During the first six months of 2018, fraudsters laundered $ 761 million using cryptocurrency. This data was published by the CipherTrace, American Banker reports.
As CEO of CipherTrace Dave Jevans said, the world trend of money laundering using crypto-currency sharply increased this year. According to his forecasts, by the end of 2018 the amount of funds "hidden" in this way will increase to $ 1.5 billion.
For comparison, for the entire year of 2017 criminals, in order to conceal their illegal incomes, laundered $ 266 million - three times less than in the first half of 2018.
CipherTrace AML, based on artificial intelligence was created to fight money laundering. To identify potential sources of money laundering, the system uses advanced analysis methods and public cloud services.
These let people contribute funds into a combined pool that will scramble them up and try to use a different pool of liquidity that is not trackable on the blockchain, so there’s no linkage between them to deliver funds out to the receivers. These are written by highly skilled people who may have Ph.D.s, that are actively trying to avoid tracing.
The technology developed by CipherTrace offers a visual interface showing traces of financial flows and attributive information about the current currency location, including the country and the exchanges used. According to developers, these flows can also help determine the possible origin of the transaction from the darknet.