The International Consortium of Investigative Journalists (ICIJ), the global network behind shocking investigations such as the "Panama Papers", has shifted its attention to the world of cryptocurrency. The result is a series of investigative reports titled "Coin Laundry", exposing an underground world full of crime.
This is a significant blow to the image of the crypto industry.
📜 Part 1 - Context: The Scale of the Investigation
This is not an ordinary investigation. "Coin Laundry" is a global project, uniting the strength of over 100 journalists from more than 35 countries, in collaboration with major news agencies like The New York Times, Le Monde, and The Indian Express.
The investigation has revealed how illegal funds are being funneled through major and familiar exchanges, including Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin.
The crypto flows tracked by ICIJ are linked to a range of organized criminal activities worldwide:
North Korean Hacker
Russian and Chinese crime gangs specialize in human trafficking
Drug trafficking activities like fentanyl
Mexico's notorious Sinaloa cartel
🧠 Part 2 - In-depth Analysis: "The Shadow Financial System"
ICIJ describes what they found as a "new shadow financial system" operating "faster, darker, and beyond the reach of regulators and law enforcement agencies."
Instead of having to stuff cash into trunks, drug gangs can now easily use stablecoins to move millions of dollars in just minutes.
Gerard Ryle, Executive Director of ICIJ, has raised pressing questions:
"Our investigation raises urgent questions: To what extent have major crypto exchanges been complicit in facilitating criminal activity? And why have regulators struggled to keep up with a financial system thriving on opacity and speed?"
This finding creates immense pressure, directly challenging the compliance and anti-money laundering programs that major exchanges are advertising.
🏁 Conclusion:
"Coin Laundry" is not just a series of articles. It is a comprehensive indictment, supported by a global network of journalism, aimed at the dark side of the crypto industry. These findings are sure to become the focal point of policymakers worldwide, potentially leading to hearings, stricter regulations, and more extensive investigations targeting the role of exchanges in the global financial ecosystem.
