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The Wall Street Journal, one of the major US newspapers, released a report on the role of crypto exchanges on money laundering on September 28. Under the title "How Dirty Money Disappears Into the Black Hole of Cryptocurrency", the magazine is seeking a general settlement with the crypto sector. In particular, the crypto exchanges are not doing well in the analysis.
A total of 2,500 wallets examined
As part of the investigation, the Wall Street Journal team examined deposits totaling 2,500 wallets. The selected wallets were known to be involved in illegal trades. With the help of blockchain company Elliptic, the journal tracked how users transferred wallet deposits to crypto exchanges.
As one of the main beneficiaries of the illegally acquired money, the Journal issued the Swiss crypto exchange ShapeShift. More than nine million of the total of 88 million US dollars, which have been washed since 2016, should therefore run on ShapeShift. One reason for this could be that until recently, the crypto exchange allowed the anonymous trading of cryptocurrencies. It's not until next week, October 1st, that ShapeShift KYC standards come into force.
the thing is that blockchains make the laundering activities blatantly visible. These idiots are incriminating themselves and leaving trails of breadcrumbs behind for the authorities to follow. Shape shift is by no means a good way to launder your money especiallt when those coins come from a KNOWN illicit wallet, most authorities will thus peg any other subsequent wallets as illicit or associated. The money trail is so easy to follow on a blockchain which is why the Dark Net is actually the Narc Net... FED's everywhere.
Sec was about to announce their decision of bitcoin etf on 30th of September? I haven't heard of it from anyone. do you anything about it?@tradewonk
Money laundring is a serious problem in recent days. I am sure blockchain will make policies about money kaundring that how can it be stop. 2500 wallets are big number of wallets
Involved wallet should be stuck off. How they transferred wallet deposits to crypto exchanges.
Examining 2500 wallets showing the sensitivity of this case. If anyone is involved, should be punished. Money laundring is not acceptable anywhere.
The selected wallets were known to be involved in illegal trades. This is bad and very bad
how do you or anyone know? who is to judge if something is illegal in different parts of the world? where does jurisdiction end and begin on the ethernet?
Criminals will find a way to wash their cash, they have been doing it for years. It used to be done a lot via the used car business and I read recently that businesses that take a lot of cash transactions like nail bars and hair salons are favourites too but obviously for the smaller scale criminals.
Billions of pounds of dirty Russian money has bought up huge amounts of property in London but I guess that property developers close to politicians and the Establishment have benefited from those deals so not a lot has been done about it but if you are trying to live in London with it's ridiculous property prices then its affecting you too.
It is very annoying when properties can be bought, left empty (therefore taking away supply) and money still be made from the rising property prices without the inconvenience of having actual tenants.
Hey-ho it goes on and will still go on cryptos or no cryptos.
There are serious and unfair restrictions to those in third world countrie, cryptos has solved those problems, i hope these new policies, like HF20, would not bring those restrictions to people doing business in third world countries
It doesn't seem like much of a debate to me:
Support a system where only the rich elite can partake in money laundering, or support a system where there is no such thing as money laundering, because nobody has power over anyone else. The choice is yours; don't fuck this up, you filthy broad-nailed biped scum.
Yours Truly,
inthesaddle
Cryptocurrency is one thing that allows and make business trancsaction so easy,but offcos it another way for corrupted office holders in government and dubious people to abuse. This is not just right. Thanks for yet another wonderful point @tradewonk ,i just upvoted you and welcome back .
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Crypto Sphere is still in Infant Stage and there may be lot of influences and manipulations are going on, and for sure all these stuff should be stopped because, inturn any wrong doings in Crypto Economy hurting the Reputation of Crypto Sector.@tradewonk, In my opinion,
Thank you so much for sharing this informative post. Wishing you an great day and stay blessed. 🙂
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