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Cryptocurrencies are ill suited to money laundering
As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash.
Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the ВТС network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement.
The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it.
Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level.
It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through.
Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure.
As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day.
Banks are the key “laundromats” of the criminal underworld
Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks.
Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks.
In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone.
According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given).
Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money.
A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos.
The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency.
Cryptocurrencies do not launder money — they fight against money laundering
As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money.
The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks.
At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic?
UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments.
To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped.
Sincerely yours, UMI Team!
submitted by UMITop to u/UMITop [link] [comments]
Quite recently, the world has seen a remarkable event — an anonymous bitcoin whale sent a total of $2.24 billion in a series of transactions. Large transactions are certainly not uncommon for the bitcoin network. Whale Alert — blockchain tracker and analytics system — regularly reports large and interesting transactions. Although $2.24 billion is the largest ever cryptocurrency transfer, the most remarkable thing about this event is not the transfer amount but the incredibly little fee the sender paid for the transaction — less than $1. With no checkups and intermediaries.
If such a transfer had happened a few years ago, it would have considered abnormal and unreal. Today it is a matter of fact. With each passing day, using cryptocurrency for making transfers is getting more attractive than bank transfers. The UMI network, which enables instant payments with no fees, fits in best with new realities. Let's explore this issue.
Freedom from Bank Charges
The BTC whale sent the above-mentioned amount in seven successive transactions within one hour. The total amount was 241,500 BTC, which was equivalent to $2.24 bln. Each transfer cost around 0.0001 BTC or just $0.93, giving a total of about $6.51 for the seven transfers.
Let's compare now how much you would be charged for an identical transfer in a bank.
In big banks, the international transfer fee is at least 1% of the amount, but it is often higher than that depending on the conditions. For instance, the VISA system charges 1 to 10% of the transaction amount for an international transfer (minimum of $10). Therefore, the more you transfer, the more you pay for it. To transfer the above-mentioned amount via a bank, a customer would have to part with as much as $22.4 mln (!!!), in the best-case scenario — that is if the fee is the minimum 1%. In other words, a bank would make a fortune — virtually at the drop of a hat, making no effort whatsoever — by simply taking someone's money. What makes it more absurd is that banks intend to further raise their fees amid coronavirus pandemic.
Cryptocurrencies are a completely different story. In most cryptocurrency networks, fees do not depend on the transaction amount — the same fee could be charged for transferring $1 or $1 bln. In the cryptocurrency world, it doesn't matter how much money you transfer. If you make a big transfer, no one makes you pay the “tithe”. With UMI, you don't have to pay anything to anyone — not a dime. But we'll get back to this a little later.
Freedom from Excessive Limits and Unneeded Checkups
First, let's consider another important factor — the very possibility to make unhindered transfers of large amounts via bank especially foreign transfers. The irony is that even if someone chooses to pay this multi-million dollar fee, the transfer would far from being 100% successful.
In most countries, including the Russian Federation, a $22 bln transaction would be virtually impossible to run in a state-owned bank, let alone private banks. Even going through a bunch of mandatory procedures as well as wasting lots of nerves and time wouldn't save the day. This is why a payment of this size is virtually impossible:
Cryptocurrencies are a step toward free transfers
The above-described situation proves that digital money helps people get rid of many problems related to bank transfers: high fees, payment amount limits, specification of personal data, verification procedures. With digital money, you don't have to prove or explain anything. This is a real revolution that makes people free from fees and manipulation. Cryptocurrencies allow people to be a master of their funds and no one has the power to change this. No one charges you crazy fees and no one can steal your coins.
With each passing minute, cryptocurrencies are becoming part of our life, and rather than profit from trading, investment, mining, or staking, they are regarded as a convenient way of sending funds. Only cryptocurrencies make people feel completely safe and allow them to transfer whatever amount wherever they want. This is a huge step towards changing the existing financial system, and it has already been made.
But UMI Goes Even Further
It may appear that problem with bank fees concerns only large businessmen. In real fact, regular people living live paycheck to paycheck are more sensitive to this issue. Being on a tight budget, most people have to pay for any bank transaction.
You always pay fees charged by banks — when you pay utility bills, buy online, deposit money to your bank card, receive money, transfer money between your accounts or withdraw cash from an ATM. Overall, bank fees cost people a lot of money. It's curious to know how much your pay banks every year for mediation.
Now let's see how you can make transactions using UMI.
In terms of fees, UMI is more profitable than banks and even more profitable than most of the other cryptocurrencies, including bitcoin. There are no fees in the UMI network at all, even hidden ones. All transactions are instant. That is, if you sent $2.24 billion through the UMI network, it would be instant and completely free. There are no limits, verifications, and other nervous procedures. Instant, free, and secure — here and now.
This is the key advantage of UMI as a payment instrument. Our cryptocurrency empowers all people — from large businessmen to factory workers — with profitable and absolutely safe funds transfers. UMI gives all people around the globe equal opportunities. This is the next step toward a free financial world. We are the first to make it.
Sincerely yours, UMI team
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submitted by fleta-official to fletachain [link] [comments]
A cryptocurrency exchange is the meeting point where traders exchange their cryptocurrencies for fiat money or other cryptos. These online exchanges, where the market price is generated, mark the value of cryptocurrencies based on supply and demand. It is a virtual space that allows the purchase and sale of cryptocurrencies.
Since the appearance of Bitcoin in January 2009, cryptocurrencies have quickly demanded the use of this type of platform to access decentralized assets. The first cryptocurrency exchange was developed in March 2010 under the name of Bitcoinmarket. Since then, many proposals have emerged in the crypto space to provide quality options to cryptocurrency traders worldwide.
One of the important achievements of a Blockchain platform is getting your currency listed on a major cryptocurrency exchange in the digital finance arena.
