Experts of the analytical company CipherBlade presented its own vision of the situation with the laundering of illegal funds through cryptocurrency exchanges, as identified significant inaccuracies in a similar study, The Wall Street Journal, published in September 2018.
Becoming, according to the publication, the leader in money laundering, Swiss cryptocurrency exchange, ShapeShift has hired CipherBlade used to assess the WSJ and methods to recheck the information specified in article transactions and explore approaches to similar investigations in law enforcement. After the work done, the analysts said in the WSJ poorly investigated and overstated figures for ShapeShift 4 times.
“Tracking the alleged “money laundering” subject to “not more than two intermediaries on the way to a crypto currency exchange”, the WSJ used fundamentally flawed methodology. To keep track of any means – legitimate or not – using multiple transactions is very difficult, and a statement that all funds in cryptocotyle at the next level are obtained by illegal means, from the point of view of the examination looks weak,” – said in CipherBlade.
According to the methodology of the company, after ShapeShift was 1% (it is 0,33% – to be converted into Monero) all funds in the ETH sent from suspicious cryptocell, the total amount of which was at the level of $2,117 million, which in itself is contrary to the stated WSJ $9 million in BTC and ETH allegedly laundered through this trading platform.
Experts CipherBlade acknowledged that analyzed only the data for ETN transactions, however, in their opinion, it does not change substantially the claim to the WSJ analysts, as well as those recorded receiving bitcoin addresses ShapeShift 40,11 BTC.
However rashodomernye also found the number of suspicious cryptocell: CipherBlade counted 8049 suspicious of wallets and addresses ShapeShift, in operations which involved up to two intermediaries, and in the study the WSJ was only 3556 of them and 1684 Ethereum addresses, undiagnosed CipherBlade.
In addition, CipherBlade others have mentioned the inaccuracies of the WSJ and stressed that earlier had to ShapeShift 11 investigations in cooperation with law enforcement agencies on a daily basis working with the FBI.
Recall that in the early years ShapeShift fired a third of his command, and a month later began to implement a large-scale rebranding and start for closed beta in updated form.