Friday , January 27 2023

Fortinet's V-Bucks is used in money laundering


Since Bitcoin broke out on the world stage in 2009, amid the stunning recession, the crypt was tormented because it is supposed to be a means of money laundering, illicit activities, and the like. In fact, the zealous skeptics, including those from Blackrock CEO, Larry Fink and heavy governments, crucified Bitcoin to become the backbone of international crime.

However, an investigative journal has revealed that even the actual human innocence epitometer – coins and video game articles – are unsure of the money laundering narrative. And with that, I say that the anti-crypt narrative of money laundering is faulty, sensational and simple, total. Who's laughing now, huh?

Related Reading: China forbids everything Bitcoin, video games seem to be next

Fortnite V-Bucks – not as innocent as the eye meets

Fortune's V-Bucks, the most prominent Battle Royale video game, are harmless, right? For many, including myself, this seems to be the case. Save for the full premise of "pay-to-play" microtransactions and gambling (Epic games sell code lines to generate millions, if not billions of revenue), V-Bucks are (almost) as innocuous as things.

Step One: Purchase a Fortnite Gift Card or use Digital Exchange Media (MME) to file a fiat. Step two: buy V-Bucks, watch your account balance Step three: buy items and have fun … I think?

Since I am a devoted lawyer for Fortnite forced abstinence (as opposed to many of my millenary colleagues), I'm not sure how much pleasure is derived from spending hard money on V-Bucks. (Maybe I should get on the train, but I'm not afraid of missing.)

But given the Epic games, epic, profits, some are obviously in love with the system. For them, they must be spent well. The rumors have it, some Fortnite dead have spent tens of thousands, if not hundreds of thousands, to track their statistics on the screen. As they say, "everyone". However, I came to the conclusion that yes, V-Bucks are purity in a digital form.

Related Article: Fortinet Big Fan Founder of "Decentralized Tech" Crypto Subiacente

However, for a dive dive report from The Independent, UK's most important press center, this is not the case. Far from, in fact.

On the news portal, the digital asset turned into organized crime. In fact, after crossing the black markets online, accessible only through Tor, The Independent has determined that these shady squares are filled with V-Bucks. No, it's not about "GET FREE V-BUCKS, ACT FAST" cheating, these V-Bucks are the real deal. As bonafide code lines can get anyway.

In collaboration with Sixgill, a leading IT security company, the British division has revealed that V-Bucks obtained through stolen credit cards, an accessory associated with money laundering systems, has been wiped out en masse. Corroborating the presence of Fortnet, which began to develop throughout the darkness, Sixgill established that the "Fortnite" mentions were increased in correlation with the game's profit figures.

No estimates have been made as to the amount generated by this innovative system. But given the popularity of Fortnite, I would not be surprised if these ingenious but shady entrepreneurs visit their Lamborghini local offices.

But will they receive a Huracan or Aventador? How about a Veneno?

Where does Bitcoin fall into this Imbroglio?

You may be wondering, what is Bitcoin's role in all this? Well, let me explain.

As I suggested earlier, this emphasizes that the narrative that cryptocurrents are inherently a single criminal instrument of its own does not keep its water. Over the years, experts and operators have called for a total ban on Bitcoin, in particular due to the alleged capacity of the block network to allow a single hand to allow global crime. However, given this new Fortnite information, should regulators not require Fortnite to be banned?

The fact is I'm not. This should not be a surprise, as global governments have ignored the infamous many happenings of web darkness, unless it involves Bitcoin (look at the Silk Road).

In my eyes, governments see Bitcoin as an increasing threat to their continued survival. Thus, the abovementioned entities can only use encryption-related money laundering to justify a rigorous regulatory action (or a lack thereof).

Weiss explained that if 5% (a fairly liberal estimate) of all Bitcoin transactions is not "clean", 21.2 billion US dollars in the BTC were used in illicit activities in 2017. Although this figure may seem nebulous, perhaps incomprehensible to all living people, the total amount of $ 21.2 billion compared to the alleged role of fiat in criminal activity.

In fact, in 2009, The United Nations estimated that criminal activity at that time accounted for 3.7% of world GDP. If this figure remained in time, it would mean that the offense is an industry that generates $ 3.5 trillion each year.

So governments should not ban money?

I do not really go, of course. So again, this time with greater conviction – the anti-crypt money laundering narrative is faulty, sensational and simple, total.

Leigh Cuen, a crypto reporter, encapsulated the dichotomy between anti-crypto regulators and pro-crypto rationalists. In a twisted thing on Twitter, centered around the V-Bucks defect, Cuen wrote:

"Literally, everything can be used illegally, encryption is not unique in this sense."

Recommended image from Shutterstock

Source link