcode of your ledger.
Is it possible to do so or the authorities have countermeasures in place in order to catch people red-handed when laundering money through cryptocurrencies.
I mean considering the anonymous nature of cryptocurrencies around the world, I think that it would be a good idea to use it to hide your money by converting cash into cryptocurrency which can only be accessed by yourself and anyone who has knowledge of the secret passcode of your ledger.
Is it possible to do so or the authorities have countermeasures in place in order to catch people red-handed when laundering money through cryptocurrencies.
There is a problem of withdrawing money to a card, that is, converting crypto to fiat. Then the question arises from the authorities, where do you get so much income from. When replenishing the account, I do not know cases when the authorities controlled this.
December 03, 2019, 08:13:55 AM
As there are many corrupt wealthy people around the world, such as politicians and crooks, and they would always try to get rid of their cash in many ways such as money laundering. Since there are many ways to get rid of cash ranging from the obvious to the rather obscure. Has anyone used cryptocurrencies in money laundering schemes?
I mean considering the anonymous nature of cryptocurrencies around the world, I think that it would be a good idea to use it to hide your money by converting cash into cryptocurrency which can only be accessed by yourself and anyone who has knowledge of the secret passcode of your ledger.
Is it possible to do so or the authorities have countermeasures in place in order to catch people red-handed when laundering money through cryptocurrencies.
I mean considering the anonymous nature of cryptocurrencies around the world, I think that it would be a good idea to use it to hide your money by converting cash into cryptocurrency which can only be accessed by yourself and anyone who has knowledge of the secret passcode of your ledger.
Is it possible to do so or the authorities have countermeasures in place in order to catch people red-handed when laundering money through cryptocurrencies.
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