Millions of dollars laundered through crypto exchanges - WSJ

Monday 1 October 2018 10:54 CET | News

Nearly USD 90 million potentially associated with criminal activity was laundered through 46 cryptocurrency exchanges, CoinDesk cited the Wall Street Journal.

The Journal’s investigation tracked funds from more than 2,500 crypto wallet addresses associated with reported criminal activity, finding that USD 88.6 million was laundered through the exchanges. Some USD 9 million was laundered through ShapeShift over a two-year period. Moreover, this was the largest sum laundered through any single US-based exchange on its list.

The report described how it traced funds from one fraudulent scheme to exchanges, explaining that reporters followed transactions and wallet addresses on the Ethereum blockchain to ShapeShift and KuCoin.

The report’s timing is notable, as ShapeShift announced recently it would enforce KYC rules beginning with October 2018.

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Keywords: money laundering, cryptocurrency, crypto exchanges, Ethereum, blockchain, Shapeshift
Countries: World