According to the Cambridge Dictionary, in the stock market, the term ‘listing’ refers to a place in a list of companies whose shares are bought and sold on a particular stock market, or the act of putting a company on a list. In the case of cryptocurrencies, the native tokens or coins of a blockchain platform represent those ‘shares’ of the platform.
However, being listed on exchanges, especially on major ones, is neither easy nor straightforward. Many cryptocurrency exchanges have well-defined listing criteria to list the cryptocurrencies of credible projects, and not all projects meet the criteria the exchanges present.
How exchanges operate
Cryptocurrency exchanges can be classified into different types, but they all share something in common. They are all platforms designed to facilitate the participation of their users in the alternative cryptocurrency market.
For this, they have fundamental and technical analysis tools and a large number of indicators so that traders can make the best decisions at all times within the market.
Depending on the type of exchange used, transactions work on the platform or user side, all based on the benefits offered by blockchain technology.
Most of the exchanges charge a commission on the buy-sell operation established by the trader. Also, those transactions are confirmed in the native blockchain of currency on which it is operated. Thus, for example, if you deposit or withdraw a certain amount of BTC in Binance, you will have to wait for the confirmation of the bitcoin blockchain network. You can see the corresponding balance successfully reflected after your transaction is confirmed.
What is the difference between a CEX and DEX
As we mentioned earlier, there are many categories of cryptocurrency exchanges, but fundamentally two large groups dominate the scene: centralized «CEX» and decentralized «DEX» exchanges.
The first group corresponds to traditional exchanges, where access to buy or sell their tokens according to the market price.
Compared to DEX, they are highly regulated platforms that must meet KYC(Know Your Customer) and AML(Anti money laundering) standards. It means that there is no privacy on their platforms since users are forced to reveal their identity to trade. Coinbase, Binance, Kraken, Bithumb, and Bitfinex are examples of this type of exchange.
Moreover, CEX charges for its services, and some of them offer funding alternatives through traditional bank accounts or conventional credit cards. By charging commissions, CEX keeps the platform functioning and generating income.
In the case of decentralized exchanges or DEX, they are a direct evolution of the traditional ones. Although they work in a similar way to the CEX, they are able to operate in a decentralized way thanks to smart contracts. It indicates that there are no intermediaries, and the platform is self-supporting due to its programming. In addition to this, DEX usually has high levels of privacy and even anonymity since it does not require KYC or AML. Some of the examples of DEX are AirSwap, Bancor, UniSwap, and Bisq.
However, despite its mentioned qualities, there are defects that traders are reluctant to use DEX exchange. In many cases, its interface is difficult to use for the average trader to operate, and it has limited order types. Also, its low liquidity that generates high spreads drives away the users.
Where FLETA is listed
In the case of the FLETA token, we can find it available in a large number of exchanges globally.
Since our first listing on the GDAC Exchange with the FLETA / KRW pair, the token is now available on five more exchanges for a total of enlistment in 08 pairs within six global exchanges.
Below you can find the complete list of token availability in cryptocurrency exchanges in the market:
● Bithumb «FLETA / KRW»
● Coinone «FLETA / KRW»
● Bithumb Global «FLETA / USDT»
● Bittrex «FLETA / BTC»
● DigiFinex «FLETA / ETH»
● DigiFinex «FLETA / BTC»
● GDAC «FLETA / KRW»
● Bitsonic «FLETA / KRW»
Shepard is being charged with computer intrusion, wire fraud conspiracy and money laundering conspiracy, the most serious of which comes with a 20-year sentence and a $250,000 fine in the US. According to an IRS agent, the hackers scammed Twitter users as many as 415 times to the tune of 12.86 Bitcoin, or approximately $117,457.
The Florida teen is currently in jail, being charged with over 30 felony counts, including organized fraud, communications fraud, identity theft, and hacking, according to Hillsborough State Attorney Andrew Warren in a just-broadcast news conference describing the arrest.
He's being charged as an adult - "This was not an ordinary 17-year old," said the state attorney - and the press conference made clear that law enforcement is considering how bad consequences of the hack could have been, beyond the $100,000-plus in bitcoin that the teen is alleged to have scammed out of unsuspecting Twitter users.
The company said several Twitter employees were targeted in a "Phone spear phishing attack," which presumably means that hackers called up Twitter employees while posing as colleagues or members of Twitter's own security team, and got them to reveal their credentials.
Hillsborough State Attorney's Office tapped to prosecute worldwide "Bit-Con" hack of prominent Twitter users.
Tampa, FL - Hillsborough State Attorney Andrew Warren has filed 30 felony charges against a Tampa resident for scamming people across America, perpetrating the "Bit-Con" hack of prominent Twitter accounts including Bill Gates, Barack Obama, and Elon Musk on July 15, 2020.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]
In a series of publications: Coming TkeyNet and listing on exchanges and TkeyNet: release date, a brief analysis of the system, plans-revealed the General characteristics of the new TkeyNet system, which we will all switch to soon.
Given the volume of material, it was possible to miss the main theses or interpret them in their way, while the question ”why now“ was ignored.
Today we will review the main questions and tell you about the testing process of TkeyNet.
Why will the switching to TkeyNet take place this year, and not later, as planned?Let’s look at the project history. The TKEY concept dates back to October 2017, and it was in the fourth quarter of 2017 that the distributed infrastructure concept was approved. In early 2018, the formation of the TkeyNet architecture began.
To make the whole course of events clear, we highlighted the main points and commented on them:
The projected development period for TkeyNet is 2.5–3 years.
This forecast was made in 2018 when the development of TkeyNet began.
The course of events that was part of our strategyCore 1.0 launch and exchange
The company planned to launch a Protocol based on Core 1.0 and conduct a subsequent listing of the asset on the exchange in late 2018-in the first half of 2019. Depending on the completion of work on Core 1.0.
Why launch Core 1.0? There is a fixed practice in the market when a project starts on a ready-made blockchain, and then switches to its own, for example, EOS. This project was launched based on the Ethereum blockchain, and later the transition to its Protocol was made.
