[2019-04-05]Mafias in Italy Use Bitcoin & Cryptos for Money Laundering

[Vladdirescu87]

The rate of illegal activities including money laundering through Bitcoin (BTC), is alarming in Italy and throughout Europe at large. Crypto startup Eidoo, founded by Italians, which allows users to store, convert and spend digital currencies, selected an apartment in 2017 in a building structure that was sequestered for ndrangheta in Chiasso, Switzerland, just 0.4 kilometers from the Italian border.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/mafias-use-bitcoin/

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[LeGaulois]

"Alarming" that's exaggerated. I even wonder if this news is true. I don't want to look for links to post here but I could find much more reliable sources than Coinidol that say quite the opposite. Mafias also use €£$ then what?
It's like when media talk about BTC and the dark web, the reality is since 5 years the activity decreased by more than half.

[BitHodler]

Even if that's the case, so what? I couldn't care less about who uses what form of money. It's not our problem to figure out who the criminals are, because that's what the authorities are for.

Criminals use that what offers them the convenience they are looking for, so obviously, Bitcoin will be used to conduct transactions of any sort. People need to get over it and start caring about more pressing matters.

People also need to get over Bitcoin's anonymity aspect because there is no such a thing. Every confirmed transaction can be used against you at any time because it's recorded in Bitcoin's blockchain for ever.

[buwaytress]

Good article, and great findings! I would also like to report an alarming use of mobile technology and internet by criminals in Italy. I have been watching a lot of documentaries, beginning with the Godfather. But recent series on the organised crime syndicates in Italy, especially in Sicily, are showing criminals using mobile phones and internet on computers. I feel we ought to ban these technologies because money laundering is a really terrible crime and we shouldn't let naughty people get away with these things. I am willing to sacrifice my Bitcoin & Cryptos for the greater good.

[1Referee]

The biggest mafias in the world are governments who print the money we are using on a daily basis. They threaten to throw you in prison if you don't pay your taxes, or even when you make a mistake when submitting your tax documents. This is extortion. Mafia as in Italian mobsters (or pretty much every other mob gang) are exactly the same as government officials with their innocent looking faces. They'll hurt you when you don't obey.

Bitcoin's 'criminal' use has for the most part already shifted to privacy focused coins. The difference is that news outlets know that no one gives a shit if they refer to coins such XMR. Bitcoin generates traffic.

[Lucius]

The Mafia at all levels of the human society exploits all possible means of money laundering, there is no doubt that cryptocurrency are used for this also. Maybe someone will think that's bad, and it is when only a negative aspect is viewed, but it also show that bitcoin and some others coins actually have practical application in today's society. Mafia is also using fiat, gold, silver, real estate business, and any other form of value or business for money laundering.

But compared to all the above, in my opinion percentage of laundered money with cryptocurrency is less then 1%. Let's just take the example of a small branch of Danske Bank which is laundering 200€ billion, and we can only guess what other big banks do regarding that.

[Hamphser]

"Alarming" that's exaggerated. I even wonder if this news is true. I don't want to look for links to post here but I could find much more reliable sources than Coinidol that say quite the opposite. Mafias also use €£$ then what?
It's like when media talk about BTC and the dark web, the reality is since 5 years the activity decreased by more than half.

Just saving up my 1 click and wont tend out to visit that coinidol site which articles like this arent really worthy to be read up.This is just like a typical day reading up about Bitcoins being used on criminal activities and frauds which isnt really a new thing and nothing to be surprised of. Anyone can use BTC either on legal or illegal means, no one can really stop it.

[Danezu]

You did the right thing, the article is not worth reading. I still think that the amount of money being laundered by crypto is insignificant.

[elda34b]

You did the right thing, the article is not worth reading. I still think that the amount of money being laundered by crypto is insignificant.

Yeah, the amount is insignificant if you compare it to fiat which has been used since years ago. Using crypto to launder your money might give you another problem such as how to liquidate it to cash, so that's another problem.

Tbh this kind of report is 'outdated' already, everybody knows that crypto can be used for that, almost every kind of crypto can. But why put the weight on Bitcoin? Why not investigate other privacy-focused coins? The agenda is clear imo.

[Theb]

Isn't the Anti-money laundering regulation in Europe have been changed by the European Union about a year ago? I have read it before that they have updated their AML procedures due to the prominence of cryptocurrencies in Europe so I doubt that the news article is really paying attention on their past news by creating this one. That's why they already have their sights on the mafia already as they have been flagged by the new changes. EU particularly the country of Italy isn't lacking on any kind of regulations as they have been the most active European country on embracing cryptocurrencies in their country.

[Slow death]

Is unbelievable that they have published an article like this, it seems that the Italian mafia has created bitcoin. I ask myself: what did these guys from the Mafia use before the creation of bitcoin? I believe everyone should imagine the answer. So why the hell should we pay attention to this news? has no data on how much money was laundering and how many cases have already been reported, but ran into exaggeration