Crypto Capital President Arrested For Money Laundering Operation

[Flor1982]

Makes you wonder why they chose Poland. It's well known as one of the countries where crypto companies are not welcome. I remember reading about their biggest exchange Bitbay moving to Malta because it was being harassed by the authorities. I'd expect a large crypto operation to be in a more friendly country like Estonia, Malta, Germany, even Belarus.

This serves as a message that you are only anonymous as long as you don't exchange to fiat. Cryptocurrencies aren't a good for laundering.

It will be a small world for bad people who used crypto currency for their illegal activities because even if they choose any crypto friendly nations other than Poland but still they will be probably will be caught because of the huge money that involved. Unlucky for them as even Crypto is legal in Poland but still fhey imposed a very strict policies towards Crypto currency related activities https://medium.com/altcoin-magazine/how-are-cryptocurrencies-regulated-in-poland-c8e590e078ec

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[Oasisman]

~snip

This would be an another bad publicity for crypto and to those people who do have zero knowledge would simply believe out that crypto isnt a good thing to involve on.

Well, that's inevitable for those kinds of people. But, on the brighter side, arresting this big syndicate is something that the future cyber criminals should reflect on. Even with the decentralized currency, but they are still susceptible from being tracked by the authorities.

Lastly, people who do commit these crimes are just right to face up consequences.This would be an eye opener and a warning to others would do the same thing.

Cases like this which involves huge amount of money laundering is non-bailable, and this people will rot in jail.

[Harlot]

Consider this a warning shot for people who think they could get away woth crimes using cryptocurrencies. A high profile person like this one couldn't get away with this what more if you are just operating scams in the lower spectrum. But I just hope that the authorities won't fovus more on big crimes like this as the small time ones are what hurting their consumers more. Yes I get the part that Bitfinex was involved with this one and it has affected a lot of their users but I'm talking about the ones who built websites claiming to be companies and asking money through hyips which is also big if you consider the thousands of victims they have fooled.

[audaciousbeing]

This is a move that need to be appreciated by all and sundry that wants the progress of the crypto space really because its shows that you cannot hide under the anonymity that crypto provides and use that as a means to perpetuate fraud and think you can get away with it. There is the long arm of the law that can stretch to any length to ensure you are brought to the book to face the consequence of your actions.

[skarais]

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the money to the launderer in an obscure and indirect way. Source
In it development, Money Laundering crimes have become increasingly complex, crossing jurisdictional boundaries, and using more varied modes, utilizing institutions outside the financial system, and have even penetrated into various sectors Source, and in my opinion bitcoin and altcoin and cryptocurrency too.

From the above understanding, we can conclude that this action will clearly harm the country economically. Almost every country has committed this crime and we as citizens must support government efforts in terms of prevention, implementation, and compliance with rules.
In the case of the OP, I appreciate the efforts of the Polish government in preventing money laundering. I also hope that other countries can reveal similar cases so that this step is more effective.

Cryptocurrency is a medium that according to many people is very vulnerable to money laundering. But I do not expect cryptocurency to be blamed in this case, because it is not the wrong media but the perpetrators who have the right to be blamed for abusing this media.