Bitcoin Forum

A joint report by Center on Sanctions & Illicit Finance and Elliptic, a cryptocurrency forensics firm, has indicated that Bitcoin laundering for illicit drug activity is a highly centralized process. The report’s authors, Yaya Fanusi and Tom Robinson, indicate that much of illicit Bitcoin is laundered through mixers, saying:

“Mixers have consistently processed about a quarter of incoming illicit Bitcoins per year. The proportion laundered through exchanges and gambling combined has been roughly constant (66 to 72 percent). Of note, Bitcoin exchanges processed 45 percent of laundered Bitcoins, but, as they received much higher volumes, a much lower proportion of their activity is illicit.”

The report also indicated that the vast bulk of those mixer (ftp://mixer) and gambling (ftp://gambling) laundering schemes occur through just three sites. In fact, the report indicates that 97 percent of the volume in their categories and 50 percent of the volume overall” is processed by these few sites.

Metropolitan Bank recently ceased wire transfers for cryptocurrencies (ftp://cryptocurrencies), due to the increasing risk of money laundering and other illicit activities being conducted through Bitcoin. At the same time, China has sought to close ‘exchange-like’ sites for Bitcoin, believing greater regulation and control are critical.

The advantage of Bitcoin has also become a place where criminals can use it. This does not mean Bitcoin is not good. Just because the perpetrator used it. But I think these places will be slowly refined later. Everything is a double-edged sword.

Well it was time to make a use of them . I was wondering how they would use them for their own purpose and damn.seems they found a good way. Lets hope tho in the future they'll make a system where they will stop them from using them for illegal activitys.

Cash is used the same way. I think the solution for the government is to enforce strict KYC processes for institutions dealing with bitcoin and other cryptos to somehow stem the tide of illicit activities. Still, criminals will always find a way somehow to launder money.

Bitcoin is used for illegal drug trade. Illegal criminal organizations use dollars in general. The police are catching these organizations. Court sent to prison. This is a very normal process.

There was absolutely no need to put "Centralized" into this title or etc, you are basically a puppet speaking on behalf of the individuals against the blockchain, trying to dissuade people from investing in a decentralized currency system.

Like what the fuck is this bullshit? The article is pretty good, but it remains speculation that these bitcoins were used for laundering money. I have absolutely no doubt Bitcoin and other crypto's are being used for dirty shit. Butm the fact you had to add in centralized to click-bait is foolish and diminishes the entire article.

NO FUCKING SHIT laundering is centralized, what we in fucking grade school? You have to obtain dirty funds from said organization or X method that's highly organized, and used said exchange. Again, I don't see the point or reasoning why they had to add centralization to this article