Bitcoin, Ethereum and Monero at the core of a new cryptocurrency money-laundering scheme

Colleagues, the lack of transaction transparency and money laundering have long been the Achilles heel of the crypto ecosystem. A recent Wall Street Journal study revealed that some $88m in cryptocurrencies from 2500 wallets was laundered through exchanges including Shape Shift. To date this exchange (and others) have allowed investors to anonymously trade digital assets – mostly Bitcoin that holds 50% market capitalization share among cryptocurrencies – without needing to create an account. To its credit ShapeShift is replacing its “account less” trading model with a new “loyalty program” which requires users to create a traceable account. Money laundering has long been a high priority of entities such as the US Drug Enforcement Agency and Europol … and so-called crypto laundering is reaching epic proportions. Having reported all too many times on this topic we believe that first and third world governments need to implement strict regulations requiring the transparency of crypto trading and exchanges alike. Share a comment while visiting us today! Lawrence – Cyber Security Defender (https://cybersecuritydefender.blogspot.com/)