Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6897340451708309504
Bitcoin ‘Highly Traceable’: $4.5 #Billion #BTC #Heist Recovery: The laundering techniques used here were quite sophisticated. However, this case demonstrates that when #blockchain #analytics is combined with the kind of #data that #lawenforcement can get their hands on, #cryptocurrencies such as #Bitcoin are #highly #traceable.: https://lnkd.in/eS-JsT58 :
Prior: #BTC $4.5 #Billion #Stolen #Bitcoin Captured by #Government: largest financial seizure ever: https://lnkd.in/eAKhWBaC .
#Crytpo #Law #Enforcement: #Money #Laundering:
…Charges against Morgan and Lichtenstein are meant to “make people aware of the fact that [ #DOJ is] doggedly attempting to pursue this particular area” and that #cryptocurrencies are #not as #untraceable as some believe. The #feds are now sending a message to #cybercriminals that “they can’t capitalize on this and keep their #anonymity to the degree that certainly has been publicized,” he said, noting that although Bitcoin “sounds daunting.”
“…There’s no such thing as a new #fraud #scheme, that it’s really all old schemes that are just sort of relabeled and repackaged…A lot of what’s described [in the complaint], even though it sounds very novel and new—and certainly the #technology is novel—but the #methods are not that different from what we experienced decades ago, when we were tracking money that was being laundered by other #organized #crime groups.”
#Washing #CryptoCurrency Using #Crypto #Laundering
They “employed numerous sophisticated [ #money ] #laundering techniques, including using #fictitious #identities to set up online accounts; utilizing computer programs to #automate #transactions, a laundering technique that allows for many transactions to take place in a short period of time; #depositing the stolen #funds into accounts at a variety of #virtual #currency #exchanges and #darknet #markets and then withdrawing the funds, which obfuscates the #trail of the #transaction #history by breaking up the #fund #flow…”
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