Money Laundering Via Crypto 2023

[Suba]

Crypto observers were shocked by the news that the world of money laundering via crypto had reached an alarming point, because previously crypto experts predicted that the amount of money laundering would only reach US$6 billion by the end of 2023. But last week the amount of money laundering via crypto had reached the US figure. $7 billion. or an increase of 175% if we compare it with the same month in 2022 which only reached US$4 billion. In the act of money laundering via crypto, cybercriminals use all crypto facilities such as Bitcoin mixers, private coins, decentralized exchanges (DEX), blockchain bridges and coin exchange services, limit orders, derivative trading etc., which will be increasingly difficult to trace by the authorities .

 

[neku]

The misuse of crypto for money laundering can create a problem for genuine users of crypto. Many websites are now paying crypto to users and these users receiving small amounts are being harassed because of money laundering allegations.

 

[eLdavis]

This was also one of the main reasons why crypto was banned in my country. According to them most people where using it as a means to carry out illegal activities and trades.

 

[Goldynn89]

Money laundering takes place in all financial sectors and that of cryptocurrency is not as high as the others. However, there's been a rise in illegal activities using crypto, scams that target crypto exchanges and more.

 

[Kirubel]

Oh men $7 billion is too much money, i think that is why many countries governments are banning the use of crypto coin and make a rule about crypto holding and transactions on their country, there are a lots of criminals who are using bitcoin and other crypto coins for illegal purposes.

 

[eLdavis]

Money laundering takes place in all financial sectors and that of cryptocurrency is not as high as the others. However, there's been a rise in illegal activities using crypto, scams that target crypto exchanges and more.

I have even heard some rumors some time back that even politicians make use of crypto to move iligel money from one place to another. Though i do not know how true this is.

 

[Goldynn89]

I have even heard some rumors some time back that even politicians make use of crypto to move iligel money from one place to another. Though i do not know how true this is.

That's a very plausible scenario. It's hard to trace especially when mixed up, you can transfer and withdraw large sums of money without immediate scrutiny.