How is money laundering possible in crypto?

[alexisfuentes 2130]

Not to be confused decentralized with 100% anonymous as persons / transactions / balances.

 

Decentralized means having control of your assets and the right to privacy of your personal data.

 

Those who make the transactions are "anonymous" (not 100% if you do not know how to avoid it, traces are always left) but the movements, amounts, balances, NO.

 

Can we see anybody's transactions as users in traditional banking? NO!

 

The crypto does not have blame this situation, in fact traditional banking has the personal information of all its users, and this happens, on the contrary, the money that moves in traditional banking is greater.

 

It is more of a created myth, added to the crypto world that premise.

 

P.D:

Notice, I'm not saying it doesn't happen, but it's not 100% fault of the crypto system.

 

It is as if someone uses a baseball bat to kill another person, then baseball bats are bad and dangerous, do not support that sport.

 

 

 

[TimopheyKa 3900]

I think this is a very real move. And the situation should be considered, because even ordinary money laundering is not so difficult, and since the cryptocurrency is anonymous, it allows you to hide your funds without problems, and then just use them!

[Honny143 13612]

On 8/10/2020 at 3:13 AM, Cryptonym said:

Money laundering is not a hard thing to do especially when it comes to crypto currency since there are no one holding and making the crypto currency secured. But we should really be a responsible user so that we can help the crypto currency to get improved.

Money laundering possible in crypto currency , if we called its advantage are disadvantage, but its one of the fact in decentralized network anyone send huge money to other person, and another interesting fact no one trace who send this money only wallet address trace that's why so many countries against these crypto currencies.

Edited August 16, 2020 by Honny143

[FaithJoy06 170]

On 8/3/2020 at 10:32 PM, Guru2050 said:

As matter of fact, it's possible there are some people who used the system in extra legal way. Because of it's decentralized nature and anonymity these are  the exceptional features that differentiate it from local currency

Yes I agree with this. The value of cryptocurrency really varies. The government really cannot control it because of its use is anonymous. Local currency has features that are different from cryptocurrency. Cryptocurrency is digital and intangible that is why it it is hard to be controlled.

[Yomose 3704]

On 5/26/2020 at 5:06 PM, Omar Ommeish said:

I think this is difficult but it is possible for the hacker to steal many wallets and send the money to themselves illegally.

What told you that? Although, if people avoid scam, know about cryptocurrencies, lack greediness and are patient, they will not be scammed. But due to human error and carelessness, many people are getting scammed daily. 

[Guroo0 47]

For halting this illegal tax avoidance a large portion of the exchanging trade have set that each client need to check id and that can help to the tax evasion for digital money markets and it will work

[sarahmoses202020 251]

On 1/5/2020 at 8:17 AM, Jalil Baloch said:

I have come to know that, capital present crypto has been accused for money laundering and has been sent to jail by polish government.

There are different ways that you can track people now in crypto. Because if the widespread of scams exchanges began to ask for KYC. They are able to identify who their customers are in real life so that they will look for them whenever things look suspicious. Money laundering now is not possible in crypto as opposed to the past where people just do what they like without monitoring. Also your wallet address could also get flagged if you look suspicious.

[Cryptic 0]

18 minutes ago, sarahmoses202020 said:

There are different ways that you can track people now in crypto. Because if the widespread of scams exchanges began to ask for KYC. They are able to identify who their customers are in real life so that they will look for them whenever things look suspicious. Money laundering now is not possible in crypto as opposed to the past where people just do what they like without monitoring. Also your wallet address could also get flagged if you look suspicious.

Yeah since the transactions was being stored in blockchain which is hard to tampered because of its complex algorithm, so I also think that it is impossible to make a crypto/money laundering in the crypto world unlike in the bank which has a possibility to tampered the transactions.

[Mike1515 2977]

Its pretty easy and especially this is a very self explanatory kind of question, if you want to pass in money illegally gained , then it will be very easy through crypto , since in crypto there is the kind of identity that is hidden so very important you take that in that works perfectly for everybody as you can tell

[Ad.shah 0]

bribery method preserving cabbage as well as illegalities get pleasure from racketeering, suicide bomber financing though but emerges enjoys sanctioned resources. because of privateness cryptographic protocols must have certain options to apply since illegalities hte isn't any command consisting of a bit much self-confidence toward cryptographic protocols minutes. supposing that improprieties hike in addition to password cracking after that possibly amerciable.

