DEA: China shadow economy is based on the Bitcoin

According to US Drug Enforcement Administration report, Bitcoin is very popular among Chinese residents.
25 October 2017   1178

Crypto currency is the most popular asset among criminals who launder money through the trade. This is evidenced by the data of the new report of the US Drug Enforcement Administration (DEA).

The DEA emphasizes that bitcoin is very popular among Chinese residents.

Chinese manufacturers who want Bitcoin will undoubtedly ease the money laundering process for many TCOs. Currently, TCOs face scrutiny from U.S. banks when wiring money from the United States to Chinese manufacturers. However, a TCO purchasing Bitcoin via a licensed money service business (MSB) without raising red flags will face no further scrutiny when transferring the Bitcoin to China. Many TCOs can also buy Bitcoin from individuals selling Bitcoin on the Internet with no MSB license. Thus, many TCOs will be able to convert their cash drug proceeds to Bitcoin and buy Chinese goods with no fear of oversight from a formal financial institution.
 

DEA report

According to the DEA, most criminals buy bitcoins on regulated cryptoexchanges and when transferring capital abroad they use over-the-counter trading platforms.

Also experts from DEA suggest that over time the popularity of such a scheme will grow.

BTC Extortionists to Send Explosion Threats In US & CA

Police reported that explosive devices in the places specified by extortionists were not found
14 December 2018   90

In Canada and the United States, local businesses and residents received letters threatening to detonate a bomb if they did not send bitcoins to extortionists. Because of this, in some regions, law enforcement officers evacuated people from bus stations, schools and airports, reports Global News.

Extortionists threatened to blow up universities, schools, city halls and local businesses in the US states of Utah, Aidaxo, New York, Oklahoma and Illinois. The New York City Police Department urged residents not to panic or send bitcoins to criminals. Police also reported that explosive devices in the places specified by extortionists were not found.

In Canada, extortionists promised to blow up buildings and car dealerships in Toronto, Edmonton, Ottawa, Calgary and Montreal. Some residents of the attackers asked for a ransom in bitcoins in the amount of $ 20 thousand. After verification, the Calgary police stated that the messages were part of phishing attacks and did not pose a threat to the public.