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How cybercriminals launder dirty crypto
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<blockquote data-quote="Zero Knowledge" data-source="post: 1039826" data-attributes="member: 57429"><p>Muzz you probably know crypto better than I do but here is what I see. Many bad actors won't do that or go to the effort splitting up illicit funds to millions of wallets. There are money laundering systems set up in every country of the world that deal with 'dirty money' and stolen or tainted crypto for a hefty commission.</p><p></p><p>There are some pretty good blockchain experts and companies today, these days it's pretty hard to wash dirty crypto through exchanges and most would be done from person to person in real life.</p><p></p><p>Look at all the big crypto heists in the last 10 years and the hackers or people with the stolen goods can't cash the coins out. They are stuck with it because no one wants to touch that much money and the mixers keep getting shut down. There is a case of too much stolen money to be able to launder it successfully.</p><p></p><p></p><p></p><p>Bryan the reason why they do small transactions on credit card and bank accounts is to test if it's valid credit card or there is money in the bank. Then they hit the card or account with bigger transactions. Why banks still allow this to happen I have no idea?</p><p></p><p>They know small transactions are a precursor to fraud, but I guess a lot of ecommerce and payment services do small transactions to verify accounts that the allow them to go through.</p></blockquote><p></p>
[QUOTE="Zero Knowledge, post: 1039826, member: 57429"] Muzz you probably know crypto better than I do but here is what I see. Many bad actors won't do that or go to the effort splitting up illicit funds to millions of wallets. There are money laundering systems set up in every country of the world that deal with 'dirty money' and stolen or tainted crypto for a hefty commission. There are some pretty good blockchain experts and companies today, these days it's pretty hard to wash dirty crypto through exchanges and most would be done from person to person in real life. Look at all the big crypto heists in the last 10 years and the hackers or people with the stolen goods can't cash the coins out. They are stuck with it because no one wants to touch that much money and the mixers keep getting shut down. There is a case of too much stolen money to be able to launder it successfully. Bryan the reason why they do small transactions on credit card and bank accounts is to test if it's valid credit card or there is money in the bank. Then they hit the card or account with bigger transactions. Why banks still allow this to happen I have no idea? They know small transactions are a precursor to fraud, but I guess a lot of ecommerce and payment services do small transactions to verify accounts that the allow them to go through. [/QUOTE]
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