Btc crime

[Vickky Rae]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.

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[un_rank]

A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime. Your title is wrong and misleading.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.

You did not include^[1] an article to the news.

[1] https://news.bitcoin.com/israel-arrests-3-in-crypto-scheme-to-launder-millions-stolen-from-france/

- Jay -

[_act_]

Why do you not included the link? This is what I saw online about the crime:

https://news.yahoo.com/israel-arrests-three-international-money-111311674.html

Bitcoin was not yet mentioned, only cryptocurrencies were mentioned three times (cryptocurrencies were mentioned two times and digital currencies was mentioned once:

JERUSALEM (Reuters) - Israeli authorities said on Monday they had arrested three suspects as part of an investigation into "large-scale fraud" against the French treasury and the theft and laundering of millions of euros with cryptocurrencies.

Some of the money, they said, "originated from crimes committed abroad, while using digital currencies on various platforms in order to obscure and disguise the identity of the owners and the movement of the money".

"The investigation focused on the suspicion of large-scale fraud against the state treasury in France that was carried out from Israel, and the theft of millions of euros and the laundering of the funds by converting it into cryptocurrency," the statement said.

It gave no further details into the alleged crimes.

Do not forget DeFi has the highest crime rate, not bitcoin, and we do not know how the crime was committed and the cryptocurrencies that were used.

[avikz]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.

Such kind of incidents are quite frequent nowadays. Also I don't foresee a reduction in this numbers of money laundering using cryptocurrency. The NFT market has given an entirely new route for such non sense. But can we blame the money itself for such things?

The answe is no! Money laundering has been happening since ages. Criminals will always keep on doing their thing but does that make the money dirty? Such crimes has nothing to do with bitcoin. It's just a acceptable medium of exchange. Take it that way!

[jackg]

A criminal using bitcoin as a means of laundering money does not make it a Bitcoin crime. Your title is wrong and misleading.
Criminals have always had means to clean stolen money long before bitcoin was envisioned.

This makes me wonder if crypto is easier to track than using fiat to move the funds around.

If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.

[TheNineClub]

Crypto used for FIAT money laundering has been going on since early 2010, but it's also been going with everything else, investing in stocks, business, gold, you name it. So the issue of laundering is not a crypto problem, it's a money problem in general, and whether we like it or not, BTC can't escape it nor it can stop it or regulate it. At least not that I am aware of.

[Detritus]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.

   You only need to take a look at the graph of money loundered via cryptocurrency per year to see that there are lots of money loundering going on in the crypto space every year.





 Blockchain Decentralization is making it more possible for those scammers to successful lounder money without being caught.

[Mate2237]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.

Where did you hear the news? You would have insert the link for easy access. like this what you have posted will be tagged as copy and post because the information is not yours but another person's own so you have to credit the effort of the person who suffered to write the article by just putting the link in the thread.

[Ever-young]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto.

With or without btc their will always be a money theft, it's called international money laundering crime not because it was laundered through btc but it was because the money was stolen from a country and transferred to the order country.

We should not always picked the negative things which hackers and thief's use a development like btc for, but we should as well consider the positive things which it has helped us achieved.
Btc saved lots from Financial crisis, give them quick access to money and make things more easier than it has ever been.

[tabas]

This is not new. Typically, money launderers will all the means that they can just to launder money from here and there. Literally, it's the cryptocurrencies and various of them are being used to launder money. It's just bitcoin was always attacked with such news because it's the most common and popular crypto of all time. But when it comes to laundering money, you'll see the enormous number that these people do in terms of fiat, if that's how they're living, they know the ins and outs of it and they're just taking advantage of the feature that crypto has to offer. There really are pros and cons about crypto as a means of payment and transfer and these people chose the bad use of it.

[Baofeng]

We should also look at the numbers on how big fiat is, and I would say that it is the go to when criminals wanted to launder money and not crypto.

And we've heard criminals getting caught by the police because obviously everything in on the public blockchain. So I would say that this criminals are dumb to uses bitcoin or crypto because sooner or later they will be track and get caught.

[Rruchi man]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto.

People always tend to abuse and use technology or an innovation the way they think is best for them and unfortunately you cannot control and restrict people from finding these negative uses.

Prior to bitcoins and crypto, Money laundering has always existed and if there's an "after bitcoin" scenerio or a means better than crypto for laundering, it will become the option. It is just very unfortunate that these individuals chose crypto as their preferred means to launder currently. It doesn't mean that crypto or bitcoins is for money laundering.

[Wexnident]

Recently 3 suspects were arrested by Israel police for laundering money internationally through crypto. This money was stolen from France. This is a major international money-laundry.

So is every other money-laundering case that used fiat. Pretty sure we should be blaming the people involved that did the crime instead of anything else.

https://beincrypto.com/fiat-still-accounts-for-the-majority-of-financial-crimes-us-treasury-department-report/
To quote

However, these Treasury reports revealed that fiat currency and traditional networks still account for more criminal flows than cryptocurrencies.

