What does cryptocurrency money laundering means??? examples please... Thank you
The concept could mean different things to different people, but basically
would be something along the following lines: "Taking or allowing cash/credit
that was used from a crime/illegal act/theft and using that to purchase either
bitcoins or altcoins, in order to hide the links from the original crime/
illegal act/theft.
For example, I steal 10,000 USD from a bank, I then buy bitcoins with all
the money on localbitcoins or with other p2p cash trades. Eventually, I will
have around 10,000 USD converted into bitcoins. I then use those bitcoins to buy
other altcoins to mix them more, possibly monero, and then reconvert back into
bitcoins, where I now sell those bitcoins on localbitcoins or other p2p cash trades.
When I receive new money that is not associated with the original 10,000 USD,
I have "laundered" that money.
Besides committing the original crime, laundering would be an additional crime.
For a bunch of smart guys, you really miss the mark. First off, to explain, forget the Bitcoin thing. You just killed someone for $100,000, the cops are all over the area of the city, watching people, watching money and you sitting on $100,000 is a dead give away.