CipherTrace releases cryptocurrency anti-money laundering report

CipherTrace says that “some of the best and brightest criminal minds” have stolen $1.2 billion in cryptocurrency and laundered their booty through crypto tools to hide their true identities and avoid arrest.

“There are a number of money laundering services available for cryptocurrencies. These services are variously called mixers, tumblers, foggers and laundries. They take in funds from multiple customers, mix those funds together, and then output the mixed funds. They typically charge between 1% and 3% per transaction for their services,” states the firm in its 13-page Cryptocurrency Anti-Money Laundering Report.

“Criminals are often early adopters of new technologies. So not surprisingly Bitcoin and other virtual currencies attracted their interest because of several unique properties. Crypto transactions do not require criminals to use their real names, bank account numbers, etc., which can enable them to evade the watchful eye of law enforcement and other investigators.”

CipherTrace says these issues have attracted the attention of authorities around the world, prompting governments to push for regulation.

Related Articles