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Author Topic: Money laundering via BTC  (Read 27171 times)
gvnsrbtc
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June 30, 2018, 10:11:02 AM
 #561

The possibility of laundering through bitcoin is even higher than FIAT because it is now possible to move without trace and I think corporations are now using it as a means for capital flight which cannot be unconnected with the noise been generated by the relevant arm of government and the result of such is coming inform of discouragement in using bitcoin.
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Sharon Borgess
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July 02, 2018, 05:53:19 PM
 #562

Bitcoin is traded between individuals, rather than through the banking system. People use Bitcoin for a variety of purposes and can not know how many of them use Bitcoin for criminal activity. One of the world-leading bitcoin money laundering is:
  WannaCry - a malicious code used to exploit a security vulnerability in Windows - has attacked more than 200,000 victims in at least 150 countries, causing the computer systems of many individuals, agencies and organizations to be paralyzed. It is worth mentioning that WannaCry requires a ransom to recover the data must be a digital amount Bitcoin equivalent of $ 300.
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July 02, 2018, 06:12:47 PM
 #563

I have read and heard many people talk about money laundering through bitcoin. I think drug criminals are more likely to be laundered with bitcoin and government is difficult to track
Mariadelan25
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July 05, 2018, 06:31:07 AM
 #564

Your right Money Laundering via Bitcoin is surely possible. Speacially criminals and government persons they can hide their money without knowing everyone.In this situation they could hide their illegal transactions.I know Bitcoin will provide more securities for everyone
LeopardCryptoGr
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July 05, 2018, 06:39:18 AM
 #565

Money laundered via btc is much less than money laundered via traditional banks. BTC risks of ML, illegal activity, etc.  is one more type of FUD

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July 05, 2018, 06:45:41 AM
 #566

There was this issue in been in news in my country about how money launderers do their transactions, they use bitcoin as their mode of money
And the government investigated about it. After that the government made its news and raised awareness through seminars and public demonstrations
Because of bitcoin's anonimity of transactions it is pretty handy to use that for money laundering
You see there is a dark side of bitcoin

Ankush2108
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July 05, 2018, 06:51:07 AM
 #567

Yes ofcourse money laundering is possible for some people that's why some governments banned cryptocurrency in there countries. But in future may be it can not be possible due to increase in higher securities and governments are still working to stop money laundering so in future may b it's not possible. But right now it's possible but it's risky.
spadaccino
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July 05, 2018, 06:55:46 AM
 #568

Drugs - child pornography - guns
All the FUD related stuff.

In an era where crypto still not existed the bad guys used others ways to get those things !

And they'll find everytime a new path to get their purpose.

Money laundering is similar to these
terlesbogli
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July 05, 2018, 07:07:28 AM
 #569

Drugs - child pornography - guns
All the FUD related stuff.

In an era where crypto still not existed the bad guys used others ways to get those things !

And they'll find everytime a new path to get their purpose.

Money laundering is similar to these

Yes bitcoin use in some illegally activities online due of Bitcoin is have anonymous transaction, criminals use btc as their transaction payment cause they can pay  money without information involved.
mendra_2009
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July 05, 2018, 07:14:43 AM
 #570

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Indeed there are people who take advantage of the btc's weaknesses to engage in illegal actions such as money laundering. This is very possible because in the process of account creation or btc ownership there is no need for complete and clear data so that anyone can make it without using their personal data directly. Thus it will be difficult to find who is actually the owner of the btc account, because we can only see the transaction and never know who the owner is clear and certain.

IRISlingk
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July 05, 2018, 07:14:51 AM
 #571

Using bitcoin to launder money is not that simple, because bitcoin transactions can be tracked, anti-money laundering technology can, bitcoin can not be truly anonymous. Because you only need to know your wallet or address, you can track it.
Fbi_babs
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July 05, 2018, 07:19:46 AM
 #572

Bitcoin is the best platform for money laundry.....That's why most government want to ban it from their country but bitcoin has come to stay
waroenkshisha
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July 05, 2018, 07:28:00 AM
 #573

Yes ofcourse it is possible. As you know that cryptocurrency can’t check by anyone else accept the wallet owner. Cryptomoney can’t tract the transaction (only transactoon history, but can’t check to or from who the transaction). So this one is on of the main issue for some cointry policy.

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BitBite5
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July 05, 2018, 07:32:44 AM
 #574

Bitcoin is the best platform for money laundry.....That's why most government want to ban it from their country but bitcoin has come to stay

Money can be laundered with fiat money too, we all know that. Bitcoin and other crypotcurrencies are a bit more convenient because it's harder to trace the money flow.
Still that is no reason for governements to ban bitcoin and in fact majority of goverenements don't want to ban but to regulate bitcoin and although many are mixing ban and regulation, including you, these are two different things. And regulation could also help to prevent and to monitor illegal use of bitcin which would actualy be the benefit for all.
megatrix
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July 05, 2018, 07:46:40 AM
 #575

I would say that yes, it can be used in activities such as money laundering. I know for a fact that Bitcoin and its features makes it powerful and efficient in making things happen not just the usual financial transaction but also those illegal activities as well. But to be honest, I am not seeing that as against Bitcoin because any fiat money can also be utilize in such activity, but no one is creating a fuzz about it.

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Mersterious
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July 05, 2018, 08:20:15 AM
 #576

Everyone would probably agree that it's our obligation to pay taxes and that most money laundered have been made by stealing people's money (scams, hacking, etc) or exploiting them (drug sales, prostitution rings, etc.
Vic108_btc
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July 05, 2018, 08:24:04 AM
 #577

Even though BTC transactions can be tracked closely  there are a lot of cyber miscreants who have laundered money through bitcoin. Last year the DEA of the USA released a report stating that BTC was being used for money laundering activities related to trade. Even recently a study by CipherTrace has revealed that crypto users rely on money laundering mixing services to convert their illegal money into clean money. So there’s no denying that bitcoin can’t be used for such purposes. To keep this issue in check governments and regulators need to come up with stricter AML provisions.
sitnibtc
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July 05, 2018, 08:44:44 AM
 #578

yes no doubt. since everything is anonymous, somebody could do this and not be tracked.
lzby2000
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July 05, 2018, 08:47:28 AM
 #579

I saw news about money laundering on bitcoins a few years ago. Officials in many countries have money laundering through bitcoin to divert their illegal income.

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CaptainKid
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July 05, 2018, 08:53:16 AM
 #580

I saw news about money laundering on bitcoins a few years ago. Officials in many countries have money laundering through bitcoin to divert their illegal income.
You do not have to believe everything that is said in the news. I believe that there are a lot of money laundering methods, and this has always been done, even before there was no bitcoin.

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