A Criminal’s Guide to Laundering Money with Crypto

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This video is for entertainment purposes only. Money laundering is illegal. Don't do it.

Money Laundering: The Art of Cleaning Dirty Money    • Money Laundering: The Art of Cleaning Dirt...  

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Let’s say you’re a cyber criminal - theoretically, of course. Whatever cyber criminal you are, if you’re not making money right now, you suck. The problem with any type of ill-gotten gains is that if you just straight up use that money to buy a lambo, to buy that mansion eventually people like the IRS, the FBI, the DEA, are gonna come knocking on your door, wondering where you got all this money from? So we need a way to clean this dirty money so that it looks like it came from a legitimate source.

Back in the early days of crypto, it was the Golden age of money laundering. Today however, it’s a lot harder. Regulators are putting more and more pressure on exchanges. That’s where Over The Counter brokers come in. The OTC works their magic and shuffles the funds around with other client’s money and other OTC’s. And then the OTC goes to an exchange like Binance or Huobi to get your cash.

What is Bitcoin Fog? It’s known as a Bitcoin Mixer, or Crypto Tumbler - and it’s exactly what it sounds like. Think of it like a literal laundry machine for crypto. Bitcoin Fog took in around $336m in Bitcoin over its lifespan, which comes out to around a $5m profit for the owner.

Instead of mixing Bitcoins, you can also get out of public cryptos entirely and exchange it for privacy coins. Like Monero, Zcash, and Grin. Privacy coins are just like any other cryptocurrency, except they provide way more, well, privacy. You should be warned, though, these privacy coins may not be around forever.

The invention of Bitcoin ATMs has also changed the money laundering game. This is great if you’re running any traditional rackets where your profits are still in fiat. You take the dirty money, and simply use any one of the 11,000 unregulated Bitcoin ATMs around the world to turn that cash into clean Bitcoin.

Privacy wallets are responsible for around 12% of all Bitcoin laundering last year - making them the preferred choice among cyber criminals.

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