Bitcoin money laundering: mixed results? An explorative study on money laundering of cybercrime proceeds using bitcoin

Wegberg, Rolf van; Oerlemans, J.J.; Deventer, Oskar van

doi:10.1108/jfc-11-2016-0067

Cited by 66 publications

(55 citation statements)

References 23 publications

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“…To the extent that they provide anonymity, bitcoins and other cryptocurrencies can be exploited for money-laundering purposes (Evans-Pughe et al 2014;Moser et al 2013), e.g., in the form of automated laundering operations (McGinn et al 2016). With the rise of specialized bitcoin money laundering services on the dark-net, such opportunities are becoming available to a broader audience (Albrecht et al 2019;van Wegberg et al 2018).…”

Section: Bitcoin As a Facilitator Of Illicit Activitymentioning

confidence: 99%

Global drivers of cryptocurrency infrastructure adoption

2020

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A vast digital ecosystem of entrepreneurship and exchange has sprung up with Bitcoin's digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial, and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated with low trust in banks and the financial system among inhabitants of a region, and with the occurrence of country-level inflation crises. On the other hand, our findings also suggest that active support for Bitcoin is higher in locations with well-developed banking services. Finally, we find support for the view that bitcoin adoption is also partly driven by cryptocurrencies' usefulness in engaging in illicit trade.

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Section: Bitcoin As a Facilitator Of Illicit Activitymentioning

confidence: 99%

Global drivers of cryptocurrency infrastructure adoption

2020

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“…As a final step towards the proposed Formula (3), the variables p kWh and reg are inserted into Equation (10) to secure that the currency will fluctuate around the value of the commodity represented, in order to reduce the risk for cybercriminal activity that is associated with the rise of digital currencies [87]. The product of the variable insertion is Formula (3), concluding the derivation process that provides valuable insights on the new concepts that are considered from the suggested approach.…”

Section: Contributionsmentioning

confidence: 99%

“…However, if the reg the value chosen for the anticipated savings is very pessimistic; therefore, low, the average of the ratio increases disproportionally. This causes our coin to have much more value than the entity it represents making it very dangerous for money laundering schemes, which is something that should be taken into account as the anonymity that blockchain offers in cryptocurrency transactions make it possible for cyber-criminal actions to arise [87]. This proves that choosing realistic values on our constants is of vital importance for the evaluation of the program.…”

Section: Sensitivity Analysismentioning

confidence: 99%

From Intelligent Energy Management to Value Economy through a Digital Energy Currency: Bahrain City Case Study

Marinakis

Doukas

Koasidis

et al. 2020

Sensors

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The transition of the energy system into a more efficient state requires innovative ideas to finance new schemes and engage people into adjusting their behavioural patterns concerning consumption. Effective energy management combined with Information and Communication Technologies (ICTs) open new opportunities for local and regional authorities, but also for energy suppliers, utilities and other obligated parties, or even energy cooperatives, to implement mechanisms that allow people to become more efficient either by producing and trading energy or by reducing their energy consumption. In this paper, a novel framework is proposed connecting energy savings with a digital energy currency. This framework builds reward schemes where the energy end-users could benefit financially from saving energy, by receiving coins according to their real consumption compared to the predicted consumption if no actions were to take place. A pilot appraisal of such a scheme is presented for the case of Bahrain, so as to simulate the behaviour of the proposed framework in order for it to become a viable choice for intelligent energy management in future action plans.

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“…Mais recente, em [van Wegberg et al 2018], foi realizada uma pesquisa focada na lavagem de dinheiro utilizando Bitcoin. Os autores fizeram o levantamento financeiro e de usabilidade de cinco mixers e cinco exchanges, examinando dados de custos das transações desde as carteiras Bitcoin até os saques em dólares.…”

Section: Trabalhos Relacionadosunclassified

“…Aética de tais serviçosé claramente discutível pois, embora a primeira vista pareça resgatar o direito legítimo ao anonimato e sigilo financeiro, também favorece a execução de crimes. Como discutido em [van Wegberg et al 2018] e [Böhme et al 2015]" a lavagem de dinheiro por Bitcoin pode evoluir para se tornar mais difícil de rastrear, particularmente quando os fundos são encaminhados através de misturadores".…”

Section: Conclusõesunclassified

Um Estudo Sobre o Misterioso e Arriscado Mundo dos Misturadores de Criptomoedas

Costa¹,

Costa²

2019

Workshop Em Blockchain: Teoria, Tecnologias E Aplicações

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O novo paradigma que emergiu com as criptomoedas na última década permite uma maior transparência nas grandezas envolvidas em um determinado ativo financeiro digital e possibilita que todas as transações realizadas possam ser visualizadas. Para garantir o anonimato, uma quantidade expressiva de usuários de criptomoedas tem buscado esconder a origem de seus ativos digitais. Para atender tal demanda, surgiram serviços especializados, chamados cryptocurrency mixers (ou tumblers). O objetivo deste trabalho é realizar um estudo acerca do funcionamento de tais serviços para avaliar a sua dinâmica de funcionamento e sua eficácia na desvinculação da carteira de origem com a carteira de destino. Os resultados preliminares apontam para um negócio de alto risco e que movimenta valores bilionários através de uma ética discutível.

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Bitcoin money laundering: mixed results? An explorative study on money laundering of cybercrime proceeds using bitcoin

Abstract: Bitcoin money laundering: mixed results? An explorative study on money laundering of cybercrime proceeds using bitcoin

Cited by 66 publications

References 23 publications

Global drivers of cryptocurrency infrastructure adoption

Global drivers of cryptocurrency infrastructure adoption

From Intelligent Energy Management to Value Economy through a Digital Energy Currency: Bahrain City Case Study

Um Estudo Sobre o Misterioso e Arriscado Mundo dos Misturadores de Criptomoedas

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