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Tuesday, May 24, 2022

Bitfinex Funds Got Seized, A Warning To The Money Launderers

Funds Of Bitfinex were seized which acted as a warning to the money launderers.

The robust capacity implemented by law enforcement keeps track of the money, which positively impacts the cryptocurrency industry and further ensures that the majority of the world’s population now understands the work of digital assets and the crypto industry.

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This knowledge of the crypto world has made the concept of ‘anonymity’ a fading trend. It is for a fact that if criminals try to get past the movement of digital money that is achieved illegally, they will have to invoke some address tied with personal details. It has recently been observed that the Government of the U.S. has seized $3.6 billion Crypto in BitFinex by law enforcement. 

BitFinex Case, A Strong Example To the Criminals

In the Bitfenix case, a couple was suspected of money laundering in 2016, where the bitcoins stolen went through numerous transactions, various transit hubs, darknet marketplaces and other places. This chain went on, and finally, both the criminals, Heather Morgan and Ilya Lichtenstein, got confident that they had finally covered their tracks.

Thus, buying Walmart gift cards and gold bars for themselves helped the investigators to track the lost BTC and their house address through their ledger. The investigation showed that agents are at par with the tactics of the criminals and can easily find the BTC on the blockchain.

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The Chief Executive Officer at Crystal BlockChain Analytics, Marina Khaustova, stated that this BitFinex case was quite challenging, but the said issue was solved with the agencies being adequately equipped. The most vulnerable point of these money launderers arrives when they have to convert the Crypto into services and goods for their use.

A few years back, the thought of ultimately tracing blockchain was a difficult job that has been achieved easily by government officials. This notion is perfect for this industry as primarily national attention is received in case of significant thefts, and it provides recourse to the victims. 

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