[Gluttony 1775]

This might be a flaw of block chain technology since it is private that almost no one could gain access to someone’s account, it is easy to track the records about this money laundering. I guess this could be a feature that could be improved by the block chain technology so that the users who are using cryptocurrencies might be able to fight back if ever they get caught in this kind of misfortune event. As a comparison to centralized sector where in they could gain access to all users’ accounts in the banks, they could also track the flow of the money when and where it goes.

[cryptovlek 2597]

I don't think anyone in here knows about money laundering. This is something the banks are usually doing. If they found a way to use crypto for this we haven't heard anything, but many hackers have been found that were trying to mix transactions of stolen cryptocurrencies and avoid detection. Some have been caught too and are in jail. Maybe they were trying to mix transactions but the addresses were found to be connected with them.

[Flying11Horse 45]

I don't have a lot of knowledge about money laundering but I think that it is easy to do money laundering using cryptocurrencies.The reason is that there is no one for  accountability and to keep a check on the people working in the crypto world. 

[Danii2312 34]

Money laundering means generating money with criminal activities like drug trafficking, terrorist funding etc but appears to have come from legal sources. Due to privacy crypto has more chances to use for illegal activities because there is no control of any authority on crypto transactions. If criminal activities increase with crypto then it could be banned

[Swapzone 174]

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.

It becomes kinda easy to do it as it can't be tracked and controlled by anyone. But, there are some ways to avoid this and catch the criminals.

[P A Ashif 2409]

Let us understand what actually money laundering is. It is the process where the money earned through illegal process is changed into white money by many banking transfers or commercial transactions. Crypto is always blamed for illegal things. It's the main transaction medium in black market. So that can be a disadvantage of crypto. 

[Mess3 10]

Financing in crypto is possible because those who are involved in money laundering, however, invest a lot of money from crypto and send it to other places because that investment is the main subject of money laundering.  So, I think such illegal acts also result in many penalties through the legal system.

[williamjones 57]

It really is very possible that crypto has been utilizing for cash laundering given that each purchase will be private and also decentralized in which simply no alternative party required to test each purchase coming into plus it cannot be observed from the authorities

[safwan944 54]

One can easily launder millions of cryptos from one country to another country just by one click so thats why governments are not allowing to legalize it.From one wallet to another wallet it takes only few hours to pass millions of money.

[percare 3192]

Money laundering happen with the banks but maybe they found ways to use cryptocurrencies too. This is illegal and anyone doing that can be arrested, I don't know what or how they do that but I have also heard some things about laundering money. The world is huge and banks can be in the game too but I hope this will not be the simple people that will pay for the launder of illegal money.

[bogdanoff 3173]

There are some privacy coins and some ways to make Bitcoin transactions anonymous. These are used by hackers of crypto exchanges to hide their tracks and sell in the market without anyone knowing them but sometimes these methods fail too and they are found by authorities.

[glory50 1259]

Its possible and the truth is there is a lot of good things that are going on in this sites when you look around that we need to avoid making mistakes that can cost us, so when you look and be sure that the most important thing is to really look for strategies that people can use to move huge sums of money without being identified at any one position and there is a truth to it that there is something happening to Monero , there are stories that huge sums and tax evaders are getting by through monero, but all in all crypto is a good idea that time has come to existence.

[Hamidul1234 6]

And anyone can easily withdraw money through crypto. Users can fake their identities and instead use Cipto to do illegal things. Since a lot of people nowadays use crypto,

[Zeshan Khalid 2577]

Money laundering is easier through crypto currencies as compared to other currencies because crypto is a decentralized currency and no country have claim over it

[Mdbabu 0]

Many people know how and when to launder money in cryptocurrency. Invest a lot of money from crypto and send it elsewhere because this money is the key to money laundering

Many people know how and when to launder money in cryptocurrency. Invest a lot of money from crypto and send it elsewhere because this money is the key to money laundering