The world’s largest cryptocurrency exchange, Binance, has teamed up with Ukrainian police to bring down a massive darknet money laundering cartel. Three cyber attackers were arrested and their $42 million in ransomware was seized. Binance also helped the authorities seize $200,000 worth of computers, bullets and evidence.
Darknet money laundering is facilitated by using fake accounts on websites that allow users to conceal their identities. Users can also use the Tor browser to mask their browsing activity. In addition, some websites allow people to create anonymous accounts so they can sell Bitcoins without exposing their identity. These anonymous accounts are essential for drug dealers who need to hide their identity.
The best methods of darknet money laundering are often creative and innovative. These individuals have the skills to find a new revenue stream and pursue different avenues. For example, some individuals may sell fake certificates on Amazon. While these fakes aren’t as dangerous as they might seem, they are still risky and should be used with caution.
Among the most notorious of darknet money laundering services is Bitcoin Fog. The site, which was almost as old as the Bitcoin protocol, was shut down by Twitter, Google, and Microsoft. It was run by Roman Sterlingov, a Russian dual citizen who was charged with money laundering in Los Angeles. His arrest came after a joint FBI investigation. His service allowed people to send and receive Bitcoin and other currencies for a small fee. The service also made it hard to trace users.
Bitcoin is the most popular cryptocurrency on the darknet. The currency’s liquidity and anonymity make it attractive to darknet users. It is widely used by hackers and money launderers. For instance, a Mexican drug cartel received $380 billion through a bank that used cryptocurrency. This demonstrates that even the US dollar is not immune to criminal behavior. However, with proper regulation, blockchain technology will be more secure and transparent, and will help law enforcement authorities track illicit activity.