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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
by 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 agoYou 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.
- raesene9 5y agoI'm guessing that very much depends on the jurisdiction. Those people that took $30m this week and all the previous thefts this year alone, they all had a plan for how to move that money and I've not seen many of them get caught... According to https://blog.chainalysis.com/reports/2021-crypto-scam-revenues/ https://blog.chainalysis.com/reports/2021-crypto-scam-revenu... - scammers took in $7.7b in 2021 alone, if they couldn't do anything with those funds, doubtful they'd go the effort of stealing them :)