$761 Laundered Via Crypto in 2018, Research Says

In 2017, criminals laundered 'only' $261 millions, three times less than for the first part of 2018
04 July 2018   770

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.

Money Laundering
Money Laundering

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.
 

David Jevans

CEO, CipherTrace

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.

Binance to Change Launchpad IEO Rules

25 March 2019   1

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.