Feds Arrest an Alleged $336M Bitcoin-Laundering Kingpin(wired.com)
wired.com
Feds Arrest an Alleged $336M Bitcoin-Laundering Kingpin
https://www.wired.com/story/bitcoin-fog-dark-web-cryptocurrency-arrest/
14 comments
He was a US resident and he generated transactions that did not have a payment to the authorities. This has nothing to do with USD. It is very clear. Taxes are based on the characteristics of a transaction, not the medium of exchange.
The charge was money laundering, according to the article - not tax evasion.
The same jurisdiction they had over Al Capone. Generating income without paying taxes on it.
If I were a Swedish-Russian money launderer I would never set foot in the US. Why not stay in Sweden.
Sweden has an extradition treaty with the US.
Why don't criminals just use Monero or another privacy coin?
Most darknet markets have indeed switched to Monero.
If you are talking about the guy arrested, he was identified because he couldn't use Bitcoin Fog to pay for Bitcoin Fog back in 2011.
He took the L for the rest of us. Analogous to the governor of Judeau crucifying Jesus.
He took the L for the rest of us. Analogous to the governor of Judeau crucifying Jesus.
Less liquidity, maybe? XMR only a $7B market cap coin, while BTC is $1T.
Or you can just use Tornado. At this point, laundering crypto is (mostly) a solved problem. However, you gotta be fast in some cases (ie you hack some defi project you need to launder your coins before people can react and start trying to invalidate/take/freeze your coins.
Because it’s relatively new? This “kingpin” started his business in 2011.
StakeShuffle on Decred uses high volume coinjoins with a huge participation level due to integration with Decred's staking system. It can be used in the Decrediton desktop app gui. Nearly half of all the DCR in circulation now are using this mixing. https://dcrdata.decred.org/charts?chart=coin-supply&visibili...
It is also easy for BTC owners to trustlessly exchange to and from DCR using the dcrdex with atomic swaps. This makes the combination of StakeShuffle and dcrdex the best pathway for maintaining privacy of BTC that exists, and in a decentralized way with no custodians. https://github.com/decred/dcrdex
It is also easy for BTC owners to trustlessly exchange to and from DCR using the dcrdex with atomic swaps. This makes the combination of StakeShuffle and dcrdex the best pathway for maintaining privacy of BTC that exists, and in a decentralized way with no custodians. https://github.com/decred/dcrdex
It's far from clear what jurisdiction the IRS has over people using Bitcoin.
Exchanges that use the USD - that makes sense. But the IRS intervening with someone who only facilitates certain kinds of Bitcoin transactions reeks over overreach. Not exactly surprising, though.