When we think that crypto is being used by criminals to move tons of money

[crwth]

I hope people understand that scams and fraudulent activities are everywhere. Bitcoin conveniently has this facade of "anonymous" feature that is "conveniently" works for criminal activities. I think that's why crypto is almost always being associated with that by the people who don't know anything about it.

Fiat is used in much larger fraudulent schemes, and it is stolen much more often, why don't you write about it?

There are many corrupt people who do whatever it takes to get more money. And you know that Fiat has been used way longer (because of its existence) compared to crypto, right?

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[ethereumhunter]

There's no doubt that banks or fiats are still the number one thing that is being used for fraudulent activities. From the fact that banks are making a big profit because of this and allowing such activities, criminals tend to cling to this.

But we still can't deny that the use of cryptocurrencies are increasing when it comes to illegal things.

Of course, before fiat and the bank is the first option of the criminals. But right now, their second option is using crypto-currency. I will not be surprised if the bank accepts fraudulent activities. Banks tend to take this kind of action to accumulate more profit.

The crypto gives criminals a chance to use cryptocurrency to transfer their money without anyone knows. But if they want to convert the crypto, they need to pass the bank security, which I think they will easily pass that because they have an inside person at the banks to allow them to transfer the money. If the officials want to open this case, there will be many popular people involved in that crime, and I don't think that they will not do something to protect their popularity.

[hahay]

Well, maybe every criminal has a different level as well and for top-level criminals, at least they will be able to easily control the entry and exit of money in the bank they use, so that their confidentiality may be guaranteed because they have paid high fees to carry out such activities in the related bank. But for low-level criminals who would easily be tracked using Bitcoin as a ransom, of course this kind of judgment will flourish in society. These facts or it can be said that a corrupt institution will continue to protect its secrets until no public has suspicion of it.

[nicecrypto]

Fiat is used in much larger fraudulent schemes, and it is stolen much more often, why don't you write about it?

Exactly, I think till now fiat is much use in large amounts than crypto to commit any fraudulent activities, not very many people are aware of crypto unlike fiat that is universally accepted and used, so I don't completely agree with the op on this.

[Swordsoffreedom]

I hope people understand that scams and fraudulent activities are everywhere. Bitcoin conveniently has this facade of "anonymous" feature that is "conveniently" works for criminal activities. I think that's why crypto is almost always being associated with that by the people who don't know anything about it.

Fiat is used in much larger fraudulent schemes, and it is stolen much more often, why don't you write about it?

There are many corrupt people who do whatever it takes to get more money. And you know that Fiat has been used way longer (because of its existence) compared to crypto, right?

I think it so. It is not important that which medium are used for moving money. The important thing is that peoples are corrupted. Many people say that Bitcoin is used to buy illegal things like arms. Because BTC is hide buyers and seller’s information. But if the terrorist wants to pay by fiat money, it is not a bis issue for them. If terrorists are use bitcoin for illegal work, we cannot blame BTC for it.

[Alert31]

Fiat is used in much larger fraudulent schemes, and it is stolen much more often, why don't you write about it?

People are already aware and veteran about many Fiat fraudulent schemes and mostly higher people are behind it. Since the beginning fraudulent are rampant in fiat money unlike in crypto which is something new and not easy to know that's why people in crypto space still not aware about the operation of many scammers online.

[Silberman]

At least now we have something to counter those expressing their thoughts about Bitcoin and the whole cryptocurrencies as use by
criminals and not to be trusted?

it has been many years that this is the sentiments thrown to crypto thats why this cannot be a good investments or used because
 of this arguments.

But now that this proof of Banks are the one whose the true criminal assistant for their transferring i guess this is the time for us to Heads up and be
 proud of what market are we having.

Thanks for this Mate,nice Thread.

We always had that argument at our disposal but what happens is the media which is controlled by the governments as they depend on it for their survival will spread those news about bitcoin to weaken its public perception so people decide out of their own will to stay away from it, it was a tactic to delay the mass adoption of bitcoin as they could figure out a way to destroy it but now they are finding out this is impossible and it has become one of their main tactics in their war against cryptocurrencies.