Our main task was to launch a Protocol with non-standard technical solutions for the market and enter the auction to expand the project audience and obtain liquidity for the asset.
With an increase in the asset price, the company would be able to increase its financial resources and reinvest them in the development of the project. Thus, the launch of a blockchain-based on Core 1.0 fully met these tasks.
In Core 1.0, new transaction models introduced and multi-blockchain support implemented. The first version of the Protocol supported the inclusion of 10 separate chains. The mechanics allowed you to change the number of parallel chains in the blockchain. To increase throughput, the team implemented PostgreSQL support, instead of the typical key-value database that is present in most cryptocurrencies.Switching to Core 2.0 during trading and then switching to TkeyNet
Next, the plan was to upgrade the network to Core 2.0 and continuously modify it. The modification means the gradual implementation of functionality and standards from TkeyNet so that it is easy to make the transition from Core 2.0 to the new TkeyNet Protocol during trading on the exchange.
In 2019, a Core 1.0 — based system launched. The year was simultaneously busy: the first presentation of TkeyNet at APA-2019, presence at IFC-2019, work on draft laws, and at the same time, the year was quite difficult for our company, which affected the timing shifts for products and all project plans in General. The listing did not take place.
Reasons for switching to TkeyNet
There is a silver lining. In the period from April to May, there was positive news from developers: work on TkeyNet will be completed much earlier than planned.
By the end of June, we were preparing to launch a test network based on TkeyNet, to start the final testing of all functions.
On June 22, 2020, the core 1.0 network suspended. For more information, see the link.Shortly, we will be able to switch to TkeyNet and list the TKEY asset to crypto exchange.
Upon completion of the launch of TkeyNet, the official date of listing of TKEY on the trading platform will publish at the link: tkeycoin.com/start/;
What is TkeyNet?We have already talked about TkeyNet in the previous article: TkeyNet-release date, a brief analysis of the system, further plans, gave examples of how the use of technology, told what products can be created based on TkeyNet, all this covered in General terms.
In this publication, we share some theses so that you will gradually develop an objective picture of the new TkeyNet system and its capabilities, which many of you will be able to apply in the future in business or everyday life.
From the very beginning of development, — TkeyNet was intended to improve the existing financial system, not to replace it.
From a technical point of view, the system and its functionality entirely based on blockchain technology. However, this is not a classic variation, as, for example, with bitcoin, but the new implementation of It — more secure, more suitable for global use, more perfect. In simple words, our developers took the best from Bitcoin, Ethereum, Litecoin, and other market leaders, combined their pros, eliminated their cons, and modified existing solutions on the market, resulting in new technology with new features.
For the user, TkeyNet is a fast payment network that allows you to store, use, and move various assets in the payment network, such as currencies, shares, real estate, and precious metals, etc. Businesses will be able to legally conduct international transfers in seconds and significantly save on transactions.
For developers and startups, this means best practices, infrastructure, liquidity, and access to ready-made solutions that can complete in their products.
Among competitors, TkeyNet is much faster than its predecessors, more profitable, and cheaper in terms of transactions.
For businesses and financial institutions, it is an infrastructure that will significantly improve existing financial processes, from payment routing to multi-level exchange and clearing operations.
If we compare the giants of the financial industry-banks, and the new paradigm — distributed payment systems, we will notice a significant difference. The total market capitalization of cryptocurrencies estimated at ≈340 billion US dollars and the capitalization of 10 world banks is 2 trillion dollars. A significant difference, don’t you agree?
You can’t argue with the numbers, and we must understand that banks remain vital objects of the financial system. Banks help us send funds within the country and abroad, and provide a lot of services, such as loans, deposits, and a lot of other services.
Anyway, using cryptocurrency, users actively exchange it for Fiat currencies to pay for any formed needs. Therefore, TkeyNet will serve as a bridge between fiat and digital currencies, providing its users with best practices and tools through which we will all have access to various digital and cash at any time and anywhere in the world.
The Asian Parliamentary Assembly actively raised the issue of trust and the development of financial products in underdeveloped countries. The problem in such countries is total state control of property registers. Citizens prefer to dispose of their funds in informal settings because they do not consider state systems reliable.
The representatives of the senior management of the TKEY group of companies — Pavel Yakimov (the Director of Information Technologies) and Maxim Yakimov attended these discussions. Both of them recommended several approaches to develop a digital framework that can combat money laundering, and also illustrated open investment platforms, security, and data exchange systems that are based on TKEY distributed solutions. © — businessinsider.comAccording to the World Bank alone, about 1.7–1.8 billion people do not have accounts in any financial institution, and about 47% of them located in developing countries. The problem of interaction between a person and a financial institution consists of three main reasons: poverty, trust issues, and geographical difficulties. With systems such as TkeyNet, it is possible to connect people and financial institutions with a single source of trust. With the use of such systems, a person does not need anything other than access to the Internet.
The investments that bring us all togetherOn the other hand, the audience of the TKEY project is quite diverse: our investors represent a variety of professions, a variety of cities, and a variety of age groups. However, one thing, nevertheless, unites us all — this thing is an investment. And therefore, some of the users may not be interested in technical details or the difference between 1.0, 2.0, or TkeyNet. But at least the thesis, the main message, must be understood by absolutely everyone.
The more popular the company’s products are on the market, the stronger it is and the development. Due to the reliability of the company, the prices of its assets grow.Whether you are interested in technology or not, the company’s development will directly affect the reliability of its assets. Each of us knows that any cooperation, any news is a reason to move on the stock exchange. TkeyNet opens up these opportunities to us, provides several strategically profitable, and importantly — stable partnerships with financial institutions. The number of users in the digital payments segment expected to reach 4,636,34 million by 2024.
Testing the TkeyNet systemFrom 22 to 24 July, the test network TkeyNet was successfully launched.
