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Amazing. So now you can steal a bunch of crypto and wash it. Holy shit, if you then create some BS coin which gets a bunch of "investors" (really just you inv
by mrep 5y ago
Amazing. So now you can steal a bunch of crypto and wash it. Holy shit, if you then create some BS coin which gets a bunch of "investors" (really just you investing the coins you stole), you could steal hundreds of millions if not billions of dollars and get it fully laundered and recognized as legitimate by the government, all from your computer anywhere in the world.
What a time to be alive as a criminal hacker!
- pjc50 5y agoI do wonder at what point this gets serious and starts interacting with OFAC; if it really worked as uncensorable finance, we'd have seen a tanker of Iranian oil sold for bitcoin. Doesn't quite seem to have reached that scale yet. I suspect a lot of nonsense is tolerated by the US authorities because it's enabling Chinese nationals to evade China's export controls, though.
- f38zf5vdt 5y agoIsn't even better than that? They'd have anonymous internet cash to use to bribe foreign officials at a time when many nations have been tightening the noose around finance and what an individual is allowed to own.
- 323 5y agoTornado cash doesn't launder your crypto. Just breaks the link between the heist and your new crypto address. If you steal billions, you still have the problem of justifying them.
- pas 5y agoUnless you happen to know of jurisdictions where there's a "no questions asked buy government bonds jubilee".
- mrep 5y agoThat is the point of the BS coin, that is what you attach your identity to and then you trade all of the washed coins for your new BS coin. Creating/mining the BS coin is where your legitimacy comes from.