Crypto Guru John McAfee Says It’s Not the Exchanges Job to Fight Cryptocurrency Crimes; Is He Right?

McAfee Also Mentioned that Authorities Should Handle Crypto Crimes

John McAfee continued by saying that authorities shouldn’t be helped by cryptocurrency firms or trading platforms to control frauds done with digital currency. He also mentioned that he hopes to see the society free from an “overburden and corrupted government” and prevailing over the criminal activity in crypto technology.

“You can’t put that responsibility on me as an entrepreneur. You can’t require me to assist you in preventing what might be a future crime.” he said.

More Than 1,500 Suspicious Crypto Related Activities in August 2018

The United States Financial Crimes Enforcement Network has reported more than 1,500 Suspicious Activity Reports related to cryptocurrency, in only one month. This has convinced many industry players to take an active role in fighting crypto scammers, in spite of McAfee’s recent opinion that it’s not their job to do so. Noting that the blockchain analytics company Chainalysis has already implemented a system of alerts for suspicious transactions, in 15 of the most important cryptocurrencies. This tool is very helpful for crypto exchanges and different financial institutions that want a good reputation and to mitigate their regulatory risks.

Chainalyzis Report Reveals Mostly Ransomware Attacks for Laundering

The report Chainalysis released in the spring says that 64% of the crypto illegalities were ransomware cash-out attacks meant to launder money through crypto exchanges. Another 12% were about mixing services, while 6% were peer-to-peer networking scams. The rest used dark web markets and merchant services, providers. At the end of August, Chainalysis revealed that the stolen money was 8.1% of all the funds in the cryptocurrency mixers, which fortunately is not that much.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide