Cybercriminals looking to launder money would much rather use cash than Bitcoin according to a new report published on behalf of SWIFT.
Money laundering is a cause of great concern for all governments, and the narrative has always been that Bitcoin is preferred by criminals.
However, research undertaken by British defence and aerospace company BAE Systems negates the narrative that has been formed to try and discredit the leading cryptocurrency.
Money launderers prefer cash to Bitcoin
Money laundering causes a huge dent in the global economy, which as well as being illegal creates other illegal and dangerous markets, and the money in these markets totals in the trillions.
‘The activities of all cyber-criminals, whether working individually, as part of a small gang, as organised crime groups, or even for a nation state, have resulted in annual total cyber-crime revenue estimated at USD 1.5 trillion.’
For as long as Bitcoin has been in the public-sphere it’s been labelled criminals’ money, drugs money, money for the darkweb, whatever, but the truth is it’s one of the worst ways to launder money.
Look at FBI Special Agent Shaun Bridges who was working on the Silk Road case that confiscated thousands of Bitcoins. He is now spending a few years in a state penitentiary after trying to steal 1600 of the seized Bitcoin.
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