JP Morgan boss Jamie Dimon once slammed bitcoin as fraud, saying it’s only useful “if you were a drug dealer [or] a murderer.”
So imagine his surprise when a ship owned by his bank was seized this week when authorities found $1.3 billion of cocaine inside.
Big banks are increasingly linked to money laundering and drug trafficking. Meanwhile, less than one percent of bitcoin activity is connected to illicit activity. It’s time to kill the narrative of bitcoin as dark money and ask who is the real culprit here?
$1 billion cocaine found on JP Morgan ship
US customs seized a shipping container in Philadelphia this week after authorities found 39,525 pounds of cocaine inside. With a street value of $1.3 billion, it’s the one of the biggest drug busts in US history.
The ship involved is owned by JP Morgan and was bought by client money as part of a maritime investment strategy.
US authorities seize a ship owned by JP Morgan Asset Management after finding 20 tonnes of cocaine on it with a street value of $1.3bn https://t.co/dXCzwc9G6K
— Matthew Garrahan (@MattGarrahan) July 9, 2019
Let’s put this in perspective of bitcoin drug money. Bitcoin has been involved in $515 million worth of illegal activity in the last six months. While JP Morgan was linked to a $1.3 billion drug trafficking crime in a single incident.
Don’t forget Wall Street money laundering
It’s not just drug trafficking. Wall Street is deeply implicated in money laundering schemes. In 2017, Deutsche Bank was slammed with a $630 million fine after authorities raided the bank’s offices over money laundering claims.