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Author Topic: How do drug dealers get their bitcoin laundered?  (Read 65 times)
Don Pedro Dinero
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April 08, 2018, 04:48:55 AM
 #1

That question has come up to my mind after reading this article

https://www.vice.com/en_us/article/xydjz7/from-the-mountains-to-the-mailbox-i-spent-a-weekend-with-a-deep-web-drug-dealer

So this guy buys hash from Morocco and sells it for bitcoin through the internet but I bet when he buys that hash he has to pay cash, so he needs to exchange his bitcoin/monero for cash fast but, how does he do it?

Not even on this forum people seem to know how to do it. It they were small quantities there is a way, but I haven’t seen any way for large ones. And even for small ones it is becoming more difficult with increasing regulations, card companies cutting down amounts for unverified users and so on.

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April 08, 2018, 06:05:24 AM
 #2

Your are asking one question in your thread title and another question in your topic. Huh
They get their bitcoin laundered by using bitcoin mixer services,i guess.
How do they get cash?By using localbitcoins and paxful,i guess.I don`t think that anyone could track the origin of that money. Grin
Drugs actually aren`t that expensive in Africa,Asia and Latin America.They become expensive when people sell them in Europe and North America.The more interesting question is,how do they ship the drugs from Morocco to Europe and what`s the shipping cost?

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April 08, 2018, 06:09:13 AM
 #3

That question has come up to my mind after reading this article

https://www.vice.com/en_us/article/xydjz7/from-the-mountains-to-the-mailbox-i-spent-a-weekend-with-a-deep-web-drug-dealer

So this guy buys hash from Morocco and sells it for bitcoin through the internet but I bet when he buys that hash he has to pay cash, so he needs to exchange his bitcoin/monero for cash fast but, how does he do it?

Not even on this forum people seem to know how to do it. It they were small quantities there is a way, but I haven’t seen any way for large ones. And even for small ones it is becoming more difficult with increasing regulations, card companies cutting down amounts for unverified users and so on.


Drug dealers managed to get their cash laundered. Why should laundering bitcoins be any more difficult?
They set up companies involved in legal businesses, show legitimate transactions and then under / over invoice to launder money.

Read this article to get a sense.
https://www.bloomberg.com/news/articles/2016-05-05/a-cartel-and-a-briefcase-how-drug-cash-moves-on-a-river-of-gold


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April 08, 2018, 06:30:57 AM
 #4

Multiple things that drug dealers online could be doing. They could be mixing through a mixing service, then sending their coins to monero and then switching back to bitcoin. This is something which is going to make it hard to trade, depending on the persons opsec and the mixing service used.

People could also just use a mixer; the good ones are going to be able to make these bitcoins clean instantly. -- Though the big problem with this is you may get coins which have been flagged by LE for drug stuff as well, so it may bring unessecary attention

People also go ahead and use localbitcoins / pax and sell the coins from anon accounts -- this gets them cash which probably helps them the most.


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April 08, 2018, 06:46:47 AM
 #5

That's why the main reason why bitmixer close their service although the company seems profitable when there are many demand for this activity.
I won't be surprise if drug dealer using chipmixer for mixed their transaction or maybe there are more mix site that exist anonymously.
My government also forbid bitcoin because it can be use for our enemy such like corruptor and drug dealer

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April 08, 2018, 07:01:29 AM
 #6

So this guy buys hash from Morocco and sells it for bitcoin through the internet but I bet when he buys that hash he has to pay cash, so he needs to exchange his bitcoin/monero for cash fast but, how does he do it?
It could be in a form of a loan then he pays them with bitcoins or he has connections to different kinds of people with the help of his team.

The more interesting question is,how do they ship the drugs from Morocco to Europe and what`s the shipping cost?
The page says that the drugs are wrapped up in a small package and delivered by a postman. He could've hired a team dedicated to handle the shipping so they won't get caught. Why would you want to know the shipping cost are you planning to ship drugs too ?  Cheesy

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April 08, 2018, 08:50:08 AM
 #7

Hei guys,

Thanks for your replies but
Your are asking one question in your thread title and another question in your topic. Huh
 

I don’t think I’m asking two questions.

They get their bitcoin laundered by using bitcoin mixer services,i guess.

They could be mixing through a mixing service, then sending their coins to monero and then switching back to bitcoin.

That's why the main reason why bitmixer close their service although the company seems profitable

Chip mixers only hide the origin of funds but according to the article, he claims to be making $123,000 a month. If I try to convert $100.000 into fiat I’m going to be investigated and I will have to explain where those funds come from, so using a chip mixer doesn't make those funds appear to have a legit origin.

Drug dealers managed to get their cash laundered. Why should laundering bitcoins be any more difficult?
They set up companies involved in legal businesses, show legitimate transactions and then under / over invoice to launder money.
Read this article to get a sense.
https://www.bloomberg.com/news/articles/2016-05-05/a-cartel-and-a-briefcase-how-drug-cash-moves-on-a-river-of-gold

I find this reply more plausible, thanks.

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April 08, 2018, 09:24:16 AM
 #8

Many exchanges require real-name registration for users!

And many exchanges prohibit big trades, which is to prevent criminals from doing illegal activities!

This is some government regulation of digital cryptocurrency!
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April 08, 2018, 09:39:47 AM
 #9

Getting bitcoins or Fiat for drugs is not a problem. But wash through bitcoin is very difficult. In General, I think a lot of talk about money laundering but it is impossible without the assistance of politicians and bankers. By talking about money laundering, the government covers the desire to control our income. This has nothing to do with fighting crime.
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April 08, 2018, 01:33:44 PM
 #10

Drug trafficking is paid for by bitcoin. This is a crime. If the police find you will be prosecuted criminal liability. Bitcoin is outlawed but when it comes to drugs you become criminals. Many have taken advantage of this form of money laundering.

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April 08, 2018, 01:52:31 PM
 #11

Chip mixers only hide the origin of funds but according to the article, he claims to be making $123,000 a month. If I try to convert $100.000 into fiat I’m going to be investigated and I will have to explain where those funds come from, so using a chip mixer doesn't make those funds appear to have a legit origin.
~snip~
I find this reply more plausible, thanks.
One can do over the counter deals or local trades peer to peer in order to get that money out and those who received a lot through bitcoin sells it to ordinary traders(probably after it is cleaned using a mixer). They also might have been slowly converting it all into fiat in order to not attract the government's attention and public's eye as well to avoid getting tracked.

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paul00
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April 08, 2018, 02:27:53 PM
 #12

Drug trafficking is paid for by bitcoin. This is a crime. If the police find you will be prosecuted criminal liability. Bitcoin is outlawed but when it comes to drugs you become criminals. Many have taken advantage of this form of money laundering.
Yes this is a crime and we know that only big time drug dealer will be the primary of the police or the drug department maybe the drug dealer ongoing thru the crypto is not that big deal for them but I know that someday they will catch who ever behind that activity.

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