Many money launderers and others in that value chain do not exactly appreciate the nature of why people are paying them money for their services.
There was even a thread on HN about this where someone thought they had a cool, profitable, legit hack on the financial system.
There was even a thread on HN about this where someone thought they had a cool, profitable, legit hack on the financial system.
https://twitter.com/coinerstakingls/status/1394899051171106817
Citation: news.ycombinator.com/item?id=7065142
My comment: “If you execute on this plan, you are probably an unlicensed MSB. If you don't know what that means, don't execute on this plan until you do.”
My comment: “If you execute on this plan, you are probably an unlicensed MSB. If you don't know what that means, don't execute on this plan until you do.”
“This is just some statist nonsense though, isn’t it?”
The industry term of art for this guy is a “mule.” The thing he is selling is access to his social capital with his bank and the authorities.
The people purchasing it have e.g. popped accounts of uninvolved people.
The industry term of art for this guy is a “mule.” The thing he is selling is access to his social capital with his bank and the authorities.
The people purchasing it have e.g. popped accounts of uninvolved people.
They need to get the money which they’ve stolen into their own control from subordinated accounts. Because Zelle is the easiest way to transfer it in the US, a mule willing to take transfers and exfiltrate to BTC is useful.
Until they’re not.
Then you find a new accomplice.
Until they’re not.
Then you find a new accomplice.
“Why do they need the mule?”
Because the more professional, legit side of the crypto industry knows that they will routinely be used to exfiltrate value subsequent to crime, and is much better at detecting this pattern and stopping it than your average Redditor mule.
Because the more professional, legit side of the crypto industry knows that they will routinely be used to exfiltrate value subsequent to crime, and is much better at detecting this pattern and stopping it than your average Redditor mule.
“What happens to the mule afterwards?”
It depends. Some of them had obvious intent to commit a crime; some didn’t. The authorities usually don’t prosecute people who they think were just unsophisticated.
The bank will close your account and blacklist you. They may also...
It depends. Some of them had obvious intent to commit a crime; some didn’t. The authorities usually don’t prosecute people who they think were just unsophisticated.
The bank will close your account and blacklist you. They may also...
... report you to ChexSystems as a fraudster.
If they do this, you will de facto lose access to the US financial ecosystem for several years unless you are either a sophisticated crook or a wildly more savvy professional than you probably are.
If they do this, you will de facto lose access to the US financial ecosystem for several years unless you are either a sophisticated crook or a wildly more savvy professional than you probably are.
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