Money Laundering is Less Than One Percent of All Bitcoin Transactions

[alyssa85]

https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

    “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

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[mk4]

If the sources are true, then this is a punch in the face to those FUDsters who always claim that bitcoin is being used by criminals and or money launderers.  Fuck those guys, honestly. I'm looking at you, Jamie Dimon.

[londoireng]

That thing not really a problem afterall. Even if bitcoin not exist money laundry still happening.

[bitvelk]

Yes, today I also read this article, and I suggest that it be shown to all skeptics who justify the unreliability of bitcoin in that it is used by criminal organizations.

[pixie85]

They're right and this statistic looks even worse when shown in numbers not percents. That 1% of transactions is what? 10 million USD in bitcoin laundered a day? At the same time at least 1 billion USD gets laundered around the world and in terms of global economy and all currencies together it's beyond comprehension. Yet they are all shouting that it's all Bitcoin's fault because it's anonymous! Wake up, it's not! There are real anonymous ways to launder money starting from Monero and ending with fake businesses.

[tomahawk9]

This is great, we can finally put a stop to all the news articles that keep refering to Bitcoin as a platform used to perform illicit transactions, but of course, this won't get enough attention on the media because it is actually a positive news for Bitcoin.
Nevertheless, I hope this helps attract more people into Bitcoin, especially those who skeptic about using Bitcoin because of its "reputation".

[rampage101]

This news is very positive should affect bitcoin. Quite a lot of people for whom the use of bitcoins by criminals (ostensibly) was a serious barrier to investment. I hope they read this article.

[mrcash02]

This is great, we can finally put a stop to all the news articles that keep refering to Bitcoin as a platform used to perform illicit transactions, but of course, this won't get enough attention on the media because it is actually a positive news for Bitcoin.
Nevertheless, I hope this helps attract more people into Bitcoin, especially those who skeptic about using Bitcoin because of its "reputation".

Indeed, mainstream media will ignore this kind of news, it's not good for the narrative they want to make the public believes always that they start talking about Bitcoins. What this media doesn't know is that it's a lost battle for them. In theory Crypto-Currency doesn't work (as media says), in practice everyone sees the opposite, the results are positive, so the public will try it and now, with this news, they have just more one reason to invest in Bitcoins, knowing they won't be in an ocean of fraudsters.

[waqasniaz007]

This is very positive news but still big whales and banks will create more fud about bitcoin. Whales want to accumulate and banks do not like bitcoin.

[olubams]

Times without number we have held the view that the argument associating bitcoin with negativity does not hold and its merely a way to call it bad name and give them reason to go on attacking mode even though we don't have the statistics. But this is just a confirmation that all of those things that bitcoin is being accused of facilitating are actually in existence before bitcoin and would even continue if bitcoin cease to exist.

[QuestionAuthority]

https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

    “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.

Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”


The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.

[Urbinklin]

At last! I was waiting for this information. Rumors that bitcoin is used mainly by criminals had a very negative impact on his image. Finally they are scattered.

[FrueGreads]

Nothing new here, the same claims were already made in by the FBI in not such a distant time ago. It's obvious that there are far better options out there for money laundry, like monero, since it's a much more private coin than bitcoin right now. I'm not sure how things will stay, when the lightning network arrives, since it does not only helps BTC in it's scale issues, but it adds another layer of privacy, since it uses something like Tor onion routing applied to tx, and BTC will get a huge boost when it comes to private transactions. Anyway, LN will provide an increase number of transactions all around the world, so even if the money laundry % increases after it gets deployed, I doubt it will increase more than the legal commercial txs.

[markint]

Even though that figure is 50%, it is evident that the bitcoin itself is not the cause of the crime, but the inherent human nature trying to make a profit at the expense of any means that is usable to carry out their perverse plans against of all law. With bitcoin or without bitcoin, with cash or without cash, if the crime cartels find another alternative to carry out their activities in a more efficient way, they will undoubtedly use it.

[ici_lemmy]

really? just see a topic say 14% crypto currency own by hacker so at least 30% money laundering on crypto network. count mafia, bla bla bla

[Omega Weapon]

https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

    “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

If this number is correct then I'm surprised, I thought the number will be higher but it seems the number is very low, this is really bad news for all of those people that keep insisting that bitcoin is a currency for criminals, soon enough they are going to run out of arguments to try to bring bitcoin down, however it is possible they always knew this and they were just lying.

[iagyei259]

Bitcoin transaction  is anonymous  so how did the researcher got his data from to make such claims.  I don't believe it. I think it might be more than that  because since inception  of bitcoin crime detected through banks for laundering money has reduced  and in my opinion, is because of another safe haven like bitcoin that has accounted for that.

[Aveatrex]

https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

    “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

That was obvious.You have to show this to my country (Morocco) that banned bitcoin and cryptocurrency pretending that it is used for money laundering and drugs,weapons traffic.
Thank you for sharing this op.I'll use it against those in my country who keep telling me that bitcoin is a scam.
It's sad to be in a country of ignorant people when everytime something new and revolutionary appears they attack it without even knowing what it is all about.

[johnlofar]

Bitcoin transaction  is anonymous  so how did the researcher got his data from to make such claims.  I don't believe it. I think it might be more than that  because since inception  of bitcoin crime detected through banks for laundering money has reduced  and in my opinion, is because of another safe haven like bitcoin that has accounted for that.

They might be tracking the transactions and tracking big sums of money.

[LeGaulois]

From another article that I have read last week (not cointelegraph) it was talking about a research (from an institute if I remember) the study showed that only from 3% to 5% of the transaction are used for illegal activities...
Not so different from the OP but it still shows how the politics are trying to wash the brain of people with the generic excuse of terrorism, money laundering

@Omegascreen, you take BTC-e as an example but how many exchanges have suffered the same situation? How many Ponzi, banks, and so on are using the dollars to commit frauds?