Our team is currently actively testing the entire network and conducting a security audit. Developers are testing the network with different scenarios: security, reliability of the full system, as well as individual modules and functions.
Given the different number of similar-looking formulations, but at the same time completely different from each other, some users wondered what is the difference between such concepts: Mainnet, Testnet, and TkeyNet.
Testnet should consider as a demonstration network for testing, testing concepts, new features, experiments, and debugging without the risk of losing any data. Testnet is a polygon for the development team that used to improve the system and introduce new features.
Mainnet (Main Network) this is a complete product, ready to use.
TkeyNet is the name of the infrastructure, the entire system that we are developing, and Testnet and Mainnet are technical concepts within this system.
After testing the system is complete, TkeyNet will launch. We will issue instructions on how to upgrade to the new Protocol and new software, respectively.
Testing takes place without any excesses, and the launch of TkeyNet is just around the corner.Thank you for being with us! Follow the project news to stay up to date. If you missed the latest news, you read the notification on the site: https://tkeycoin.com/en/news/.
Link to our website: https://block.co/blockchain-in-the-public-sector-webcast-qa/submitted by BlockDotCo to u/BlockDotCo [link] [comments]
Block.co fourth webcast titled "Digital Transformation of the Public Sector & The Upcoming Legislation of Blockchain Technology in Cyprus” was an immense success. We gathered some of the best experts in the field, Deputy Minister Kyriacos Kokkinos, Jeff Bandman, Steve Tendon, and Christiana Aristidou to share their experience and discuss with us the latest updates regarding Blockchain in the Public Sector.
In its fourth series of webcasts, Block.co gathered 281 people watching the event from 41 different countries, for a two-hour webcast where guests answered participants’ questions. Following the impressive outcome and response we received from the audience, Block.co’s team has done its best to address all the questions for which public information is available.
Below is a list of the questions that were made and were not answered due to time constraints during the webcast. For the remaining questions from our audience, the team will reach out to our distinguished guests to receive their comments and feedback. Please note, that the below information is only for informational purposes!
How can asset tracing be accomplished with bitcoins and cryptocurrency? And how can this be regulated?
Block.co Team Answer:
Digital Asset tracing may be accomplished with cryptocurrency intelligence solutions such as Cipher Trace and the ICE cryptocurrency intelligence program. FATF (Financial Action Task Force) embarked on a program of work from summer 2018 to June 2019 to strengthen and update the provisions dealing with virtual assets and virtual asset service providers. FATF updated Recommendations in October 2018 and Guidance in June 2019 include several new obligations that apply to VASPs. The so-called “Travel Rule” FATF announced in October 2019 agreed on the assessment criteria for how it will assess countries’ compliance with the new global standards. Under the Travel Rule, the transmitter’s financial institutions must include and send information in the transmittal order such as Information about the identity, name, address, and account number of the sender and its financial institution Information about the identity, name, address and account number of the recipient. The ”Travel Rule” is effectively being applied to cryptoasset transfers when there is a virtual asset service provider (VASP) involved. The scope of focus has broadened from “convertible” virtual assets to any virtual asset. Countries should make sure businesses can freeze crypto wallet or exchange accounts for sanctioned individuals.
Which kind of software or technical knowledge is required to develop cryptocurrency?
Block.co Team Answer:
It depends on the type of cryptocurrency you wish to create, as well as the preferred functionality and features, and characteristics of the token or coin (i.e. will it be pre-mined, what type of hashing or cryptographic algorithm will be used (i.e. proof of work (POW) or proof of stake (POS) or a hybrid of both), etc. Likewise, it is useful to utilize a programming language that is broadly used and supported by a vast and active development community; more data could be found here: more information could be found here: top programming languages in 2015/2016, published by IEEE here, and TIOBE. Hypothetically, you can utilize any programming language to make cryptocurrency digital money, however, the most widely recognized are C, C++, Java, Python, Perl. The beauty of cryptocurrencies is that you can literally have access to the entire Bitcoin and Ethereum open-source programming scripts, and create your alternate coin (altcoin).
Hello all, I want to know about the current status of the European Union Blockchain initiative in currency or public identity.
Block.co Team Answer:
Please refer to the European Services Blockchain Infrastructure (EBSI) website.
Mining is also the process of confirmation of transactions in the Bitcoin Blockchain. What is the process of confirmation of transactions in the Blockchain of an Organization? How do we call it?
Block.co Team Answer:
That would depend on the specific consensus algorithm used for the confirmation of transactions. The consensus algorithm is part of the blockchain protocol that defines the rules on how consensus is reached on that blockchain. In order to participate, entities on the blockchain must obey and follow the same consensus algorithm. Make sure to check our glossary for more information.
How does a small business implement blockchain into its current non-blockchain software systems? Who do they hire to install it?
Block.co Team Answer:
It is easy when there are APIs to connect the various software. For more information, you can check Block.co API.
What is your opinion on digitizing developing economies like India by using AI and blockchain?
Block.co Team Answer:
Watch a very interesting webinar on the matter by Mr. Prasanna:
Blockchain technologies have been around since 2008. What would you say has been the biggest obstacle in widespread adoption?
Block.co Team Answer:
In our opinion, the biggest obstacles are volatile cryptoasset prices, complicated UIs, undefined blockchain technology standards. Moreover, the legislation around the technologies is still now being developed and does not offer legal certainty for broader adoption.
Limitations to Blockchain Usability in the Public Sector?
Block.co Team Answer:
Blockchain in the Public Sector, like any other innovative concept with big potential, cannot be a solution to every problem. Users and developers are still figuring out technological and managerial challenges. From a technological perspective, some aspects such as platform scalability, validation methods, data standardization, and systems integration must still be addressed. From a managerial point of view, the questions include business model transformation, incentive structure, and transaction scale, and maturity. Read more here.
How can these blockchain initiatives be practical for the African context
Block.co Team Answer:
As long as the internet infrastructure is in place, these blockchain initiatives may have the same benefits for the African region.
