Money Laundering In Bitcoin Gambling Sites

[Bitzkrieg]

Do you think its possible?

I just read the article about the Intel Security CTO pointing specifically to Bitcoin Gambling Sites as an easy way to launder money.

Anyone here have some past and present knowledge about this?

Is there a bitcoin casino right now who does this (speculation) ?

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[BitcoinStriker]

You mean like sending 3 btcs to a casino and then withdraw them?

[panju1]

Since these sites have minimal withdrawal fees, these sites may be cheaper than using mixers.

[fox19891989]

You mean like sending 3 btcs to a casino and then withdraw them?

If they do in this way, they can do it in some solid altcoin exchanges, like poloniex, bittrex and so forth. Exchanges are more reliable than gamble sites.

[umairsaleem]

This is entirely possible, the Bitcoin itself is a powerful laundering tool, Moreover, we got powerful Bitcoin mixer.

[(Lithium)]

the sites will have records about what you did.

I guess that is the weak point of using gambling sites as mixers

[Tdowns]

the sites will have records about what you did.

I guess that is the weak point of using gambling sites as mixers

Mixer sites also have a record which they are required to show incase of a dispute arises.

[bitparadise]

How about blockchain.info sharedcoin, it is a very easy way to launder bitcoins.

[finlon]

Well, you can launder coins easily, using any services infact. Even using an altcoin exchange can help you do that.

[WEBcreator]

Well, you can launder coins easily, using any services infact. Even using an altcoin exchange can help you do that.

agree, there is a lot of way to launder money, easiest is with mixer , or altcoin exchanger, gambling perhaps too, either way, on or another scammer / thief gonna find a way to launder money

[panju1]

the sites will have records about what you did.

I guess that is the weak point of using gambling sites as mixers

With mixing sites, you have to trust the site not to keep records.
It is a leap of faith you are taking.

[sherbyspark]

Well , even if you use gambling sites to launder, then obviously you will be laundering large amounts, as laundering smaller amounts won't make sense.
Then doesn't that mean that your deposit and withdrawal will probably be linked as casinos, generally won't have such a big BR themselves ?

[sandykho47bt]

It's interesting idea to laundry bitcoin using bitcoin gambling sites since you only have to pay tx fee
But, it's more dangerous than use mixer/laundry service

Use big exchange site is still better

[fred.perth]

How about blockchain.info sharedcoin, it is a very easy way to launder bitcoins.

Sharedcoin is very easily traceable. It is funny how inexperienced people can be tricked into thinking it is a reliable mixing alternative. A true mixer takes in your coins and gives you back different coins (as in, there is no transaction linking the new coins to the old ones.

[EvilPanda]

Not many bitcoin casinos have enough liquidity to launder big money. Of course it's a possibility, but I don't think it's a problem. Still much more is being laundered right under their noses by old fashioned book-keepers.

[fred.perth]

Not many bitcoin casinos have enough liquidity to launder big money. Of course it's a possibility, but I don't think it's a problem. Still much more is being laundered right under their noses by old fashioned book-keepers.

Well i would say that this is mainly due to the size of the bitcoin economy, plus the fact that coins do not need to be laundered as much as cash.

[Ingatqhvq]

Why do you choose this way? there are many good ways to  launder your bitcoin.

[picolo]

Since these sites have minimal withdrawal fees, these sites may be cheaper than using mixers.

The casino knows the relationship beween the two addresses so he could theorically tell someone who is asking or be hacked by someone who would get this information.

[KimNam]

i think somebody have tried this method some time ago, but we don't know
but, like other people said, just use mixed/shared coin service to launder your coin
or an exchange (but can be traced)
and if we launder bitcoin (in huge amount) in gambling site, we have a chance to get scammed

[picolo]

i think somebody have tried this method some time ago, but we don't know
but, like other people said, just use mixed/shared coin service to launder your coin
or an exchange (but can be traced)
and if we launder bitcoin (in huge amount) in gambling site, we have a chance to get scammed

I talked about that with bitmixer : https://bitcointalk.org/index.php?topic=415396.msg10097131#msg10097131

It is safer with a mixer than a casino because no logs is kept with a mixer while the casino has the information that links the 2 addresses.

[finnile]

i think somebody have tried this method some time ago, but we don't know
but, like other people said, just use mixed/shared coin service to launder your coin
or an exchange (but can be traced)
and if we launder bitcoin (in huge amount) in gambling site, we have a chance to get scammed

I talked about that with bitmixer : https://bitcointalk.org/index.php?topic=415396.msg10097131#msg10097131

It is safer with a mixer than a casino because no logs is kept with a mixer while the casino has the information that links the 2 addresses.

