Bitcoin Forum

Estimated that 1.5 billion e-money will be lost from now until the end of this year
- In the first half of this year, the number of people using electronic money has tripled compared to last year.
- CipherTrace, a US-based network security company, has found more than $ 761 million of electronic money washed out this year, only $ 266 million last year. With such numbers growing, CEO CipherTrace's Dave Jevans has grown exponentially, predicting that there could be as much as 1.5 billion losses in crypto losses by the end of the year.

Drug dealers and people laundering money want fiat. How do you get fiat? Exchanges follow KYC and if you exchange in person your face and identity are seen. It's not as easy as it sounds. Does it happen? yeah of course, but people have money laundered in crazy ways.

The cryptographic market is a land of crime of tax evasion, money laundering, illicit trafficking, and lack of administrative authority. This easily leads to the collapse of a developing market. Money laundering is simple and is not investigated by any government authorities because of the great anonymity of crypto. Too many things to worry about this market

Nice argument.

this is what makes a lot of people who still refuse the existence of Crypto, but on the other hand there is a need for crypto for transaction without ID, at some time ago there was even an issue that the corruptors in a country have used Crypto, it seems crypto will be seen as the currency of the underworld  :(

well they found it so i do think its still good right? I do think there is always away to laundry the money and i believe its true that cryptocurrency is one of the best for doing such a criminal action. Even though crypto could be use to laudry money doesnt mean it would make them stop to developing. So i still do believe there is good development despite so many bad things in cryptocurrency that could make our life even better and easier.

I’m pretty sure that money launderers either find a way around the exchanges or get to avoid having to deal with KYC. It may not be easy but these schemers would be willing to go through the hassle because they will have profit anyways. They would really go through crazy ways just to money launder. Pablo Escobar even had a hard time to the point where he buried some of his money because he already had so many. Let’s not make mistake, however, to think that the crypto market largely comprises of money laundering activities.

I agree that it´s happened with money before cryptocurrency, but the point is that cryptocurrency makes it easier.  I want to give crypto the best name I can, but to deny that crypto makes illegal monetary activities more easy is just blinding yourself in my opinion.

I agree with your point of view. But cryptocurenncy seems too simple to carry out money laundering. No one can investigate you as a money launderer, because of its great anonymity in every transaction. The value of Cryptocurrency is also easily manipulated and exchanged between criminals.

I do not care about KYC. Because this is too easy to overcome by extremely sophisticated image editing

Yes actually countries are regulation cryptos already. There's a good and bad effect of money laundering first you can withdraw easily with a big amount hiding on ToR network transaction which is Anonymous coin/privacy coin. and by the way the good thing of being anonymous is to hide our wealth so government won't track us. lots to discuss guys!

This is a wrong assertion about cryptocurrency. We do genuine staff here so how can someone possibly because he or she do not believe in cryptocurrency say such a thing.We have genuinely embarked activities here.No money laundering at all.

How do you get FIAT to the TOR network? This is just as hard as laundering the money in the first place it feels like? You could go and scoop up small amounts for cash of private persons but sounds inefficient right :)

There are many ways for money laundering, and crypto currency is only one of these ways, and it is not very reliable because of his volatility. Probably blaming crypto currency for money laundering is just a way to discredit it, because it can greatly affect the money in the future.

I think money laundering in correlation with crypto has to do in a few percent only, so it is quite similar to "normal" (paper) money laundering or digital money laundering (digital dollars, euros). I don't think crypto will help the percent to rise, since we have agencies on the rise, that are going to specialize into investigating transactions, as we all know that they are transparent.

Yes it can help with money laundering. Buy a coin with your black money, exchange some other coins that has increased a lot recently, exchange to fiat and claim that's your profit.
It has made it too easy to convert your black money to white.

Hmm...... Crypto is a safe heaven for money laundering, tax evasion, scam etc

I disagree. For money laundering the use of crypto currency is too inconvenient and it is difficult to hide it since it is necessary to undergo verification during the exchange.

Do you think that it is much easier to launder money through the crypto currency than in any other way? You are very wrong. Those who need to launder money are not using the crypto currency.

It's the paradise of crime :). Cause it's really hard to find out identity of transaction owner :)). Money laundering is not the only criminal activity in cryptocurrency world there are so many others criminal activities like tax evasion, drug trafficking,.....and IMO I think it's the main reason why cryptocurrency is still not legalized worldwide yet :)

I do not agree it’s paradise
Even though money laundering is rampant using crypto currency
It can be tracked as the FBI did recently with a money laundering that happened on coinbase
They got information and contacted coinbase to provide transaction hash, to solidify the claims
So it means crypto money laundering attempts can be controlled

Yet there are many ways to launder money,as an analogue of cryptocurrency,Yes. Tax evasion, fraud.