What are some compelling use cases you’ve seen lately, and how do they serve to further legitimize blockchain as a solution?
Block.co Team Answer:
You can see the global trends from all around the world when it comes to further legitimization as a solution, with China leading the way. Read more here.
How does digital currency manage the issue of money laundering?
Block.co Team Answer:
Depends under which context you are looking at the term digital currency. A digital currency usually refers to a balance or a record stored in a distributed database, in an electronic computer database, within digital files or a stored-value card. Some examples of digital currencies are cryptocurrencies, virtual currencies, central bank digital currencies (CBDCs), and e-Cash. The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to fight money laundering. Since 2001 FATF is also looking into terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries. It is the global watchdog for anti-money laundering & counter-terrorist finance. In June 2019, it updated its guidance paper for Virtual Assets Service Providers (VASPs) regarding the transfer of digital assets. There was an insertion of a new interpretive note that sets out the application of the FATF Standards to virtual asset activities and service providers. To apply FATF Recommendations, countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets,” or other “corresponding value.” Countries should apply the relevant measures under the FATF Recommendations to virtual assets and virtual asset service providers (VASPs). Read more about the FATF recommendations here).
To what extent can blockchain be used to improve the privacy of healthcare?
Block.co team Answer:
Please refer to our previous webcast, blog, and articles for more information.
What is Blockchain technology in Shipping?
Block.co team Answer:
The shipping sector has been in the hold of phony maritime institutes charging exorbitant fees via agents, issuing certificates to candidates who do not have the imperative attendance, or those candidates who just pay the fees for the course and ask for the certificate. In view of these fake accreditations, the possibility exists that someone could be harmed or killed, and we could face any number of potential ecological disasters. Having the option to easily verify the genuine origin of a certificate by an approved maritime center is foremost for shipping companies to fast-track their operation and streamline their labor.
Different uses of blockchain other than cryptocurrency?
Block.co team Answer:
Please refer to our blog and glossary.
Upcoming trends in Blockchain concerning Advertising, Marketing, and Public Relations in the Public and Private sectors.
Block.co Team Answer:
Regarding the application of blockchain technology to media copyrights, please see Block.co use case proposal during the Bloomen Ideathon.
How to create a decentralized blockchain?
Block.co Team Answer:
An excessive number of individuals feel that blockchain is some supernatural innovation that makes up a decentralized system. In truth, this innovation only enables decentralization. Which means, it permits cryptocurrency to work in a decentralized way. Yet, it doesn’t give any guarantees that it will work that way. Along these lines, it’s really, some outer variables that decide genuine decentralization. Technology, itself never really guarantees it. That is the reason it’s a mistake to expect that if it’s a blockchain — it’s decentralized. From a technical perspective, both blockchains, centralized, and decentralized are comparative, as they take work on distributed peer to peer to network. This implies every node is individually responsible to verify and store the shared ledger. Both Blockchains utilize either a proof-of-work or proof-of-stake mechanisms to make a solitary record and they have to give upper and lower limits on the security and productivity of the system. For more information please refer to our infographic.
Dubai government Blockchain implementation progress?
Block.co Team Answer:
You can see more information here.
How Blockchain and IoT can be integrated to secure data being transmitted through IoT devices.
Block.co Team Answer:
You can read more about it here.
How can the Nigerian government use Blockchain to effectively implement its existing launched eGovernment master plan?
Block.co Team Answer:
Perhaps it can draw its attention to the initiatives of Dubai, Estonia, and Malta to prepare an implementation framework.
What impact is blockchain going to have in today world of business especially in the financial sector
Block.co Team Answer:
Please refer to our recent article titled Benefits of Blockchain Technology in the Banking Industry.
Is Blockchain Technology affect individuals?
Block.co Team Answer:
The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something larger. Cryptocurrencies have raised questions over financial services through digital wallets, and while considering that there are in excess of 3,5 billion individuals on the planet today without access to banking, such a move is surely impactful. Maybe the move for cryptocurrencies will be simpler for developing nations than the process of fiat cash and credit cards. It is like the transformation that developing nations had with mobile phones. It was simpler to acquire mass amounts of mobile phones than to supply another infrastructure for landlines telephones. In addition to giving the underprivileged access to banking services, greater transparency could also raise the profile and effectiveness of charities working in developing countries that fall under corrupt or manipulative governments.
An expanded degree of trust in where the cash goes and whose advantages would without a doubt lead to expanded commitments and backing for the poor in parts of the world that are in urgent need of help. Blockchain technology is well placed to remove the possibility of vote-apparatus and the entirety of different negatives related to the current democratic procedure. Obviously, with new innovation, there are new obstacles and issues that will arise, yet the cycle goes on and those new issues will be comprehended with progressively modern arrangements. A decentralized record would give the entirety of the fundamental information to precisely record votes on an anonymous basis, and check the exactness and whether there had been any manipulation of the voting procedure.
As Andreas Antonopoulos often says in his MOOC: ”is a blockchain even needed?” Ie. Are there better methods?
Block.co Team Answer:
In combination with nascent technologies, IoT, distributed computing, and distributed ledger technologies, governments can provide inventive services and answers for the citizens and local municipalities. Blockchain can provide the component to create a safe framework to deal with these functions. In particular, it can provide a safe interoperable infrastructure that permits all smart city services and capacities to work past presently imagined levels. On the off chance that there were better techniques, they would be researched.
Would any of this be also applicable to the educational sector (as part of the general public sector), and if so in which way?
Block.co Team Answer:
Yes, please refer to our Webcast on Education and our blog post.
Will we be able to get a hold of this recording upon completion of the meeting?
Block.co Team Answer:
Yes, here is a link to the recording of our webcast Blockchain in the Public Sector.
Was wondering if there are any existing universal framework in governing the blockchain technology?
