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Of course they did. Crypto and NFTs are some of the easiest ways to money launder now of days. This represents some of their biggest clientele. Terrorists love

Of course they did. Crypto and NFTs are some of the easiest ways to money launder now of days. This represents some of their biggest clientele. Terrorists love crypto.

Bombthecat 5y ago
Or paying cash in germany for a house. Mafias love this
- tgv 5y ago
  There are laws about large sums of money.
  - Bombthecat 5y ago
    tiert mit der Frage, warum der Immobilienkauf in bar nicht endlich verboten wird, antwortete Scholz: Bargeld sei eben beliebt. Und zwar zu Recht. Es reiche, dass Immobilienmakler verdächtige Bargeldtransaktionen bei der zuständigen Financial Intelligence Unit (FIU) melden müssten. Dabei weiß auch der Minister: Dort stapeln sich 46 000 unbearbeitete Geldwäscheanzeigen. Die Prüfung einer Verdachtsmeldung kann Monate dauern. Bis dahin ist das verdächtige Geld längst verschwunden.
    - tgv 5y ago
      That's a different matter. I don't think the money actually disappears, does it? In a real estate transaction, it simply changes hands. It might be harder to trace, but if there's no trace, it can be assumed illegal.
- raesene9 5y ago
  Houses leave a trail, and they can be easily seized at a later date if evidence turns up. Not saying it doesn't happen (obviously it does) but there's more to catch than with crypto currency.
  - Bombthecat 5y ago
    tiert mit der Frage, warum der Immobilienkauf in bar nicht endlich verboten wird, antwortete Scholz: Bargeld sei eben beliebt. Und zwar zu Recht. Es reiche, dass Immobilienmakler verdächtige Bargeldtransaktionen bei der zuständigen Financial Intelligence Unit (FIU) melden müssten. Dabei weiß auch der Minister: Dort stapeln sich 46 000 unbearbeitete Geldwäscheanzeigen. Die Prüfung einer Verdachtsmeldung kann Monate dauern. Bis dahin ist das verdächtige Geld längst verschwunden.
throwaway77384 5y ago
> Terrorists love crypto. Please keep such low-effort hyperbole off HN. It's just so unnecessary and contributes so little. [some group you dislike uses thing everyone has access to] is just not a useful statement. What do we do now, ban all crypto currencies to force 'Terrorists' back into using cash? Has terrorism gone up since cryptocurrencies came around? Did Bin Laden have access to crypto? I'm not even a big fan of cryptocurrencies and think that the environmental impact of BTC is a heck of a lot worse than 'terrorists' possibly, potentially using it. But I just don't understand what you were trying to achieve by throwing such an incendiary statement into the discussion with so little evidence to back it up.
- raesene9 5y ago
  I would imagine that OPs could be thinking of the recent story (https://www.bbc.co.uk/news/business-59990477 https://www.bbc.co.uk/news/business-59990477) about North Korean stealing $400m of crypto. It seems reasonable to suggest that groups who want to avoid scrutiny by various authorities would make use of a system which isn't covered well by standard regulators who are under the control of those authorities. Additionally there are a number of crypto currencies who provide anonymous transactions (e.g. Monero) which is obviously going to attract people who want to move money covertly. Terrorists would be one example of such groups of people.
- 8note 5y ago
  A more accurate view would be that crypto cannot conform to laws that prevent terrorists from making transactions, so it's a good method for terrorists to transfer funds
glennvtx 5y ago
This is flat wrong, Crypto is one of the hardest places to launder money. This comment betrays a lack of understanding of how it works at even the most basic level..
- raesene9 5y ago
  So in this weeks crypto.com hack the attackers appear to have moved $30m through tumblers to launder the money (https://cointelegraph.com/news/crypto-com-breach-may-be-worth-up-to-33m-suggests-onchain-analyst https://cointelegraph.com/news/crypto-com-breach-may-be-wort...), doesn't feel like they found it that hard to do. To put that in context laundering $30m in a country with even semi-decent Financial regs, like the (mainland) UK would take some doing. It's possible but it'd require more work than that.
  - thr0waw4yz 5y ago
    Sending crypto through a mixer isn't money laundering. You still need to effectively launder it afterwards to say - buy a house from it. Mixing is just the first step to cover the tracks after committing a financial crime.
    - raesene9 5y ago
      Why do you need to move it out of crypto to launder it? Laundering is concealing the source of funds to avoid it being associated with a criminal activity. You can run it through a tumbler then use the proceeds to buy an NFT, the coins used will appear to be clean. If you're feeling fancy you could then re-sell the NFT, no need to touch fiat.
      - thr0waw4yz 5y ago
        You need to provide origin of funds for purchases exceeding a few thousand bucks (depending on jurisdiction). At some point you would wanna sell the NFT to buy something from it. I mean sure, there is the dark web, or face to face trading... If you're into that.

