Imagine if Pablo Escobar, who was making around $70 million a day at his peak, decided to use cryptocurrencies to launder money. His plan was to split the money into smaller millions that would be transferred daily to multiple wallets.
For example, he allocates about $10 million daily to convert it into currencies such as Monero and Zcash, which are difficult to trace due to anonymity technologies. Through a wide network of accounts and electronic wallets, he distributes this money, so that every $10,000 is converted from different wallets into digital currencies, and then he sells it on decentralized exchanges to convert it into stablecoins such as USDC or USDT.
In total, Escobar manages to launder around $300 million a month in clever ways, making sure to diversify and change portfolios and methods daily. He may also resort to investing some of it in legitimate companies and official stock exchanges, so that his money appears to be growing legally, and thus enjoys a legal facade without raising suspicions.
Pablo Escobar may have chosen cryptocurrencies like Monero, Zcash, and USDC to launder money for reasons of privacy and flexibility:
1. ( Monero ( xmr ) provides the highest level of privacy through techniques such as ring signatures, making it almost impossible to trace transactions.
2. Zcas $ZEC
It offers privacy options known as “dark glass” that make transactions hidden from the public.
3. USDC $USDC
A stable currency backed by cash reserves, allowing the investor to convert funds into a stable value for their daily financial needs.
These currencies help to hide financial trails and effectively manipulate transactions.
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