HOW DIRTY MONEY DISAPPEARS_ How Dirty Money Disappears Into the Black Hole of Cryptocurrency

THE WALL STREET JOURNAL

How Dirty Money Disappears Into the Black Hole of Cryptocurrency

Journal investigation documents suspicious trades through venture capital-backed ShapeShift


By Justin Scheck and Shane Shifflett
Sept. 28, 2018 11:49 a.m. ET
41 COMMENTS


A North Korean agent, a stolen-credit-card peddler and the mastermind of an $80 million Ponzi scheme had a common problem. They needed to launder their dirty money.

They found a common solution in ShapeShift AG, an online exchange backed by established American venture-capital firms that lets people anonymously trade bitcoin, which police can track, for other digital currencies that can’t be followed.

Since bitcoin was introduced nearly 10 years ago, law-enforcement authorities have worried the technology could ease money laundering. Now a new breed of cryptocurrency intermediary is giving fresh urgency to those fears, operating in plain view with scant policing and often allowing users to engage in anonymous transactions.

A Wall Street Journal investigation identified nearly $90 million in suspected criminal proceeds that flowed through such intermediaries over two years.

Most operate beyond the reach of U.S. authorities, with unidentified owners and addresses in places such as Eastern Europe and China.

Not ShapeShift, the largest recipient of the funds with a U.S. presence. The company is officially registered in loosely regulated Switzerland, but it is run out of a 1980s-era office building in a Denver neighborhood packed with tech companies and marijuana entrepreneurs. ShapeShift’s founder and chief executive, Erik Voorhees, along with its chief operating officer and its marketing chief, all live in the Denver area.



Erik Voorhees, founder of ShapeShift AG, speaks during the Token Summit in New York earlier this year. Photo: Alex FLynn/Bloomberg News


The company’s financial backers include ...

READ MORE: https://www.wsj.com/articles/how-dirty-money-disappears-into-the-black-hole-of-cryptocurrency-1538149743


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