“The use of virtual assets for money laundering remains far below that of fiat currency and more traditional methods,” the U.S. Treasury shared.

[darkangel11]

This is a major international money-laundry.

...attempt

They were caught!

This is a proof that laundering via a public ledger isn't always a good idea

Every currency in the world and financial system is used to commit crimes. Why are we making a big deal out of it? It's said that it's difficult to find a dollar bill without a physical trace of narcotics on it. Are you going to stop using cash because of it? I sure won't.  

[Lanatsa]

This is a major international money-laundry.

...attempt

They were caught!

This is a proof that laundering via a public ledger isn't always a good idea

Every currency in the world and financial system is used to commit crimes. Why are we making a big deal out of it? It's said that it's difficult to find a dollar bill without a physical trace of narcotics on it. Are you going to stop using cash because of it? I sure won't.  

Not surprising! We do always see that it is really been given up some emphasis whenever Bitcoin or crypto would really get involved with these money laundering things or issues without even tending to look back that

fiat money had been used since from the beginning of time and it is really just ends up on bitcoin or crypto would really took the blame whenever someone get caught on using it.It is true that trying out to do illegal

on a public ledger would be always a good idea and this is one of the example of this one which it do really ends up on a disaster.

[Darker45]

What is supposed to be the point of this post? Are you just sharing some news? Or are you implying that Bitcoin or cryptocurrency is the preferred tool for money laundering?

Just also recently, just the other month, Credit Suisse was also found guilty of money laundering. That crime took place within a banking system that is compliant with what's supposed to be tough AML measures.

Money laundering happens everywhere using all kinds of means. Money is being laundered in casinos. Money is laundered through real estate, through artworks, even through stocks, and others.

But the point is that Bitcoin dwarfs in comparison to how much money laundering happens in the fiat system.

[Poker Player]

Interesting. In this case they didn't use any mixer but rather moved the money to cryptocurrencies and exchanged them several times. No further details are given but it would be interesting to know if one of the coins used was Monero. I also don't see if they used a DEX or a CEX, it would be interesting to know.

This makes me wonder if crypto is easier to track than using fiat to move the funds around.

If they withdrew cash and transported it via car from France to Israel, they'd only really risk being found at the initial withdraw step (and if they can hide their identity well for that bit, they probably wouldn't be recognised the rest of the way) - the money could then be laundered by more tried and tested measures to ensure it looks like they acquired it a legit way.

It is a fantasy what you have written.

How could they withdraw millions from a French bank?

There is currently a €1k cash payment limit in France, so to withdraw millions from a bank they would have to have filled out a bunch of AML paperwork, and I don't think that would be done by someone who is trying to launder money.

In the unlikely event that they could have taken out those millions in bank bills, driving from France to Israel, they probably wouldn't have been stopped in EU territory, but if they had, they would have had a lot of explaining to do, otherwise they could have been preventively seized the money.

But at the EU border, they would have had to declare the money, otherwise it could have been seized, and, again, I don't think that declaring the money would be done by someone who is trying to launder it:

EU Cash Controls

"As part of the EU’s efforts to tackle money laundering and the financing of terrorism, all travellers entering or leaving EU territory are already obliged to complete a cash declaration when carrying EUR 10 000 or more (or equivalent in other currencies, bonds, shares or travellers’ cheques). Customs authorities are empowered to check persons, their luggage and their means of transport. They are also empowered to detain undeclared cash."

I imagine you don't live in the EU or don't know how things are there.

[worle1bm]

Whenever the word cryptocurrency is used people start connecting it with btc usage and it's not true as they might have used some other coins also but even if they have laundered money through bitcoin does it become bad money? Fiat is used in many illicit activities so does it make bad money? Using weapons in wars imply that weapons are not good or the people whose intentions are bad should be blamed ? People need to understand that bitcoin is like any other mode of payment and we need to utilise it in effective manner.

[yazher]

This is the problem with some of these people, as soon as they see the word bitcoin, they rush to conclude it's all bitcoins fault whereas, in reality, bitcoin is only a victim too with this kind of crime. They are the same with the mainstream media that are hostile when it comes to cryptocurrency, they will put in the headline some bad title about bitcoins and when you read the full news bitcoin has really nothing to do with it.

[CryptoHeadlineNews]

 Blockchain Decentralization is making it more possible for those scammers to successful lounder money without being caught.

But you actually can't blame the decentralized exchanges for scamming activities, because one of the reasons for Bitcoin was to keep us anonymously while transacting online, so if others have decided to use it for scam and bad activities, it doesn't mean the whole concept is bad. So the solution now will be for people to avoid any online activities that will lead to them been scam.e.g sites or telegram groups who promises that if you invest $100 to get $200 in 24hours

And it is very sad and obvious that scamming activities has the highest percentage rate on the chart from 2017 to 2020