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A comment on Farewell to the Era of Cheap EC2 Spot Instances. Parent comment

Re:Farewell to the Era of Cheap EC2 Spot Instances by xmcqdpt2 on Friday May 05, 2023 @07:27PM (#35836395)
That's a good way of monetizing stolen credit card but it would be a very bad way to do money laundering, because crypto is effectively "cash" so it still isn't clean. It doesn't have a good origin story.

Basically for money laundering you want to have a good story for your money that you can get tax authorities and banks to believe. "I found some crypto" would only work at small scale, and crypto is considered "high risk" anyway so you'll get higher scrutiny.

If I was in the business of laundering money and I wanted to do it via crypto, I think I would create an NFT instead then buy it from myself. Then I have funds I can transfer to cash, and I can claim I got them through my great artistic abilities.

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Re:Farewell to the Era of Cheap EC2 Spot Instances by quickthrower2 on Friday May 05, 2023 @07:32PM (#35836428)
The NFT sounds better but assuming the police FBI, DEA etc. are smart, which they probably are, they can see that you are not famous in the NFT world so why did someone pay so much. So you would need to almost be able to make a million anyway (just pure NFT grift) to launder a million (some other source)
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Re:Farewell to the Era of Cheap EC2 Spot Instances by ElevenLathe on Monday May 08, 2023 @07:56AM (#35860583)
IOW, money laundering works best as an adjunct to a profitable real business, same with crypto as with laundromats and vending machines.
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