[MCobian]

Many people do not do research properly, and listen to the government and banks say that Bitcoin is widely used by criminals
for illegal activities. In fact, there are many cases of money laundering done by banks, and the number is more than the amount
that happened to Bitcoin. Even sadder the Bank is making bad news regarding the fraud taking place using Bitcoin, to cover up
the fact that there is more fraud using fiat through banks. That's why I trust Bitcoin more than banks.

[shield132]

Offshores and etc blabla things are used to launder money and banks are a part of it, it looks like legitimate way to launder money. Curious, yeah? Bitcoin is mostly considered as a currency used by criminals because of it's mostly anonymous and cryptographic nature. This gives them a reason to state that but at the same time it's truth at some point. The difference is that banks are used by elite launderers while cryptos are sometimes used by average Joes.

And sandly, UK is one of the easiest place to launch scam/ponzi scheme with fiat but no, still bitcoin is blamed instead of peoples' brains.

[Yatsan]

Illegal activities such as money laundering and fraud are most likely prevalent to come over fiat rather than crypto for those law abiders are having an easy access and already familiar on how they can get out after doing such crimes. The problem is that people do not get it that criminal activities are more into fiat and not on Bitcoin and any other crypto for they find it much more complicated doing their activities into it. People's mindset that because crypto is providing a seamless fast transaction in any part of the world is more illegal activities might get tolerated and make use of the advantage that crypto can provide.

Many people do not do research properly, and listen to the government and banks say that Bitcoin is widely used by criminals
for illegal activities. In fact, there are many cases of money laundering done by banks, and the number is more than the amount
that happened to Bitcoin. Even sadder the Bank is making bad news regarding the fraud taking place using Bitcoin, to cover up
the fact that there is more fraud using fiat through banks. That's why I trust Bitcoin more than banks.

This became also an issue that banks are more likely giving people a bad impression about Bitcoin blaming about criminalities when at the first place those activities takes place on the bank itself. They cannot admit that such activities exist mostly on their part and not on crypto.

[sheenshane]

This became also an issue that banks are more likely giving people a bad impression about Bitcoin blaming about criminalities when at the first place those activities takes place on the bank itself. They cannot admit that such activities exist mostly on their part and not on crypto.

It seems this time they will stop throwing bad words to the Bitcoin and covering fiat for the fraud activities which is through the bank.

However, those statements are very fishy. Who would believe that these have been executed by mistake? If you've seen how JP Morgan as a company check frauds and laundering, it is highly impossible that this $1billion would go through without any verification. That is a very lame excuse. For me, Banks are involved with these and they are also the ones who have the ability to clean the money. A win-win situation for both groups, right?

[bitsurfer2014]

Its pretty obvious that crypto is not the preferred medium to channel illegal funds by these fraudsters since its easier to do it with the help of banks catering to dummy companies that will help make it look like legitimate - so I guess there is a little need for mixers, privacy coins or multiple accounts across exchanges especially if those funds come in huge amounts.

[dimonstration]

Its pretty obvious that crypto is not the preferred medium to channel illegal funds by these fraudsters since its easier to do it with the help of banks catering to dummy companies that will help make it look like legitimate - so I guess there is a little need for mixers, privacy coins or multiple accounts across exchanges especially if those funds come in huge amounts.

It's long gone the idea that crypto is use to create funds especially when many is able to earn from it thru trading and investing, the KYC in crypto somehow helps in changing this thought of many that crypto is for illegal transactions as it not. Fraud in banks or fiat is still a problem hard to solve nowadays as many official or employee might he involve inside that can help the fraudster or may plan how they will manipulate and control the account without noticing.

[Wexnident]

Nothing new here tbh, hell I think most people actually acknowledge this in the bottom of their hearts as a pretty normal occurrence. The only thing I don't really understand is their bias upon Bitcoin, or crypto in general, that whenever they get scammed, someone gets scammed, money laundering happens, they bloody blame Bitcoin like excuse me? They're clearly putting Crypto in a too high of a pedestal, when clearly those who use them are the bad ones. And if compared to Fiat/Banks? Hell, banks have done more than enough criminal activity involved to actually be imprisoned for a few decades, but they aren't' in one now are they.