Of course they did. Crypto and NFTs are some of the easiest ways to money launder now of days. This represents some of their biggest clientele. Terrorists love crypto.

Bombthecat 5y ago

Or paying cash in germany for a house. Mafias love this

tgv 5y ago
There are laws about large sums of money.
- Bombthecat 5y ago
  tiert mit der Frage, warum der Immobilienkauf in bar nicht endlich verboten wird, antwortete Scholz: Bargeld sei eben beliebt. Und zwar zu Recht. Es reiche, dass Immobilienmakler verdächtige Bargeldtransaktionen bei der zuständigen Financial Intelligence Unit (FIU) melden müssten. Dabei weiß auch der Minister: Dort stapeln sich 46 000 unbearbeitete Geldwäscheanzeigen. Die Prüfung einer Verdachtsmeldung kann Monate dauern. Bis dahin ist das verdächtige Geld längst verschwunden.
  - tgv 5y ago
    That's a different matter. I don't think the money actually disappears, does it? In a real estate transaction, it simply changes hands. It might be harder to trace, but if there's no trace, it can be assumed illegal.
raesene9 5y ago
Houses leave a trail, and they can be easily seized at a later date if evidence turns up. Not saying it doesn't happen (obviously it does) but there's more to catch than with crypto currency.
- Bombthecat 5y ago
  tiert mit der Frage, warum der Immobilienkauf in bar nicht endlich verboten wird, antwortete Scholz: Bargeld sei eben beliebt. Und zwar zu Recht. Es reiche, dass Immobilienmakler verdächtige Bargeldtransaktionen bei der zuständigen Financial Intelligence Unit (FIU) melden müssten. Dabei weiß auch der Minister: Dort stapeln sich 46 000 unbearbeitete Geldwäscheanzeigen. Die Prüfung einer Verdachtsmeldung kann Monate dauern. Bis dahin ist das verdächtige Geld längst verschwunden.

throwaway77384 5y ago

> Terrorists love crypto. Please keep such low-effort hyperbole off HN. It's just so unnecessary and contributes so little. [some group you dislike uses thing everyone has access to] is just not a useful statement. What do we do now, ban all crypto currencies to force 'Terrorists' back into using cash? Has terrorism gone up since cryptocurrencies came around? Did Bin Laden have access to crypto? I'm not even a big fan of cryptocurrencies and think that the environmental impact of BTC is a heck of a lot worse than 'terrorists' possibly, potentially using it. But I just don't understand what you were trying to achieve by throwing such an incendiary statement into the discussion with so little evidence to back it up.

raesene9 5y ago
I would imagine that OPs could be thinking of the recent story (https://www.bbc.co.uk/news/business-59990477 https://www.bbc.co.uk/news/business-59990477) about North Korean stealing $400m of crypto. It seems reasonable to suggest that groups who want to avoid scrutiny by various authorities would make use of a system which isn't covered well by standard regulators who are under the control of those authorities. Additionally there are a number of crypto currencies who provide anonymous transactions (e.g. Monero) which is obviously going to attract people who want to move money covertly. Terrorists would be one example of such groups of people.
8note 5y ago
A more accurate view would be that crypto cannot conform to laws that prevent terrorists from making transactions, so it's a good method for terrorists to transfer funds

glennvtx 5y ago

This is flat wrong, Crypto is one of the hardest places to launder money. This comment betrays a lack of understanding of how it works at even the most basic level..

raesene9 5y ago
So in this weeks crypto.com hack the attackers appear to have moved $30m through tumblers to launder the money (https://cointelegraph.com/news/crypto-com-breach-may-be-worth-up-to-33m-suggests-onchain-analyst https://cointelegraph.com/news/crypto-com-breach-may-be-wort...), doesn't feel like they found it that hard to do. To put that in context laundering $30m in a country with even semi-decent Financial regs, like the (mainland) UK would take some doing. It's possible but it'd require more work than that.
- thr0waw4yz 5y ago
  Sending crypto through a mixer isn't money laundering. You still need to effectively launder it afterwards to say - buy a house from it. Mixing is just the first step to cover the tracks after committing a financial crime.
  - raesene9 5y ago
    Why do you need to move it out of crypto to launder it? Laundering is concealing the source of funds to avoid it being associated with a criminal activity. You can run it through a tumbler then use the proceeds to buy an NFT, the coins used will appear to be clean. If you're feeling fancy you could then re-sell the NFT, no need to touch fiat.
    - thr0waw4yz 5y ago
      You need to provide origin of funds for purchases exceeding a few thousand bucks (depending on jurisdiction). At some point you would wanna sell the NFT to buy something from it. I mean sure, there is the dark web, or face to face trading... If you're into that.