Re:North Korean hackers stole a record $1.7B of crypto last ...
by csomar on Friday February 24, 2023 @12:29PM
(#34927082)
Funny thing is, you can barely launder any tangible amount of money with Bitcoin let alone crypto.
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Re:North Korean hackers stole a record $1.7B of crypto last ...
by chollida1 on Friday February 24, 2023 @02:06PM
(#34928517)
> Funny thing is, you can barely launder any tangible amount of money with Bitcoin let alone crypto.
https://www.cnbc.com/2022/08/10/crypto-criminals-laundered-5...
Is $540M considered a tangible amount? I'll let you quibble over that but I'd think most criminals would be more than happy to be able to launder $540M.
Re:North Korean hackers stole a record $1.7B of crypto last ...
by csomar on Friday February 24, 2023 @08:02PM
(#34932566)
That's mixing or "anonymizing" your crpyto proceeds. To make use of this crypto, you need to convert it to the relevant currency of the country you are in. If you are based in the USA, your only option is the few regulated exchanges which will ask "lots" of questions for this amount of money. It doesn't stop there, you'll have to answer lots of questions for the banks too as you'll withdraw this money eventually.
If you made it this far, then you start the laundering process.
You can't launder money with Bitcoin because Bitcoin is not well integrated with any country financial devices in any meaningful manner.