Block.co Team Answer:
The short answer is NO, as this framework is currently being prepared in collaboration with the various Member States.
We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here!
For more info, contact Block.co directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
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submitted by BestBitcoinMixers to u/BestBitcoinMixers [link] [comments]
What is Bitcoin Mixing?https://preview.redd.it/dt731n8saeb51.png?width=554&format=png&auto=webp&s=b371ff641695386328c9fa276047f5e652f176ec
Bitcoin tumbling, also referred to as Bitcoin mixing or Bitcoin laundering, is the process of using a third party service to break the connection between a Bitcoin sending address and the receiving address(es).
Bitcoin mixing helps you to disassociate any BTC you purchased from your identity. You send your coins to a Bitcoin mixing service; they take a small mixing fee, and after a random delay they send you an equivalent amount of other people’s bitcoins to your new address.
In other words, coin mixing services take your cash and give you new cash to your secret identity so that it remains secret.
How does a Bitcoin Mixer work?Bitcoin tumbling (mixing) involves the usage of a third party service to break the connection between a wallet address sending coins and the addresses receiving coins. So if a person does not wish the whole world to know from where they got their coins, and/or to which addresses the Bitcoins are sent, then tumbling is the way to go. A provider of Bitcoin tumbling service is referred to as Bitcoin tumbler.
Coin mixing will provide you with a certain amount of privacy, by mixing your coins with other coins previously sent or in their reserve and sending different coins to the address you specify. When looking at the blockchain, one will be able to see you sent your coins to a wallet. And that someone sent coins to the wallet you want them sent, there will be no connection between your wallet address and the one where you want your crypto delivered.
Peer-to-peer tumblers appeared in an attempt to fix the disadvantages of the centralized model of tumbling. These services act as a place of meeting for Bitcoin users, instead of taking coins for mixing. Users arrange mixing by themselves. This model solves the problem of stealing, as there is no middleman. Such protocols as Coin Join, Shared Coin and Coin Swap allow few users to gather in order to form one Bitcoin exchange transaction in several steps. When it is completely formed, the exchange of BTC between the participants begins. Apart from the mixing server, none of the participants can know the connection between the incoming and outgoing addresses of coins. This operation can be carried out several times with different recipients to complicate the transaction analysis.
While newer coin implementations such as Cloakcoin, Dash, PIVX and Zcoin have built-in mixing services as a part of their blockchain network.
ConclusionsIt’s important that they be trusted. There’s no authority or government you can complain to if they run off with your coins. So if you like privacy and also want to protect your cryptocurrency from government tracking or tracing, Bitcoin mixer services are a good option.
As with anything, you should do your research before using Bitcoin tumbling services and use the ones with the best reviews and highest levels of trust. We do not officially endorse any Bitcoin Mixer. The tumblers we list as trusted have been around for some time and have had no verifiable complaints against them. We do not link to mixers that are scams, or that do not function as advertised.
BestBitcoinMixers is open to everyone. Share your experiences to help others make better choices.Our reviews come from real people who have used some Bitcoin Mixing Service. We check for naughty words and verify the authenticity of all reviews before adding them to our site. Be honest. Be a friend, not a salesperson.
We do not share personal data of the reviewers.
[[email protected]](mailto:[email protected])
This article was first posted on Medium: https://medium.com/swlh/blockchain-in-insurance-use-cases-and-implementations-a42a00ebcd91submitted by BlockDotCo to u/BlockDotCo [link] [comments]
Almost all major insurers are planning to integrate blockchain by 2021, according to PwC. At first glance, such a high level of commitment to new tech may seem surprising in an old and traditional industry such as insurance. However, enterprise blockchain adoption is poised to help insurers significantly cut costs, become more responsive to customers, and write more business.
Two recurring themes throughout this post are that:
Insurance Growth Rates (CAGR) 2012–17. Source: EY
A recent EY insurance market report showed low growth rates for Life insurance and Non-Life insurance outside Asia Pacific. Digging deeper, Life insurance premiums in the US declined by 0.4% from 2012–17.
Insurers find themselves needing to reduce operating costs and write business more effectively. While blockchain is not a magic elixir, proper adoption will help address these needs.
What is Blockchain?In their book “Blockchain Revolution,” authors Don and Alex Tapscott describe blockchain as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Organizations need secure ways to record transactions and manage information flows, making blockchain’s appeal easy to see. Blockchains ensures that:
Enterprise blockchains have the following characteristics:
Blockchain Use Cases in InsuranceIndustries have always adopted technology that has made it easier, faster and cheaper to conduct business. Blockchain tech promises to deliver on all three fronts, especially in the insurance industry, which is seen as slow and complex.
Let’s face it, insurance customers don’t enjoy interacting with insurance companies. Customers often deal with time-consuming paper forms when applying for a policy or submitting a claim. They may have to speak with people at insurance companies and hospitals, for example, to get medical insurance claims reimbursed.
On the flip side, insurance companies have to deal with the high costs of managing and servicing policies. Many of these costs are administrative — claims administration, verification and reconciliation of information, and paperwork. Insurance also requires coordination among many parties — consumers, brokers, insurers and reinsurers. This introduces overhead costs that translate to higher premiums paid by customers.
Blockchain can help make selling and servicing insurance better, faster and cheaper by improving fraud prevention, claims management, health insurance, and reinsurance. The end result could be lower prices and better experiences for customers.
Fraud PreventionAccording to the FBI, non-health insurance fraud in the US is estimated to be over $40 billion per year, which can cost families between $400–700 per year in extra premiums.
Common types of insurance fraud can be eliminated by moving insurance claims onto a blockchain-based ledger that is shared among insurance companies and cannot be modified. It can prevent criminals from collecting money from different insurers for the same claim, for example.
Blockchain will make coordination easier among insurers. If all insurers access a shared blockchain ledger, they would know if a claim has already been paid. Since all insurers use the same historical claims information, it would also be easier to identify suspicious behavior.
