Criminals withdraw their bitcoins behind regulators: 4 creative ways

Criminals withdraw their bitcoins behind regulators: 4 creative ways

Because of the increased attention to cryptowall criminals have become much harder to cash out their bitcoins, but they have found ways to do it.

In this article, the criminals are individuals who trade on the Darknet, for example, sell stolen information or malicious software, and earn considerable sums in Bitcoins. Today, however, they have to face obstacles in converting your digital riches into real currency.

The main reason for this problem is that the cryptocurrency has become a victim of its own success. A massive surge of value to the end of 2017 is very clearly reflected in the cryptocurrency field, and attracted the attention of law enforcement and regulatory authorities.

The increasing adoption of cryptocurrencies has led to the emergence of a large number of regulatory rules. Law enforcement agencies have also become more adept at penetration to the remotest corners of the crypto world, not to mention close attention to large-scale transactions.

Enhanced control scared of criminals, forcing them to try to cash out your Bitcoin. Swiss bankers reported cases, when contacted, offering a reward of 10% if they contribute to large-scale translations. The proposals were rejected.

Nevertheless, we know what quirky can be criminals. The publication Vice have been solved several ways of cashing out bitcoins illegal. One such method is the use of Western Union. Online-drug dealer says he uses a service that automatically takes cryptocurrency to the accounts owned by Western Union. Then use third-party man, he takes money in Fiat.

Probably the safest way to cash out is to sell the Bitcoin to a trusted person in the real world. On the crypto sites (for example, on the forum Bitalk.org) meet the merchants — currency to crypto – and traditional. Wishing to cash in coins they offer the traditional money at the best exchange rate and Vice versa. The seller malware says it several times a week transfers cryptocurrencies to the merchant, who a day later he pays Fiat.

Another method are prepaid debit cards with cryptocurrency. Criminals note that the card Issuer doesn’t know in what way the funds were received, which is used to pay the card. If getting a card is required to present some documents, criminals just to acquire a fake on the Darknet.

Law enforcement agencies note that another viable option to bring criminal bitcoins is using a Bank in Eastern Europe. The rules dealing with cryptocurrencies, in this particular region it is difficult to call hard. In fact, Europe is the weak link when it comes to money laundering and crypto currencies. Even now, the regulation of cryptocurrencies far down the list of priorities of the EU, as is well known to cyber criminals. In addition, they are switching from bitcoin to other, more anonymous crypto currencies.

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