{"id":8242,"date":"2018-09-29T18:05:29","date_gmt":"2018-09-29T18:05:29","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=8242"},"modified":"2018-09-30T21:44:13","modified_gmt":"2018-09-30T21:44:13","slug":"wall-street-journal-88-6mln-in-illicit-funds-routed-via-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/wall-street-journal-88-6mln-in-illicit-funds-routed-via-crypto-exchanges\/","title":{"rendered":"WSJ: $88.6m In Illicit Funds Routed via Crypto Exchanges"},"content":{"rendered":"

\"theA new Wall Street Journal study has established <\/a>that $88.6 million in illegal finances have been chanelled via 46 cryptocurrency exchanges. $9 million of the dubious funds supposedly went via crypto exchange ShapeShift.<\/p>\n

ShapeShift is a Switzerland-based crypto currency exchange that was established in 2014 by Erik Voorhees. The uniqueness of ShapeShift is that it allows clients to anonymously buy and sell Bitcoin (BTC), which police can follow, but cannot recognize the person behind the trade.<\/p>\n

To conduct its study of crypto money washing, WSJ apparently created a computer program that followed funds from more than 2,500 dubious investment frauds, extortion schemes and other supposed crimes that used BTC and Ethereum (ETH). To perform in-depth study of ShapeShift transactions, WSJ downloaded and saved a list of the 50 most recent trades every 15 seconds, at the exchange\u2019s website.<\/p>\n

Per WSJ, bad players exploited ShapeShift\u2019s facility to exchange BTC into an untraceable cryptocurrency Monero. ShapeShift further began to handle \u201cmillions\u201d<\/strong> of deceitfully received dollars, but refused to amend its policy concerning clients\u2019 anonymity.<\/p>\n

In a discussion with WSJ, Voorhees stated that he does not believe that \u201cpeople should have their identity recorded to catch an occasional criminal.\u201d<\/strong> WSJ afterwards gave ShapeShift with a list of doubtful addresses, which were purportedly using the exchange.<\/p>\n

Veronica McGregor, the chief legal officer at ShapeShift, told WSJ that the exchange looked into it and banned those addresses. She also stated that the company intends to make user identification compulsory starting Oct. 1.<\/p>\n

Commenting on Voorhees\u2019s opinion about the company\u2019s anonymity policy, McGregor said that<\/p>\n

\u201cjust because it\u2019s the personal philosophy of the CEO doesn\u2019t mean that\u2019s how the business is going to be run. He\u2019s not pro-money-laundering.\u201d<\/p><\/blockquote>\n

Previously users were not asked to sign in or register with ShapeShift to perform transactions. However, in the future, the exchange plans to introduce compulsory identity verification. Notably, earlier this month, ShapeShift launched a new rewards program, which will soon turn out to be the compulsory membership model for the users of the cryptocurrency exchange. The new terms will call for \u2018basic\u2019<\/strong> personal information.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new Wall Street Journal study has established that $88.6 million in illegal finances have been chanelled via 46 cryptocurrency exchanges. $9 million of the dubious funds supposedly went via crypto exchange ShapeShift. ShapeShift is a Switzerland-based crypto currency exchange that was established in 2014 by Erik Voorhees. The uniqueness of ShapeShift is that it […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68,1],"tags":[],"class_list":["post-8242","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-usa"],"yoast_head":"\nWSJ: $88.6m In Illicit Funds Routed via Crypto Exchanges<\/title>\n<meta name=\"description\" content=\"A new Wall Street Journal study has established that $88.6 million in illegal finances have been channelled via 46 cryptocurrency exchanges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/wall-street-journal-88-6mln-in-illicit-funds-routed-via-crypto-exchanges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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