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98SVTContour98

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There have been multiple 500 million to 1 Billion crypto swindles in the last year alone with the various crypto scams. And, ala Bernie Madoff, you certainly can get ripped off investing., but the crypto regs are in their infancy.

Genuine question b/c i havent heard much about it - What were the names of the 500mill to 1bill frauds/scams from in the last year?
 

Weather Man

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Genuine question b/c i havent heard much about it - What were the names of the 500mill to 1bill frauds/scams from in the last year?

I think I posted that one 500 mil on here, another 500 mil from Turkey, others I have read about in various sources. It usually involves someone who was in control of holding the crypto. No surprise I guess, who has the vault password matters. That single point of failure is kinda surprising. You wonder how the big trading houses handle that. Losing access to multiple billion in crypto would be kinda a big deal.

Another one I remembered reading:

  • $3.6 billion in Bitcoin went missing: Case of the Cajee Brothers (April 2021)

Raees and Ameer Cajee, two brothers who run Africrypt, a currency exchange service based in Johannesburg, South Africa, ‘vanished’ with $3.6 billion in investments. They have been “missing” since April, when they informed the investors of the hack.
 

98SVTContour98

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I think I posted that one 500 mil on here, another 500 mil from Turkey, others I have read about in various sources. It usually involves someone who was in control of holding the crypto. No surprise I guess, who has the vault password matters. That single point of failure is kinda surprising. You wonder how the big trading houses handle that. Losing access to multiple billion in crypto would be kinda a big deal.

Another one I remembered reading:

  • $3.6 billion in Bitcoin went missing: Case of the Cajee Brothers (April 2021)

Raees and Ameer Cajee, two brothers who run Africrypt, a currency exchange service based in Johannesburg, South Africa, ‘vanished’ with $3.6 billion in investments. They have been “missing” since April, when they informed the investors of the hack.

this is usually why the mantra among Bitcoiners is: Not Your Keys Not Your Coins.

Meaning, if you leave it on an exchange or in someone else's hands...then it could disappear.
 

Weather Man

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this is usually why the mantra among Bitcoiners is: Not Your Keys Not Your Coins.

Meaning, if you leave it on an exchange or in someone else's hands...then it could disappear.

Crypto really was a wet dream come true for organized crime and swindlers.
 

98SVTContour98

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Crypto really was a wet dream come true for organized crime and swindlers.

IIRC, it's the exact opposite...Bitcoin is traceable (everything is exposed on the blockchain) which makes it harder to dump stolen coins b/c exchanges/LE usually have eyes on the stolen addresses so they can't offload the stolen coins at Coinbase (for example). There are twitter handles dedicated to following the stolen addresses as well i believe, which gives updates as coins attempt to move.
 

Weather Man

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IIRC, it's the exact opposite...Bitcoin is traceable (everything is exposed on the blockchain) which makes it harder to dump stolen coins b/c exchanges/LE usually have eyes on the stolen addresses so they can't offload the stolen coins at Coinbase (for example). There are twitter handles dedicated to following the stolen addresses as well i believe, which gives updates as coins attempt to move.

The drug lords in Mexico only have to smuggle the cash in and then it is easy peasy to convert into perfectly legal crypto with their captive banks.

These guys disappearing with huge amounts of other peoples crypto must have a plan.
 

me32

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Crypto really was a wet dream come true for organized crime and swindlers.
Yup, ths also includes terrorists, sex trafficking, funding counties such as China, Russia.

The same people saying **** china, **** terrorist, **** under ege sex rings, but are contributing to crypto are actually help what they say they are against.
 

jvandy50

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Raees and Ameer Cajee, two brothers who run Africrypt, a currency exchange service based in Johannesburg, South Africa, ‘vanished’ with $3.6 billion in investments. They have been “missing” since April, when they informed the investors of the hack.

i gotta say, very surprised to hear "Africrypt" had any issues. the name oozes safety and confidence levels previously unimagined
 

nxhappy

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Yup, ths also includes terrorists, sex trafficking, funding counties such as China, Russia.

The same people saying **** china, **** terrorist, **** under ege sex rings, but are contributing to crypto are actually help what they say they are against.
in hindsight, crypto is the biggest **** you to uncle sam and the banks. That's why I enjoy it. That, and making **** loads of money.
 

nxhappy

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Crypto really was a wet dream come true for organized crime and swindlers.
I really don't care. There will always be crime and there will always be money laundering. Whether it be crypto or bills. That's like saying "there are too many guns on the black market so I'm not going to own a gun"
 

me32

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in hindsight, crypto is the biggest **** you to uncle sam and the banks. That's why I enjoy it. That, and making **** loads of money.
Yes it is, but with that comes even more corruption. You can ignore the other things but when it comes to those that say they dont support fantasy island. In reality you do with your crypto.
 

quad

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Yup, ths also includes terrorists, sex trafficking, funding counties such as China, Russia.