Insurers currently try to detect fraud by using publicly available data as well as data acquired from private companies. The problem is that these data sets are incomplete due to legal constraints around sharing personally identifiable information of individuals. Blockchain, by cryptographically securing data, would allow claims information to be shared across insurers without divulging personally identifiable information.
Claims ManagementPutting insurance policies on a blockchain as smart contracts can radically improve the efficiency of Property & Casualty (P&C) insurance, saving insurers more than $200B a year in operating costs according to BCG.
Let’s use car insurance to illustrate this. If you get into a car accident and it was the other driver’s fault, you must submit a claim to your insurance company to recover your loss. Your insurance company investigates your claim and tries to recover money from the other driver’s insurance company. The other insurance company has its own claims processes, which leads to duplicated work, delays, and possible human error. The end result is that you get paid much later than you’d like, and insurers spend time and money on unprofitable activities.
Putting insurance policies and claims data on a blockchain that different insurers, reinsurers, brokers, and other parties can access reduces duplicate manual work by different parties.
Insurance policies as smart contracts on a blockchain automatically execute programmed claims processing actions, automating information transfers between insurers and other parties, and releasing payments to policyholders. Additional info such as claims forms and supporting evidence supplied by policyholders can later be added to the blockchain so that all parties have the same information, making disputes unlikely.
Health InsuranceBlockchain enables fast, accurate, and secure sharing of medical data among healthcare providers and insurers. This will translate into faster health insurance claims processing and lower health insurance costs for customers.
Privacy laws around sharing patient data among hospitals and health insurance providers makes it time-consuming and expensive to process health insurance claims. Lack of data can even lead to insurance claim denials.
Patients deal with numerous doctors, hospitals and insurers over time and across borders. A patient’s medical history exists in fragments across healthcare providers and insurers. Worse, the way in which insurers and healthcare providers cooperate, share patient data, and process claims involves complex manual work & reconciliation. Even the technical infrastructure for medical records is outdated.
Putting encrypted patient records on a blockchain allows healthcare providers and insurers to access a patient’s medical data without sacrificing patient confidentiality. An industry-wide synchronized database of patient data can save the industry billions annually. Patient privacy is ensured because the blockchain stores cryptographic signatures for each medical record, which verifies the authenticity of the record without having to actually store any sensitive info on the blockchain. Changes to a patient’s medical records are also stored on the blockchain, which creates an audit trail.
ReinsuranceData sharing among insurers and reinsurance companies is complex, time consuming, and requires inefficient manual work. Blockchain can streamline information flows between insurers and reinsurers.
Reinsurers provide insurance to insurance companies. That way, insurance companies won’t get wiped out when many claims occur at once, such as during a hurricane or earthquake.
The problem is that reinsurance processes are lengthy, inefficient, manual and are based on one-off contracts. Insurance companies generally engage multiple reinsurers for the same risk, which means that data has to be shared among many companies to settle claims.
When reinsurers and insurers share a blockchain ledger, data related to policies, premiums and losses can exist on insurers’ and reinsurers’ systems simultaneously. This takes away the need for reconciliation, which saves everyone time and money. Reinsurers can also automate claims processing and settlement.
PricewaterhouseCoopers estimates that blockchain can save the reinsurance industry up to $10 billion, which can then lead to lower insurance premiums for customers.
Blockchain Implementation in InsuranceSaving the best for last, here are just some examples of how the insurance industry is using blockchain. Keep in mind that at this point, there are more prototypes and POCs than full-scale implementations.
R3R3 is an enterprise blockchain company. It maintains an ecosystem of over 300 firms across industries that build blockchain software apps on top of its Corda platform. These apps can be used across industries from insurance to banking to healthcare. R3 maintains 2 versions of Corda; an open source platform and an enterprise-specific version called Corda Enterprise. Both versions of Corda are compatible with each other.
Insurance-specific applications on Corda are designed to help insurers automate back office activities, streamline operational flows, and generally spend less time on things like claims admin and data processing. There are also apps being development to speed up underwriting and enable faster data sharing among insurers and reinsurers.
Basically, Corda wants to host a common set of insurance apps that the entire industry can use to cut costs and boost revenue. Corda currently boasts over 15 insurance-specific apps, with a few of these deployed into production such as:
B3iB3i was a blockchain consortium, now an independent software company, supported by leading insurers and reinsurers including Swiss Re, AXA, Zurich, Munich Re, and Allianz. They develop blockchain-based applications for insurers and reinsurers and aim to create industry-wide standards. B3i aims to use blockchain tech to streamline back office processes and claims management — basically lower costs and do things faster. In 2018, B3i switched from IBM’s Hyperledger Fabric to R3’s Corda platform.
In July 2019, they launched a Catastrophe Excess of Loss product on Corda. The product is designed for brokers, insurers and reinsurers to negotiate and place risks more efficiently by reducing manual activities related to placing, renewing and managing treaties.
AXAIn 2017, AXA launched Fizzy, a blockchain platform for flight delay insurance. Customers purchase flight delay insurance, which is recorded in a smart contract. The platform is connected to global air traffic databases and receives flight statuses. If a customer’s flight is delayed for more than two hours, the smart contract automatically triggers payment to the customer.
Customers don’t have to fill out claims forms or speak to service reps. The claim is deposited directly to their bank account. Customer satisfaction: maximized.
AXA does not have to spend time processing claims, verifying flight data, or enduring paperwork for payment authorizations. They save on time & cost and can deploy these resources to more profitable activities.
Update: Fizzy has since been discontinued after 2 years, possibly due to lack of appetite from the travel/airline industry. Regardless, Fizzy was a pioneer of sorts and has laid the groundwork for future blockchain insurance platforms.
Blue CrossHong Kong insurer Blue Cross is using blockchain since April 2019 to speed up medical insurance claims processing and prevent fraud.
