money Cryptocurrencies for illicit money laundering

[Dormilon 2183]

It is known from press information that there are many governments concerned about the use of cryptocurrencies in the laundering of money from drug trafficking and organized crime in extortion and kidnapping in some countries, including Brazil, Colombia and Mexico, in where the authorities feel the need to find ways to stop this practice that damages their economies and makes them less safe to live.
The possibility of anonymity and privacy enjoyed by cryptos has attracted the attention of these criminal groups to enter the financial ecosystem of the blockchain to launder money from their illegal acts, yet it is also a characteristic of digital currencies , having a way of being traced through the registry that remains in the blockchain and makes the path to follow up suspicious operations easy, so you are not completely safe if you become part of these bands.
Criminals are using the Deep Web to carry out P2P operations that allow them to evade the monitoring of their actions by the authorities, in a fight between good and evil, evil is gaining ground and illegal mafias increasingly embrace the possibility of use of cryptocurrencies to achieve their purposes.
I have always thought that cryptocurrencies are not 100% anonymous, they have a tracking percentage provided by the blockchain, so any operation can be found at its origin at any time.

 

 

[Sykkuno 2887]

You did right to think that most cryptocurrencies are not anonymous, the blockchain as it is in Bitcoin and most of the adaptations of this technology that was copied by many altcoins, it is not anonymous, since transactions are connected between them and they leave trace of where the coins went and from where they started. There are many websites, exchanges or wallets involved that will give the private information to national authorities when they are asked and the researchers there can find who is who. There are some privacy coins that avoid detection and make the transactions untraceable as well as some methods used in Bitcoin that hide the transactions.

[scofield64 943]

Cryptocurrencies are been used in illegal activities like drug trafficking, money laundering, its can be used for buying of arms and ammunition and its can't be traced that's why many countries dont want to adopt cryptocurrencies. 

[Syedbesharat 5423]

The crypto is way more openly used for many illegal activities then dark web like  where people use crypto to his own income and funds, do scamming and think they cannot  be track, Covert their fiat through exchange in crypto from family. So dark web isn't the place who have illegal use crypto but common peoples are also using crypto in many illegal ways. For the dark web transactions which can be seen easily now because of block chain and government is  keep  taking down them one by one. So they are no limited to BTC, XLM ,Zcash coin.

[Braulio Eurea 720]

The use of cryptocurrencies is increasingly growing among honest people, but also by criminals who launder money that comes from drug trafficking, the fact that transactions are registered in the block chain, perhaps in the near future identify these criminals. What happens is that in cryptocurrency platforms you can make transactions if you give the real names, but with pseudonyms you can register and carry out operations with cryptocurrencies, this is a facility for users, but that can be used by users. criminals to carry out their illicit transactions and remain without sanctions by the authorities, but as we mentioned previously, everything is registered in the blockchains of the currencies and this may be the key to identifying these criminals.

[MrSpasybo 1049]

Transactions on blockchain are anonymous, as they only include wallet addresses & number of tokens/coins sent. However banking transactions are not anonymous & through them governments can track down crypto transactions. That is the reason why crypto transactions can be fully investigated.
Some cryptocurrencies have technologies that mess with transaction information on the blockchain, making it impossible for a third party to find enough clues to track the transaction. This technology is the largest asset of the world's leading anonymous blockchains like Zcash.
However as you say, the advantage of crypto anonymity is being abused in the field of money laundering & terrorism financing. The whole world has yet to find a solution to this problem, the only way is for exchanges to continually unlisted anonymous tokens.

[cryptovlek 2597]

This is a fear that crypto is used this way but I have not seen news about this or evidence there is laundering with cryptocurrencies. It shouldn't be easy to do that and may even be harder with other ways. While we haven't seen something perhaps there is reason to believe that it can happen with the use of some cryptocurrencies and banks that would accept big deposits of USD, usually these banks are in places that are famous for not having strict regulations and aml protocols.

[Ameralsamt 2558]

Oh, honey, it's outrageous that weak souls use cryptocurrencies in the field of washing Money, this wrong act negatively affects cryptocurrencies, it's a global rejection because of the weak souls who wash in encryption, it's sad. 

[Anshamaraam 327]

Money laundering is one of the bemig crime in the world. This will not be able for users to do in cryptocurrency.  Cryptocurrency is worldwide online market . It is trading internationally and no laundering will be involved. 

[Ridam 7455]

Well I have also made a report overview about the FineCEN NPRM. They are clearly stating that exchanges need to take a look at the unhosted wallet transaction and I'm sure if the law get implemented in coming days those illicit activities will be tracked more easily. 

And currently Whitehats of Government are already working to track the big transaction as those who are doing illicit activities will definitely try to withdraw from banks during cashing out.

