Gangs of drug traffickers and terrorists who use cryptocurrency merchants to move illegal cash: former CIA...
Gangs of drug traffickers and terrorists who use cryptocurrency merchants to move illegal cash: former CIA analyst
.What is the cryptocurrency?
Bitcoin and other online cash alternatives are growing in popularity even though many still do not understand how they work. This is what you need to know about this latest online trend.
According to a CIA analyst, criminals and terrorists are using unregulated cryptocurrency exchanges to move cash anonymously.
Cryptocurrency is a form of digital money that uses encryption to secure transactions and control the creation of new units.
The technology uses cryptography, a form of secret coding that originates in World War II, to process transactions securely, and is incredibly difficult to trace.
Now, criminal gangs and extremists are using "decentralized exchanges" (dEX) to exchange cryptocurrencies anonymously, according to Yaya J. Fanusie, director of analysis of the Center for Sanctions and Illicit Finance of the Defense of Democracies.
These groups are attracted by the potential to move hundreds of millions of dollars in value around the world.
The fight against money laundering and cash trafficking is applied with the help of the main financial institutions.
Credit cards, for example, require an identification to which law enforcement agencies can access.
But cryptocurrencies do not operate within this established system. In fact, many cryptocurrencies were invented in part to bypass the existing regulated financial system.
While most cryptocurrency exchange companies are more in compliance with existing financial legislation, dEXs do not take charge of users' tokens or verify customer identities, which is perfect for moving profits poorly. had.
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In fact, many announce this lack of supervision as a point of sale.
Fanusie, who spent seven years as an economic and counter-terrorism analyst at the CIA, says there are examples of drug cartels and criminal gangs organized in the US. UU., Asia and Europe that use cryptocurrencies as part of their money laundering process.
"As the cryptographic space evolves, there are more recent innovations that are likely to be used to move illicit funds, such as decentralized exchanges and more anonymous 'privacy coins'," he said.
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Cryptocurrency is a form of digital money that uses encryption to secure transactions and control the creation of new units; Bitcoin is possibly the most famous form of cryptocurrency"These innovations are not used as widely compared to centralized exchanges and Bitcoin, but the interest seems to be growing in them."
A "privacy currency" is a type of cryptocurrency that masks all transactions and the identities of buyers and sellers.
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The anti-terrorism analyst told Fox News that there is a risk that law enforcement agencies without crypto experts will fight the growing knowledge gap as more criminals turn to dEX.
It also states that decentralized exchanges, which are not illegal and are used for legitimate financing, should do more to make them aware of the worrying phenomenon and to work with regulators.
"A CEO said he did not know much about money laundering," he said. "This is the CEO of a dEX."
Fanusie also said that more net black markets have emerged since Silk Road, where users could buy drugs, weapons and even request hired killers who use the cryptocurrency anonymously, closed in 2013.
"It is very obvious that cryptography is still used for illegal transactions," he said. "The dark network continues to have sites that take cryptocurrencies as the main payment method.
"A major change since mid-2017 is that an exchange website that was very popular for the laundering of illicit cryptocurrencies called BTC-e has been closed by US authorities.
"An exchange that has been of interest recently is ShapeShift, which until a few weeks ago, allowed customers to exchange cryptography without setting up accounts and identifying themselves."
Three separate countries are trying to extradite Alexander Vinnik, who allegedly laundered bitcoins worth about $ 155 million through BTC-E, the dEX now gone.
Vinnik, a 38-year-old Russian citizen, was arrested in Greece last year at the request of US authorities.
A grand jury in the United States has accused Vinnik of 21 counts, and has also been charged in France and Russia.
This week, ShapeShift dismissed a Wall Street Journal article claiming that the crypto exchange had processed $ 9 million in funds from criminal activities over a two-year period.
CEO Erik Voorhees said the report was an incorrect fact and showed a lack of understanding about how cryptocurrencies operate.
The WSJ article reported that about $ 88 million was laundered through 46 different exchanges, with $ 9 million through ShapeShift.
But Voorhees wrote that "even if it were true" that the cash was washed through ShapeShift, it would represent only 0.15 percent of the total volume of the exchange.
He said the exchange has "a strong record of compliance with law enforcement requests, which provides valuable assistance in more than 30 investigations in 13 different countries around the world."
He added: "We work with other exchanges almost daily to identify and block thieves and criminals, through a self-control group created by ShapeShift to protect users and the industry."
SOURCE LINK ERESVIRAL.COM https://www.beviral.online
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