[jseverson]

It seems this time they will stop throwing bad words to the Bitcoin and covering fiat for the fraud activities which is through the bank.

Nah, unfortunately. This isn't the first time an incident like this has been exposed, and it won't be the last considering the slap on the wrist penalties on the parties involved. Give it a week and they'll act high and mighty again as people forget.

The fact of the matter is, banks do stop money laundering for majority of the population, but they've historically let big fish through. Whenever they talk about stopping money laundering, they're referring to us common folk, not the criminal empires they're in bed with.

[gabbie2010]

Fiat is used in much larger fraudulent schemes, and it is stolen much more often, why don't you write about it?

People are already aware and veteran about many Fiat fraudulent schemes and mostly higher people are behind it. Since the beginning fraudulent are rampant in fiat money unlike in crypto which is something new and not easy to know that's why people in crypto space still not aware about the operation of many scammers online.

More of those activities are done behind cover whereas they always tarnished the image of cryptos by attaching it use to money laundering whereas the main culprits are fiat launderers who perpetuate those fraudulent activities undercover.
The article had listed out massive criminal activities of the banks its sad that this is not getting enough media attention its only when cryptocurrencies is involved then a widespread negative campaign of calumny will triggered to call the attention of people the bad and criminal use of cyptos.

[pokeronlinestatus]

A lot of people are going to say sh*t about Bitcoin, but banks are doing the worst by covering up a lot of suspicious activities, and the truth is that banks have more privacy than Bitcoin. BTC is open to everyone it runs on the Blockchain which can be seen by everyone, there are no secrets at all.

Before, it has been banks that these criminals were making use of and some of them still make use of it, and trust me, banks are never going to say anything about it, it will always be a secret for them and you wouldn’t know about that. I always find it funny when people act like Bitcoin is the only place corruption started.

[Mpamaegbu]

So the next time we hear reports that bitcoin or any other crypto is being the 'choice' of criminals, now, think again!.

Those who give Bitcoin a bad name will expectedly act like they don't see this article. For me, I don't let negative news on Bitcoin twitch my ears. I instantly conclude that such is a FUD. Criminal activities and money laundry have been in existence decades before Bitcoin (and cryptocurrency industry) came into existence. So, I don't see why these detractors are hell bent on tagging Bitcoin alone in it. The banks are the chief culprits.

In other news.. water is wet.

🤔 ... Like the tyres of moving vehicles touching the ground.

[finaleshot2016]

A lot of people are going to say sh*t about Bitcoin, but banks are doing the worst by covering up a lot of suspicious activities, and the truth is that banks have more privacy than Bitcoin. BTC is open to everyone it runs on the Blockchain which can be seen by everyone, there are no secrets at all.

Before, it has been banks that these criminals were making use of and some of them still make use of it, and trust me, banks are never going to say anything about it, it will always be a secret for them and you wouldn’t know about that. I always find it funny when people act like Bitcoin is the only place corruption started.

Agree on it, people will have a bad perspective on bitcoin because they are using it in scams and pyramiding scheme. Well, there's no clean activity happening in the finance, banks are being used in many criminal activities and yeah, we don't know it. We should implement seminars or free orientation about cryptocurrency so they will be aware of its potential.

[Silberman]

Many people do not do research properly, and listen to the government and banks say that Bitcoin is widely used by criminals
for illegal activities. In fact, there are many cases of money laundering done by banks, and the number is more than the amount
that happened to Bitcoin. Even sadder the Bank is making bad news regarding the fraud taking place using Bitcoin, to cover up
the fact that there is more fraud using fiat through banks. That's why I trust Bitcoin more than banks.

Most people are too lazy to look for the truth themselves and the governments know this so they say all of those things so people lose confidence in bitcoin and its long term prospects thinking they are doing the right thing with their money not realizing that by keeping their money in fiat currencies they are basically betting that the current economic system will continue indefinitely, when history shows that from time to time there are changes in the economy so profound that those holding fiat currencies get ruined because of it.