Because of such activity crypto currencies are likely to be more censored than ever before.

[Anas Manzoor 247]

Yes bro its true and many governments and countries work on this because there is lots of black money who changed into bitcoins and import them .by importing exporting there is a big money laundering and black money change into white money .

[Cryptomint 433]

On 12/19/2020 at 2:24 PM, Sykkuno said:

You did right to think that most cryptocurrencies are not anonymous, the blockchain as it is in Bitcoin and most of the adaptations of this technology that was copied by many altcoins, it is not anonymous, since transactions are connected between them and they leave trace of where the coins went and from where they started. There are many websites, exchanges or wallets involved that will give the private information to national authorities when they are asked and the researchers there can find who is who. There are some privacy coins that avoid detection and make the transactions untraceable as well as some methods used in Bitcoin that hide the transactions.

This is a big issue like we are looking. Whenever the cryptocurrencies transacted the the transactor remain anonymous and we can't find.

[khan22 3478]

Crypto coins will used for money laundering this is true but before the crypto everything is possible peoples send the money through the gold shape and also through the fiat money and this is easy also for them. This is snot god that we blame on the crypto market that it will be used for money laundering.

[Raqeebzy 6456]

Even the cryptocurrency with most privacy (monero, as most believe and agree), is not totally private. That's a one and most important part the government are working on against illegal or laundered money being hidden in privacy coins. There have been several sophiscated software technologies being developed to be able to crack it. It is just a matter of time for the privacy of coins to be totally compromised.

I actually think it is so unfortunate for the good majority with good intention use of privacy coins but also I feel this is needed.

[zhoutong 2188]

When was it that it was said cryptocurrencies are anonymous. You thought that crypto are not 100% anonymous, what is this meaning? They are 90% anonymous? I thought either something is anonymous or it isn't.

Whatever though, there is no anonymity with Bitcoin, Ethereum and some more cryptocurrencies but some of the privacy coins provide anonymity to the standards we have today. It also depends on how the users apply this anonymity. In any case only Monero has this today as we have been told, as we have to trust those that have skills in cryptography and programming. If we were able to read Monero code we would be developers.

[annayks 2314]

I recently read that abducters in India are asking for 150 Bitcoin in ransom to release a person they abducted. This is getting very dangerous and I don't know how they plan to get away with this. Probably they think they can wash this kind of illicit bitcoin, it would be interesting to see their arrest soon.

[Sonia Ali 507]

I have read this post of yours that you are not such that you So after reading this I felt that tell me a lot about brother-in-law That's why i want to thank you 

[Brandonsaw 1973]

I am very sad that many people use cryptocurrencies to commit illegal acts and this is why in some countries it is illegal to use cryptocurrencies since they are anonymous and cannot track people who use cryptocurrencies in illegal places.

[pablomarwan 3082]

Relying on the means provided by the platforms is the best thing to do in order to reduce what you own, even if it disappears, so the platform has the right to communicate with it and compensate you. But if you do not do what you must do to reduce the account, you will not blame anyone but yourself for not being careful. Most of the hacks are now directed to digital wallets, especially those that appear to be treated by everyone.

[Whited35 15285]

Crypto were used to purchase the drugs and other illegal products but you know, if criminals are still using cryptocurrencies to do illegal activities, they are also inviting the enemies at the same time. You know transactions records from the blockchain will no be erased and path followed by the crypto can be traced from the blockchain analysis companies and eventually scammers get caught. 

[velasco19 1753]

The blockchain grants a partial privacy because it leaves the traceability of its operations visible, in that sense perhaps later on with the regulations and with the help of the governments they can restrict in proportion that illicit activity.
A few days ago I read that one way that criminals use is to acquire equipment and mine crypto-currencies so that payments go directly to their wallets and they erase the tracks better.

[Khetam 328]

Cryptocurrencies are generally used by honest people who are pure criminals and on the other hand can also be used by criminals without anyone knowing that they are really criminals. 

[Hanbal 359]

Cryptocurrency is one of the most easiest ways to commit illegal activities and unethetical behaviour because it is not 100% anonymous and it is difficult to be tracked so they convert their fiat currency into cryptocurrency to commit illegal activity so that they can't be tracked.

[Serbberq 724]

I have heard several times that people now are using cryptocurrency for illegal activities, like money laundering and also a transactions that can't be traced by any government agents, and that is a set back to cryptoworld. 

[Zeshan7736087 287]

The payments through cryptocurrencies are anonymous and they cannot be traced. So there are many chances that these currencies can be misused either for criminal funding or money laundering. But with the advancement of technology the solution to this problem will be hopefully found out.