money Cryptocurrencies for illicit money laundering

[koynayak 1923]

I heard that they're using mixer for laundering money and bitcoin mixers typically provide customers with a newly generated bitcoin address to make a deposit. The bitcoin mixing service pays out other bitcoins from its reserve to bitcoin addresses provided by the customer, after deducting a mixing fee. Some randomness is applied to the frequency and amount of payments/fees, to create a guise of legitimacy.

[yonkii 3205]

It is very alarming what is happening in the dark net. I hope these bad people will get arrested and there will be a lesson given to anyone that has no sense of logic and laws. These businesses give a bad name to cryptocurrencies and nobody should be promoting the use of crypto for these markets.

[Poppisnop 428]

Most investors see it as an opportunity to launder money due to the way crypto currency has spread through the whole world at large, so I think that's one of the reason most countries are banning it.

[percare 3192]

On 12/19/2020 at 10:42 AM, Dormilon said:

illegal mafias increasingly embrace the possibility of use of cryptocurrencies to achieve their purposes.

This is a big problem, along with all the positives the cryptocurrency  market also has to deal with the criminal networks that use all kinds of crypto to help them with the illegal trades and transactions. Many of them can be found and have been arrested, yet there is an increasing trend in using cryptocurrencies in black markets and for criminal activities.

[Lapulga04 259]

On 12/19/2020 at 9:42 AM, Dormilon said:

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.

 

 

The illicit use of crypto currency exchange is mainly attributed to it's feature of been difficult to track and trace transaction. However crypto currency exchange has provided alot more positive stuffs for the population, during this current pandemic in particular crypto currency exchange appears to be the safe place to trade without worrying about Covid 19.

[tienda 8776]

Unfortunately yes cryptocurrencies they are using it for illicit money laundering, and they will stay using it for bad things. But what they are waiting the countries governments to take a decision in developing it! The cryptocurrency is here and will stay here for a long time, the unique solution is working in developing it, to make their transactions traceable.

[ibrahim halil anaç 138]

It is true that cryptocurrencies are used for illegal money laundering, but it is very wrong to slander the crypto world for just this reason. The number of honest people in the crypto world is increasing day by day. Money launderers are a minority in the crypto world.
It is a great injustice to the crypto world to defame the currency of the future just because of money laundering.

[Jromz 2158]

This is not new, unfortunately. Criminals have been long using cryptocurrencies for malicious purposes, taking advantage of decentralization and the lack of regulation of these assets. This has naturally damaged the reputation of cryptocurrencies and even now we can see people holding negative opinions and being fearful about this world. Sadly, it is so hard to fight against this.

[abohasnn9 2401]

My friend, unfortunately, despite the positiveness of cryptocurrencies on the whole world, they have dark aspects that are not liked at all, such as the centralization of cryptocurrencies that allows the process of money laundering in the whole world through the dark Internet, no person can be relieved of the sender or the receiver of the money and money laundering is done in this way  Buying and trading weapons and also drugs in the same manner, thank you

[Lokeloke 576]

On 12/22/2020 at 4:37 PM, Brandonsaw said:

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.

Don't even stress yourself, politician now use cryptocurrency to laund money too, they won't forward the funds to their account but will use it to buy BTC since it CANNOT be detected being a decentralized currency, and millions are looted with just little value in BTC

[bogdanoff 3173]

We don't have to hide the fact there was an increase in use of cryptocurrencies for these illegal activities, but since we discuss money laundering then what are authorities doing with all the banks. The laundering is happening from banks and even terrorism finance is happening from the bank system where there is little control, centralized systems and tamper of data.

[MonaAhmad 146]

Yes, it is true that the use of encryption in the laundering of illegal money and inhumane and criminal acts led to many countries not adopting it and banning it

[teebasas 3018]

Cryptocurrencies have been used in illicit activities such as drug trafficking, money laundering, and the purchase of weapons and ammunition, and they are difficult to track, which is why many countries are reluctant to accept them.