The rise of crypto laundries: how criminals cash out of Bitcoin

Every dollar bill in your wallet has trace amounts of cocaine on it. They probably spent some time tucked in some dancers g-string too. All money is "dirty". It's just a question of how many times it needs to trade hands before we collectively agree to treat it as "clean" again.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#8

Post by arbitrage » Fri, May 28, 2021, 11:41 AM UTC

joshfraser wrote: post #7

Every dollar bill in your wallet has trace amounts of cocaine on it. They probably spent some time tucked in some dancers g-string too. All money is "dirty". It's just a question of how many times it needs to trade hands before we collectively agree to treat it as "clean" again.

uhhhhh ... that's not what they're talking about. nobody really cares about cocaine and pubes on dollar bills.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#9

Post by [deleted] » Fri, May 28, 2021, 11:42 AM UTC

joshfraser wrote: post #7

Every dollar bill in your wallet has trace amounts of cocaine on it. They probably spent some time tucked in some dancers g-string too. All money is "dirty". It's just a question of how many times it needs to trade hands before we collectively agree to treat it as "clean" again.

[deleted]

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#10

Post by helsinkiandrew » Fri, May 28, 2021, 11:44 AM UTC

pibechorro wrote: post #4

Probably easier for any serious criminal to just deal in cash and make deposits at the big banks, they have a long history of taking cartel money.

But cash isn't that useful if you're holding a company to ransom on the other side of the world. And normal bank transfers are very traceable.

Banks need to report any transactions greater than $10K (or a series of smaller transactions that make up $10K). The consequences of a bank not reporting far exceed any profit they would make from it.