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15 How a Cryptocurrency Helps Criminals Launder Money and Evade Sanctions

Slashdot
msmash @ Slashdot 1 place · today 11:05 EDT

How a Cryptocurrency Helps Criminals Launder Money and Evade Sanctions

An investigation has revealed how stablecoins -- cryptocurrencies pegged to the US dollar that exist largely beyond traditional financial oversight -- have become a practical tool for criminals and sanctioned individuals to move funds across borders almost instantly and convert them back into spendable money, often without detection.

A Chainalysis report from February estimated that up to $25 billion in illicit transactions involved stablecoins last year. A New York Times reporter tested the system by con

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