In 2023, the global use of cryptocurrencies to launder illicit funds reached an estimated $22.2 billion, according to Chainalysis, a blockchain analysis firm. Despite facing Western sanctions, countries such as Iran and North Korea, along with terrorist groups like Hamas, continue to engage in money laundering using crypto. This has become more prevalent and relevant in today’s world as technology advances. Geoff White, a journalist, emphasizes the importance of understanding and addressing this growing issue as it continues to evolve and expand with the use of new technologies.
On June 2nd, Bill Guan was arrested by prosecutors in New York for allegedly laundering $67 million by purchasing pre-paid debit cards using cryptocurrency. Guan pleaded not guilty to the charges against him. While technology is making it easier for individuals to engage in this type of crime, it is also increasingly difficult to detect due to its complex nature. Geoff White highlights the importance of understanding and addressing the growing issue of money laundering as it continues to evolve and expand with the use of new technologies.
