News for hackers. Stuff that matters.
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?