I think even mixers have to keep some form of information, incase a legal issue arises.

[BitcoinStriker]

i think somebody have tried this method some time ago, but we don't know
but, like other people said, just use mixed/shared coin service to launder your coin
or an exchange (but can be traced)
and if we launder bitcoin (in huge amount) in gambling site, we have a chance to get scammed

I talked about that with bitmixer : https://bitcointalk.org/index.php?topic=415396.msg10097131#msg10097131

It is safer with a mixer than a casino because no logs is kept with a mixer while the casino has the information that links the 2 addresses.

I think even mixers have to keep some form of information, incase a legal issue arises.

If you go into the deepweb I assure you they dont.

[bitbaby]

A lot of gambling sites and exchanges people do use for Mixing their coins but Money Laundering in itself is a different term and shouldn't be confused with Coin Mixing.

[ticoti]

but what is the mechanism that you think someone would use?

[bitwarrior]

It is very possible that people will use the gambling sites in order to launder money same as with exchanges and mixers.
Whats keeping others from using them and having the opportunity to win more in return? I have been thinking if most of those high rollers on some sites are infact trying to launder money.

[ticoti]

It is very possible that people will use the gambling sites in order to launder money same as with exchanges and mixers.
Whats keeping others from using them and having the opportunity to win more in return? I have been thinking if most of those high rollers on some sites are infact trying to launder money.

but I understand that like mixing to lose the path and not laundering.

laundering would be to make illegal money to be legal

[katerniko1]

very easy and possible

[TXWA]

Probably every Bitcoin gambling site could be used for laundering money

[JimClone]

It would be easier using a mixing service. You will no that your coins would be untraceable.

[erwin45hacked]

It would be easier using a mixing service. You will no that your coins would be untraceable.

You could always use both combined.

why use both?with only mixing service the coins will go most likely untraceable already, using both will only give us alot more work to do i believe , but for safety , someone could prolly use both

[Snail2]

BS. Why would anyone messing with casinos and exchanges when Localbitcoins is available...?

[steveturk]

BS. Why would anyone messing with casinos and exchanges when Localbitcoins is available...?

agreed!

[lolled]

BS. Why would anyone messing with casinos and exchanges when Localbitcoins is available...?

Isn't it all the same thing ? If some illegal happens, wouldn't they all be required to give up the information ?

[Bralex]

You mean like sending 3 btcs to a casino and then withdraw them?

If they do in this way, they can do it in some solid altcoin exchanges, like poloniex, bittrex and so forth. Exchanges are more reliable than gamble sites.

No to casino's, i would agree with fox in altcoin exchange few good trades out with either different crypto or BTC either ither.

[cryptworld]

BS. Why would anyone messing with casinos and exchanges when Localbitcoins is available...?

Isn't it all the same thing ? If some illegal happens, wouldn't they all be required to give up the information ?

actually it depends on many facts.

but mixing services are supossed not to have any log

[KimNam]

i think somebody have tried this method some time ago, but we don't know
but, like other people said, just use mixed/shared coin service to launder your coin
or an exchange (but can be traced)
and if we launder bitcoin (in huge amount) in gambling site, we have a chance to get scammed

I talked about that with bitmixer : https://bitcointalk.org/index.php?topic=415396.msg10097131#msg10097131

It is safer with a mixer than a casino because no logs is kept with a mixer while the casino has the information that links the 2 addresses.

yeah you're right picolo. mixer is safer than casino.
but where did you get information about mixing service don't keep a log about mixing activity?
i think they will keep a log, just in case some problems arise in the future and they forced to show the log about their mixing activity

[MilesJohan]

I think everyone used a mixer if something like this is required.

[micromen]

this message has been posted by the official bitmixer.io bitcointalk account

It is very difficult to find out and prove that you use bitmixer.io. We use tor for broadcast transactions. We automatically delete all user's data including webserver logs and empty wallets after 12 hours.
You transfer coins to the generated address, but nobody knows that this address linked with our service. You receive your new coins almost instantly. After 12 hours all information about your order is automatically deleted. When your initial coins start moving and hypothetically would be used for prove that it is our coins, we don't have information about your order on the server. We even don't control wallets from where you have received your new coins.
btw, we never received any official requests.