Banks are Better than Bitcoin (When It Comes to Money Laundering)

On September 28, 2018, the Wall Street Journal published a report which claimed that criminals laundered nearly $90 million of proceeds via cryptocurrency exchanges over two years. The piece mainly targeted ShapeShift, a US-based crypto-to-crypto exchange, for facilitating trades without identifying the traders.

In his response, ShapeShift CEO Erik Voorhees provided convincing examples of how the Journal misconceived everyday transactions as dubious. He also accused the US publication of “omitting relevant information” and of cooperating with ShapeShift team “under pretenses.”

While Voorhees understandably defended his firm with facts, no one can deny that criminals use cryptocurrencies like Bitcoin to launder money. For instance, darknet Silk Road was Bitcoin’s first credible use case. In another example, a youth illegally traded $750,000 via his bitcoin exchange service. In another one, a drug trafficking ring in Europe laundered $9.1 million through a Finland-based crypto…

Read Full Story : NewsBTC

2019-02-04 09:16:38

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