That crypto king F*****



Crypto is a ledger, so it makes it easier to track the money lol

Would you blame the bank of England if you used cash to buy into this?

Once it enters various mixers and is exchanged in the underworld for cash or used to purchase commodities or watches, it is not very traceable at all. The Coscoin 'founders' likely won't be pulling it out via an exchange in their name, or even in somebody else's. That's when it's easy to track.

Staggering how naive people are to how heavily crypto is still used by all sorts of criminals and rich people to avoid detection for various reasons. As if some sanctioned billionaires and extremely wealthy millionaires won't have fortunes parked off in BTC/USDT etc :lol:
 
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Once it enters various mixers and is exchanged in the underworld for cash or used to purchase commodities or watches, it is not very traceable at all. The Coscoin 'founders' likely won't be pulling it out via an exchange in their name, or even in somebody else's. That's when it's easy to track.

Either way it's all trackable while it's on chain. It's only when it comes off chain ( fiat etc..) does it become untraceable.

I find it amazing that people are blaming crypto for scammers taking people for mugs.

Zzz
 
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Either way it's all trackable while it's on chain. It's only when it comes off chain ( fiat etc..) does it become untraceable.

I find it amazing that people are blaming crypto for scammers for taking people for mugs.

I'm not blaming crypto btw, but most online scams and illicit marketplace activity use Crypto for a reason, regardless of what people say about the Blockchain. It's like these people are naive to mixers and the various ways this money can be redeemed as fiat without involving going through an exchange and linking identity to a wallet by default. Again, this is why it historically has been and currently remains such a favourite amongst scammers and various other criminals.

Relating to Cos though, they just used the fact that plenty will have heard stories of people making ridiculous money off various cryptos over the past few years and used that as the way they'd entice people in to the scam.
 
Trackable you say…

"Overall, cybercriminals have laundered over $33 billion worth of cryptocurrency since 2017, with most of the total over time moving to centralized exchanges. For comparison, the UN Office of Drugs and Crime estimates that between $800 billion and $2 trillion of fiat currency is laundered each year — as much as 5% of global GDP. For comparison, money laundering accounted for just 0.05% of all cryptocurrency transaction volume in 2021. We cite those numbers not to try and minimize cryptocurrency’s crime-related issues, but rather to point out that money laundering is a plague on virtually all forms of economic value transfer, and to help law enforcement and compliance professionals be aware of just how much money laundering activity could theoretically move to cryptocurrency as adoption of the technology increases.

The biggest difference between fiat and cryptocurrency-based money laundering is that, due to the inherent transparency of blockchains, we can more easily trace how criminals move cryptocurrency between wallets and services in their efforts to convert their funds into cash. What kinds of cryptocurrency services do criminals rely on for this?"

Crypto ain't perfect, yet it's in its infancy and WILL be adopted globally over the coming years/decades.
 
"Overall, cybercriminals have laundered over $33 billion worth of cryptocurrency since 2017, with most of the total over time moving to centralized exchanges. For comparison, the UN Office of Drugs and Crime estimates that between $800 billion and $2 trillion of fiat currency is laundered each year — as much as 5% of global GDP. For comparison, money laundering accounted for just 0.05% of all cryptocurrency transaction volume in 2021. We cite those numbers not to try and minimize cryptocurrency’s crime-related issues, but rather to point out that money laundering is a plague on virtually all forms of economic value transfer, and to help law enforcement and compliance professionals be aware of just how much money laundering activity could theoretically move to cryptocurrency as adoption of the technology increases.

The biggest difference between fiat and cryptocurrency-based money laundering is that, due to the inherent transparency of blockchains, we can more easily trace how criminals move cryptocurrency between wallets and services in their efforts to convert their funds into cash. What kinds of cryptocurrency services do criminals rely on for this?"

Crypto ain't perfect, yet it's in its infancy and WILL be adopted globally over the coming years/decades.
Hey Alexa, show me a use of statistics that’s utter bollocks
 
That just shows you how easy it is to track

Chainalysis says it tracks cryptocurrency wallets controlled by criminals such as ransomware attackers, malware operators, scammers, human traffickers, dark net market operators, and terrorist groups.
By following flows of cryptocurrency from addresses associated with criminal activity, Chainalysis was able to estimate the amount "laundered"
 
It's only on the UN website lol

Mr know it all.
Some of the comments on this thread show me, we really are still very early into the crypto adoption and education phase. Strap in, the halving is coming. I'm hoping for another little dip to accumulate a bit more before the take off.
 
Some of the comments on this thread show me, we really are still very early into the crypto adoption and education phase. Strap in, the halving is coming. I'm hoping for another little dip to accumulate a bit more before the take off.

I think you're right. The problem on here is that the negative fuckers who can't see the future will jump on you the first chance they get.

The financial system is about to have the same shakeup as the postal service had with email.

RM group are now make their money through parcel delivery, and making a loss with post.
 
I think you're right. The problem on here is that the negative fuckers who can't see the future will jump on you the first chance they get.

The financial system is about to have the same shakeup as the postal service had with email.

RM group are now make their money through parcel delivery, and making a loss with post.
Yes, many folk like to spout opinions on something they glaringly know so little about. Anyway, better for us. As I said around 20 pages back, it's adoption in some form is inevitable. I think a few of the factors are, many people are scared to take risks, too lazy to do proper research but also desperate for no-one to prosper from something that they themselves choose not to be involved in.
 
I was told about this itp by a mate who kept going on about it then he showed me his balance so I did think about joining and gave him a date and said I would be joining up by then , even after getting all the information from different sites it was a scam he was so brainwashed he argued and went very serious about it and was very offended and I said I would still invest just to keep him happy, when I did try to invest they had closed the app and I wasn't able to invest luckily and he had also been issues withdrawing money so he said just to wait , glad I did wait because now he is saying the opposite and I kept shutting him up like he kept insisting he told me the dangers , are all of these itp users on the same boat , he lost about 5k and ge kept saying its not my money he only invested around 100 usd it still money they robbed , he accumulated the rest with these fake clicks and from 100 usd he was in credit of at least 5000usd which obviously wasn't even true they showed this balance they would never let you withdraw the money and greed got to people they had left the money in there to keep growing when infact this is what they want you to do all along
 
That just shows you how easy it is to track

Chainalysis says it tracks cryptocurrency wallets controlled by criminals such as ransomware attackers, malware operators, scammers, human traffickers, dark net market operators, and terrorist groups.
By following flows of cryptocurrency from addresses associated with criminal activity, Chainalysis was able to estimate the amount "laundered"

It's easy to 'track', it's a lot more difficult to assign identities to wallets you're tracking and actually identify where money is ending up.

During Covid there was a big issue with fraud money disappearing in to crypto land that would've typically been withdrawn as cash. People who were scamming accounts would normally send to a mule account and send them to withdraw in cash. Once branches were closing, this changed to 'send to mule - send to Binance - send to Tornado - retrieved back by scammer'.

Illicit marketplaces love crypto because if you're creative enough, it's a far better for remaining anonymous and avoiding procedures in standard banking processes that would prevent a lot of crime people use it for.
 

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