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<br> Welcome to the second Bitcoin Optech Group newsletter! With a Casio programmable calculator from around 2010, it took almost an hour to fill the screen (written in pseudo-BASIC, ran at about 3 instructions per second). Coinbase reported revenue of $707.9 million in the second quarter, beating estimates of $663 million, according to Refinitiv data. Cocaine that’s worth $1 million on a New York street weighs about 70 pounds (30 kilograms), while a stash of U.S. This may involve a final bank transfer into the account of a local business in which the launderer is “investing” in exchange for a cut of the profits, the sale of a yacht bought during the layering stage or the purchase of a $10 million screwdriver from a company owned by the launderer. It is difficult to invest much in bitcoin or realize gains made in the bitcoin economy, lawful or otherwise, without using an exchange. Otherwise, they can’t use the money because it would connect them to the criminal activity, and law-enforcement officials would seize it. Columbian officials put two and two together and discovered that the same mechanism was achieving both ends. In response to the question about output tagging, C-Lightning contributor ZmnSCPxj proposed an alternative tagging mechanism that would put the tag inside the taproot commitment, making it invisible unless a script-path spend was used.<br>
<br> Underground/alternative banking: Some countries in Asia have well-established, legal alternative banking systems that allow for undocumented deposits, withdrawals and transfers. Layering may consist of several bank-to-bank transfers; wire transfers between different accounts in different names in different countries; making deposits and withdrawals to continually vary the amount of money in the accounts; changing the money’s currency; and purchasing high-value items (boats, houses, cars, diamonds) to change the form of the money. The money is then deposited into one or more bank accounts either by multiple people (smurfs) or by a single person over an extended period of time. The alleged laundering scheme involved sending corporate donations from Texas to the Republican National Committee (RNC) headquarters in Washington D.C., and the RNC then sending an equal amount of money back to Texas for use in campaigning. Drug traffickers are in serious need of good laundering systems because they deal almost exclusively in cash, which causes all sorts of logistics problems. The money-laundering side goes like read this post from Youtube: A drug trafficker turns over dirty U.S. They may use large businesses like brokerage firms or casinos that deal in so much money it’s easy for the dirty stuff to blend in, or they may use small, cash-intensive businesses like bars, car washes, strip clubs or check-cashing stores.<br>
<br> These businesses may be “front companies” that actually do provide a good or service but whose real purpose is to clean the launderer’s money. Shell companies: These are fake companies that exist for no other reason than to launder money. They take in dirty money as “payment” for supposed goods or services but actually provide no goods or services; they simply create the appearance of legitimate transactions through fake invoices and balance sheets. New sets of transactions (blocks) are added to Bitcoin’s blockchain roughly every 10 minutes by so-called miners. Layering: This involves sending money through various financial transactions to change its form and make it difficult to follow. Integration: At the integration stage, the money re-enters the mainstream economy in legitimate-looking form – it appears to come from a legal transaction. This is the followup to the previous article where Fred dives more into the how of raising money through token sales. The prosecution held that DeLay took part in an alleged scheme to bypass that rule and hide the corporate origins of money that ended up in the hands of Republican candidates in Texas. Money laundering happens in almost every country in the world, and a single scheme typically involves transferring money through several countries in order to obscure its origins<br>>
<br>> Reuters has reported that federal prosecutors have been weighing anti-money laundering violations and sanctions evasion charges, allegations that would make it difficult for Binance or founder Changpeng Zhao to continue to get licenses to operate. The crypto industry has been under intense pressure from federal regulators since November, when the collapse of the FTX exchange set off an industrywide crisis. Crypto exchange Binance is laying off employees in response to an ongoing Justice Department probe that is likely to end with a consent decree or settlement, according to a current employee who is familiar with the company’s plans. The Wall Street Journal previously reported on Friday that 1,000 employees have already been laid off, and those layoffs are part of the total planned, the source told CNBC. But since then, NFTs have created a stir in the art world. All Tornado Cash addresses have been banned since then, and both the creators and the website have been removed from Github<br>>