Blue Cross’ blockchain platform validates claims data in real-time, which greatly reduces fraud potential from duplicate claims filing, for example. Claims are also processed faster for their 200,000+ customers. The platform also removes the need to reconcile claims data across parties such as insurers and medical service providers. Medical practitioners such as doctors and chiropractors who don’t employ many admin support staff could save time and money by partnering with Blue Cross.
Blue Cross’ blockchain platform is built on Hyperledger. Blue Cross is owned by Bank of East Asia.
InsurwaveInsurwave is a blockchain-based marine hull insurance platform launched in 2018. The platform was a collaboration among Ernst & Young, Guardtime, Maersk, Microsoft, and ACORD. It was built on R3’s Corda platform.
Insurwave provides real-time information on ships’ location, condition, and safety factors that both insurers and customers can access. If ships enter high-risk areas, Insurwave automatically factors this into underwriting and pricing calculations.
Premium calculations for this type of insurance are very complex. Having an immutable audit trail for ship-specific information substantially eases this calculation, enables accurate pricing, and speeds up underwriting. Insurers are also able to better account for ship-specific risks.
The Future of Blockchain in InsuranceThese are still early days. Most of the work around blockchain in insurance is in the Proof of Concept stage and regulation is slowly catching up. However, we have already seen some applications that have gone live.
The ‘quickest win’ for blockchain in insurance is in the area of cost control. Rising costs are hitting insurers across most markets. Blockchain platforms and Dapps that allow firms to free up resources by automating claims management, fraud detection and data reconciliation, for example, will be heartily endorsed by executives.
The real win will be when blockchain platforms enable insurers to create better products and onboard customers faster — things that bring in revenue. For this to happen, we need a more robust ecosystem of insurers, reinsurers, tech companies and service providers working together on industry-standard blockchain platforms.
This has already started with software companies like R3 launching enterprise-grade blockchain platforms such as Corda Enterprise. We also have leading insurers involved in B3i that share common goals related to blockchain development. It remains to be seen if these natural competitors share enough long-term interests to sustain the initiative. If not, industry-wide blockchain adoption may take longer and become more fragmented.
However, the benefits are too obvious to ignore. We will probably see a few committed companies invest early in blockchain and enjoy a short period of above-normal performance, with early adoption coming from mature markets burdened with high costs as well as some parts of Southeast Asia (e.g. China, which proactively adopts tech). The rest of the industry will follow.
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According To The U.S. Authorities, Sergey Medvedev Was Part Of A Cyber Fraud Scheme, Resulting In Over $2,2 Billion In Losses To The Crime Victims
One of the major Bitcoin scammers in history has finally pleaded guilty. Sergey Medvedev, a Russian crypto scammer pleaded guilty in the U.S. District Court of Nevada – news, confirmed by the Department of Justice (DoJ). Medvedev was a key figure in the Infraud Organization – online crime group, specialized in identity thefts, financial frauds, as well as racketeering.
The crime circle was created in 2010, with 8 years of active crime service until completely shut in 2018. In the eight years of fraud, Infraud became one of the largest cybercrime organizations in the world. Infraud also became one of the most preferred black markets for stolen credit card information.
The Department of Justice also noted that the direct amount of money, stolen by Infraud, is around $568 million, with indirect losses totaling over $2,2 billion. The fraudulent organization is also accused of selling over 4 million credit card numbers from all major card providers like Visa, Mastercard, American Express and Discover.
According to the DoJ, the Infraud Organization, operating under the “In Fraud We Trust” motto, was founded by Medvedev, alongside Ukrainian Svyatoslav Bondarenko. Apart from the racketeering charges, Medvedev is also accused of providing escrow services to his fellow members, as well as operating an illicit crypto exchange, used by Infraud for money-laundering. The case documentation also reveals that Medvedev made over $1 million just from escrow, advertisements, and payments facilitation.
Infraud was among the best operating large cybercrime organizations. The card screening was immense, in order to provide fresh and authentic cards. Also, Infraud had a group of moderators, which oversaw different segments of the crime organization.
After eight “successful” years of online scams, Infraud operations were ceased by the combined efforts of authority forces of France, Australia, Kosovo, the U.S., Italy, Serbia and the United Kingdom. Thirty-six individuals were charged with international racketeering.
Medvedev was discovered and arrested in Bangkok in February 2018, during his family vacation. During the arrest, Thailand police discovered 100,000 BTC in Medvedev, worth a total of $914 million, as of press time.
What is Bitcoin Laundering. Bitcoin laundering, tumbling, or mixing is the process by which a holder of the currency essentially washes it of any historical ties. Whether that means ties to their personal information, gained from shipping addresses or bank details used to purchase original coins, or IP addresses and wallet trading habits. “Bitcoin is mainly used for money laundering” In 2018, the Bitcoin network settled over $400 Billion in value. That is 160 times larger than the total amount of Bitcoin laundered to date and shows that money laundering constitutes a negligible fraction of the Bitcoin economy. “Bitcoin laundering cannot be prevented” Bitcoin Laundry is here to help you keep your bitcoin transactions anonymous and private. When you start a mix with us, we exchange the bitcoins you send us with coins from our reserve pool that can't be traced to your identity or your previous transactions. To be extra safe we also offer options to delay your payout and send it to multiple addresses. We keep our fees low and reserve pools ... While some other Bitcoin mixers do support the distribution, this level of control isn’t easily available and hence I’d rate this feature a 5/5 for this Bitcoin Laundry review. Fee The mixer doesn’t charging any type service fee on the transaction amount, but taking fee based on wallet address and Each address fee is 0.0002 BTC/Address . Anonymix is a Bitcoin Tumbler which even though isn’t massively popular, has made its way into the industry and managed to garner a trustworthy reputation. We’ll dissect the company to its core in this Anonymix review and see what it’s made up of. As Crypto-enthusiasts, we pay attention to the “Anonymity” in a mixer more than anything else.
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