On this edition of Your Call, we're discussing the dark side of the crypto industry. An explosive ICIJ investigation has revealed that at least $28 billion tied to illicit activity has flowed onto prominent crypto exchanges, like Binance and OKX, over the past two years. From North Korean cybercriminals to scammers whose operations reach all the way from Myanmar to Minnesota, these platforms have become hubs for dirty money.
At the same time, Donald Trump, after starting his own cryptocurrency firm with his sons, has reshaped the industry by vowing to make the US the world’s "crypto capital" and overseeing a rollback of regulation and enforcement actions. As law enforcement struggles to cope with the overwhelming amount of criminal activity, money laundering, and fraud on these platforms, people around the world have been financially and emotionally devastated by untraceable crypto scams, without a path to justice.
What is the future of regulation for the crypto industry? How much of a danger do these major exchanges pose if they continue to operate without needed oversight?
Guests:
Spencer Woodman, award-winning reporter for the International Consortium of Investigative Journalists based in New York
Sam Ellefson, editorial fellow for the International Consortium of Investigative Journalists based in Washington, D.C.
Resources:
International Consortium of Investigative Journalists: Crypto giants moved billions linked to money launderers, drug traffickers and North Korean hackers
The New York Times: The Crypto Industry’s $28 Billion in ‘Dirty Money’
International Consortium of Investigative Journalists: From Dubai to Toronto, inside the crypto-to-cash storefronts fueling money laundering’s new frontier