The same people saying **** china, **** terrorist, **** under ege sex rings, but are contributing to crypto are actually help what they say they are against.
Crypto has been around for 11 years. And how long have these other illegal activities been around. OMG how did they ever make it without crypto?!

The whole argument of crypto being used for illegal transactions is overblown. There are way more illegal activities / transaction settled in FIAT. Way way more. The whole money printing business by the Federal Reserve is one big scam / fraud. There is no way to know how much money is laundered through that system.

 

me32

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Crypto has been around for 11 years. And how long have these other illegal activities been around. OMG how did they ever make it without crypto?!

The whole argument of crypto being used for illegal transactions is overblown. There are way more illegal activities / transaction settled in FIAT. Way way more. The whole money printing business by the Federal Reserve is one big scam / fraud. There is no way to know how much money is laundered through that system.

Its not over blown its fact. Just be proud to fund under age sex trafficking. Its all about making money right? Crypto makes it harder to trace where the money goes
Why do you think its used so widely for illegal activities. Why do you think its growing so fast the government currently cant stop it. Much like the illegal activities it funds.
 

quad

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Its not over blown its fact. Just be proud to fund under age sex trafficking. Its all about making money right? Crypto makes it harder to trace where the money goes
Why do you think its used so widely for illegal activities. Why do you think its growing so fast the government currently cant stop it. Much like the illegal activities it funds.
Cash is harder to trace. The US dollar is used by many many criminals. What about all those serial killers that earned a living and bought food with dollars so they could survive to keep on killing?

You're going to have to backup your claim with sources. The fact is the dollar is used all over the world for illegal transactions. How many banks have been robbed so the thieves can acquire dollars?

As I said crypto has been around for 11 years. Sex trafficking has been funded by the dollars since its inception more than a hundred years ago.

All those sex trafficking victims were transported in cars, vans, trucks, etc. Are you going to blame those things for helping the criminals?
 

me32

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Cash is harder to trace. The US dollar is used by many many criminals. What about all those serial killers that earned a living and bought food with dollars so they could survive to keep on killing?

You're going to have to backup your claim with sources. The fact is the dollar is used all over the world for illegal transactions. How many banks have been robbed so the thieves can acquire dollars?

As I said crypto has been around for 11 years. Sex trafficking has been funded by the dollars since its inception more than a hundred years ago.

All those sex trafficking victims were transported in cars, vans, trucks, etc. Are you going to blame those things for helping the criminals?
So then you admit you are fully making money off funding illegal activities. Crypto is alot less traceable in large amounts over cash. Cash in large amount tends to get caught especially in the US. IRS always wants there cut. Crypto in its early days was used in prison to pay for things that pretty much went unlooked.

If cash is so untraceable then why have criminals that they couldn't catch on the crimes they wanted been busted on tax evasion?

Yet people have millions in crypto and yet haven't paid 1 dime in taxes on it.
 

quad

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So then you admit you are fully making money off funding illegal activities. Crypto is alot less traceable in large amounts over cash. Cash in large amount tends to get caught especially in the US. IRS always wants there cut. Crypto in its early days was used in prison to pay for things that pretty much went unlooked.

If cash is so untraceable then why have criminals that they couldn't catch on the crimes they wanted been busted on tax evasion?

Yet people have millions in crypto and yet haven't paid 1 dime in taxes on it.
No I am not. People using dollars or cryptos for legitimate activities can't be held accountable for those that do use it for illegal purposes. Same goes for cars, knives, guns etc. You can't blame knives, guns and cars being used to kill people. Blame the people that use them to kill. Not the tools.

I was trying to illustrate to you why you can't use that argument.

If your position is that a person using cryptos are indirectly funding illegal activities then the same can be said about a person using dollars or any other FIAT. That would implicate everyone. Obviously you can't take that position.
 

quad

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So then you admit you are fully making money off funding illegal activities. Crypto is alot less traceable in large amounts over cash. Cash in large amount tends to get caught especially in the US. IRS always wants there cut. Crypto in its early days was used in prison to pay for things that pretty much went unlooked.

If cash is so untraceable then why have criminals that they couldn't catch on the crimes they wanted been busted on tax evasion?

Yet people have millions in crypto and yet haven't paid 1 dime in taxes on it.
Here on Forbes they are talking about human trafficking in dollar terms. You are not being realistic if you think dollars are not involved in human trafficking. Of course it is. Much more so than cryptos. Criminals deal with cash.

 

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