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Los Angeles resident Kunal Kalra pleaded guilty to the sale of methamphetamine and the organization of a scheme for money laundering through bitcoin.
According to the local edition of U.S. News, Kalra pleaded guilty to laundering $25 million through BTC and distributing methamphetamines. Now he faces life imprisonment, and is also charged with money laundering in Texas.
It is reported that between 2015 and 2017, Kalra engaged in the exchange of BTC and dollars, managed a crypto machine and made deals with drug dealers. He sold two pounds of methamphetamine to an undercover law enforcement agent.
Recall that recently another US citizen received a prison term for selling drugs for cryptocurrencies. In addition, in July, a drug dealer with Silk Road was charged with laundering millions of dollars through BTC.
#News #USA #MoneyLaundering #Crime #Bitcoin
It is necessary to keep in mind though that cryptocurrencies, including Bitcoin, have no legal status in Russia - therefore they are not considered money.
Information about deals with Bitcoins is open, but Bitcoin holders remain anonymous - as well as sums stored on their accounts.
The system has been launched by a programmer hidden under the name of Satoshi Nakamoto; now it is functioning independently thanks to its users who can participate in the Bitcoin mining, thus, making money.
In August 2014, Evgeny Volovik, Head of the Information and Communication Department of the International Training and Methodology Center for Financial Monitoring, said that one or several cases pertaining to the money laundering through Bitcoins are under investigation in Russia.
In April 2017, Vadim Kalukhov, the Head of the Financial Technologies Department of the Central Bank of Russia, told at the forum "Blockchain: Dialog between Business and Authorities" that the Bank of Russia had never called for a ban on cryptocurrencies but rather issued a warning that these may pose risks.
Dmitry Peskov, Press Secretary for the President of Russia, was quick to correct this statement by saying that it can't be interpreted in support of Bitcoins as a payment method in Russia.
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Almost all existing cryptocurrencies can be quickly and easily tracked. In the bitcoin blockchain all translations are visible and their owners will not be difficult to find. The cryptocurrency market and its participants are aware of this and have long been trying to protect themselves from being spied on. One such solution to the problem was special services that help users hide their transactions from observation.
Such services were called mixers, that is, these are sites that mix traces of transfers in the blockchain. This allows owners of funds to hide their payments and themselves. Now mixers are gaining immense popularity among users and especially fraudsters. In fact, they became laundries, and through them the cryptomonettes obtained in various ways, including illegal, are washed.
Analysts believe that through such mixers launder huge amounts. As it is known, hundreds of millions of dollars are stolen from stock exchanges and need to be withdrawn into fiat money. This is what mixers do. One of the most famous of these mixers is called Bestmixer.io. While he was not covered by Europol employees, they managed to pump over two hundred million dollars through it. And this is only one of these bitcoin mixers that has been neutralized.
The principle of operation of bitcoin mixers is very simple. On one common cryptocurrency wallet, everyone forwards their coins, which need to be "washed", and the owner transfers from this wallet to other wallets, collecting his commission fee.
Coin owners get in touch with the owner of the mixer and ask him to help them withdraw funds. Anonymous wallets are created and coins are transferred to them, and then transferred back to other wallets. The chain of transfers is so complicated that it is almost impossible to determine the true owners of the funds.
The difficulty of detection lies in the fact that you can see only a lot of transactions that go into the wallet of such a mixer and then find out where the money went, it is not clear.
The authorities are trying to introduce restrictive measures and keep track of where huge amounts are going, but so far they have not been particularly successful. If the owners themselves do not make mistakes, then nothing can be learned about them. The number of coins withdrawn and fiat money transferred is already calculated by billions of dollars. Apparently, bitcoin mixers will only be improved and their services will be used by anyone who does not want to report on their income on the stock exchanges.
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“Bitcoin is mainly used for money laundering” In 2018, the Bitcoin network settled over $400 Billion in value. That is 160 times larger than the total amount of Bitcoin laundered to date and shows that money laundering constitutes a negligible fraction of the Bitcoin economy. “Bitcoin laundering cannot be prevented” Another avenue through which criminals can undertake bitcoin money laundering is unregulated cryptocurrency exchanges. Exchanges that are not compliant with AML practices and which fail to perform strict and thorough identity checks allow for cryptocurrencies to be traded over and over again across various markets, deposited onto unregulated exchanges, and traded for different altcoins. The ... Bitcoin is a prime avenue for laundering money. At least that’s the narrative the mainstream media has been feeding the public. Money laundering is probably as old as the invention of money itself. By definition, to launder cash is to make ill-gotten gains appear as if it were all earned legitimately, regardless of whether you’re the leader ... How does Bitcoin Money Laundering work? Posted on by Toshendra Kumar Sharma. Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. This is because Bitcoins are not linked to a person’s identity and only depend on the private key connected to the ... Bitcoin is easily laundered through unregulated exchanges. Unregulated cryptocurrency exchanges (those without Know-Your-Customer and Anti-Money-Laundering (KYC/AML) procedures, such as identity ...
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