Re:Kik, once valued at $1B, is to be closed
by jjeaff on Thursday September 26, 2019 @01:01AM
(#21078330)
Properly implemented "Laundering" services for crypto currency can make follow-the-money effectively useless.
The funds are transferred to a wallet, they are mixed with many other coins, and then they are paid out in different sized transactions to the recipient.
Assuming you have a busy enough pool, it should be technically untraceable.
Re:Kik, once valued at $1B, is to be closed
by Svoka on Thursday September 26, 2019 @02:49AM
(#21078827)
Honestly, it seems like you’re trying to make it sound like a device one would use exclusively for scamming.
Re:Kik, once valued at $1B, is to be closed
by DagAgren on Thursday September 26, 2019 @06:27AM
(#21079694)
Not exclusively - it is also used for extortion, laundering money, and paying for illegal goods and services.
Re:Kik, once valued at $1B, is to be closed
by feanaro on Thursday September 26, 2019 @03:50AM
(#21079057)
The poster was replying to a comment discussing traceability by the FBI so he can hardly be blamed for the topic.
Re:Kik, once valued at $1B, is to be closed
by hdfbdtbcdg on Thursday September 26, 2019 @02:24AM
(#21078738)
Sounds like something where if you offered that as a service you would probably be legally required to Know Your Customer and to keep records...
Re:Kik, once valued at $1B, is to be closed
by Kuinox on Thursday September 26, 2019 @03:31AM
(#21078985)
These services does not require manipulating real money.
To run the service, it requires a device connected to the internet, that all.
You can find a lot of way to host it in a country that don't have these requirements, or to host it anonymously.
Re:Kik, once valued at $1B, is to be closed
by Nursie on Thursday September 26, 2019 @05:32AM
(#21079466)
Mixers are now a target for law enforcement though, just so you know.
Re:Kik, once valued at $1B, is to be closed
by Kuinox on Friday September 27, 2019 @03:27AM
(#21089354)
I know, but you can easily do a service on a decentralized service really hard to shutdown, anonymously.
Re:Kik, once valued at $1B, is to be closed
by zaarn on Thursday September 26, 2019 @05:44AM
(#21079522)
Until you want to make it into useful things and then the IRS will be asking how you bought that car and where the money came from. If it came from a laundering pool of bitcoins, tough luck convincing anyone you didn't do money laundering.
Re:Kik, once valued at $1B, is to be closed
by dingdongding on Thursday September 26, 2019 @01:07AM
(#21078361)
Just like giant corporate balance sheets?
Re:Kik, once valued at $1B, is to be closed
by m00dy on Thursday September 26, 2019 @05:24AM
(#21079435)
Tracking crypto-coins are actually real business [0].
Re:Kik, once valued at $1B, is to be closed
by repomies691 on Thursday September 26, 2019 @07:50AM
(#21080043)
And a growing field of business, I would bet.
Re:Kik, once valued at $1B, is to be closed
by feanaro on Thursday September 26, 2019 @03:52AM
(#21079063)
Exchanging Bitcoin for Monero or Zcash, making a private transaction, then selling it back for Bitcoin under a separate account would seemingly stop this dead in its tracks.
Re:Kik, once valued at $1B, is to be closed
by close04 on Thursday September 26, 2019 @05:03AM
(#21079352)
But then untraceability would be a quality or Monero or Zcash, not Bitcoin itself.
Re:Kik, once valued at $1B, is to be closed
by feanaro on Thursday September 26, 2019 @07:51AM
(#21080049)
Yes, I didn't mean to imply otherwise. Bitcoin is obviously traceable by design, but I've seen claims this traceability is unbreakable, even by mixers or roundtrips to other currencies, which just sounds like FUD and nonsense to me.
Bitcoin's public ledger is especially vulnerable to FBI "follow the money" investigation. Only one end is required to be known, and the entire trail is easily followed.
The federal agent who stole a portion of Dread Pirate Roberts' Bitcoin was quickly tracked and prosecuted.