Bitcoin, Crypto currency, Blockchain

Money laundering in the case of Shapeshift? The reaction of the stock market

According to a report in the Wall Street Journal, of illegally acquired funds in the amount of 88.6 million US dollars have been funneled via Bitcoin & co. by 46 different crypto exchanges. The on 28. September report to be published shall, in particular, the supposedly anonymous platform Shapeshift into the visor. A total of nine million dollars had been washed on the stock exchange. Now fights Shapeshift with a public Statement.

Shapeshift is a in the year 2014 based crypto-exchange, which allows users to swap without revealing your identity crypto-currencies such as Bitcoin. You can keep track of the addresses of the transactions. Who is behind the address remains unknown.

This is a must have now, apparently, Criminals take advantage of. To demonstrate this, has spared the Wall Street Journal, no cost and effort and a computer program developed by the financial flows of more than 2,500 users of the tracked suspected the Journal due to fraud.

Scammers walked Bitcoin in Monero to

Here, in particular, Investment frauds and Ponzi Schemes are, according to the Wall Street Journal. These have converted to using Shapeshift your Bitcoin in Monero, and are now to be found. The Wall Street Journal criticized in the report, that Shapeshift has not abandoned its Policy of anonymity is still.

So, Shapeshift is reacting: a Massive criticism of the criticism

On 1. October Shapeshift responded in a public Statement on the report. This is Packed according to the crypto-stock exchange “with inaccurate and sometimes even false information”. Over five months, the Bitcoin stock exchange have worked together with the financial journal, their questions answered and always cooperative shown. Among the many topics discussed but never come some of the criticism points to the language, which is to be published in the Wall Street Journal. Nine million US dollars, moreover, only 0.15 percent of the volume of trade by Shapeshift – to little, to criminalize it.

However, even in this scale of money laundering via Shapeshift is not possible. The Exchange work closely with a variety of other crypto-exchanges to crime to prevent of energy. For this purpose, entire countries are on the sanctions list. Rather than months, the information about suspect Accounts to retain, would be able to supply the Wall Street Journal Shapeshift with the necessary data, thus possible to prevent crimes. This does not seem to have been the goal of the financial journals.

In addition, Shapeshift doubted the competence of the authors, who were not fully in the topic. In the public Statement, the Exchange goes on for more accusations in Detail.

The old attempt to criminalize anonymity

Of course, it is desirable to Ponzi Schemes and scams stop. The question is, what is the best means for this purpose. The enlightenment their machinations seems to be much better than the criminalization of projects, which aim to promote the right to privacy.

To fast is here tilts the baby out with the bathwater and all the sheared large-scale projects over a comb, as in the case of Shapeshift. Especially since the General accusation of crypto-currencies would be used primarily for criminal purposes, not more to do with the reality much. The Trend is clearly going in the opposite direction.

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