Bitcoin no bueno!
(Paraphrase, commentary and musings from Boston C! Authorship unknown)
Money Fraud Fun Facts
- Fraudulent activity involving plastic cards reached $27b in 2018, doubling what they were just five years earlier. The numbers have gone up since.
- There is a specific type of wire fraud that uses scam emails. According to the FBI, over $25b was stolen in a 3 year span using this method alone.
- Hackers once used SWIFT messaging to steal over $100m from the Federal Reserve Bank of New York. Most of the money was never recovered, despite being sent through the regulated banking system.
- Back when people wrote checks, check fraud was fairly common. There’s a great movie starring Tom Hanks and Leonardo DiCaprio about this. (Boston C! highly recommends it!)
- The Colonial Pipeline hack involved a ransom payment of $5m. The Bitcoin blockchain has been settling over $10b per day in the month of May. The ransom payment represented .05% of one day’s volume.
- There is over 2 trillion dollars worth of physical bills in circulation. Estimates that a third of that cash is involved in drug deals or tax evasion. That’s over $600b in illicit activity, or the annual GDP of Switzerland.
- The Blockchain intelligence firm Chainalysis estimates that the percentage of Bitcoin that was involved in illicit activity in 2020 was also one third — but one third of one percent.
That’s $10b pal!
Global financial institutions paid more than $10b in money laundering related fines in 2020 alone. The U.N. estimates that $1.6 trillion per year is involved in money laundering. That’s more than double the total value of all Bitcoins in existence.
The big idea: crypto is definitely used in criminal activity. Blah blah blah, so is everything else. Boston C! suggests taking 200mg of get over it!
I'm investing and trading into relationships, silver, gold and crypto. Not financial advice.
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