In today’s world, the influence of media on ones thought the process is at a high point. Be it social media on mainstream media it very difficult to differentiate the news from the rumors. Cryptocurrencies have been a victim to this for a long time and if Shapeshift CEO is to be believed they continue to do. In a recent article published in Wall Street Journal, the author accuses Shapeshift (and other cryptos) of providing a platform to criminals to launder their money.
Wall Street journal displaces Voorhees and the crypto community
The recent article published by Wall Street Journal titled “How Dirty Money Disappears Into the Black Hole of Cryptocurrency” written Justin Scheck and Shane Shifflett puts forward the narrative that says that anyone who wishes to launder their dirty money, be it A North Korean agent, a stolen-credit-card peddler and the mastermind of an $80 million Ponzi scheme, uses ShapeShift AG and anonymously converts it to cryptocurrencies. The write up goes on further to target privacy coins like Monero which are completely untraceable and best hideouts for money launderers.
The article further accuses Shapeshift and its policies by saying
“After hackers believed to be from North Korea extorted millions of dollars in the so-called WannaCry ransomware attack on businesses and governments, the criminals used ShapeShift to convert bitcoin into an untraceable cryptocurrency called Monero, security researchers found. For the next year, ShapeShift made no changes to its policy of not identifying its customers, and continued to process millions of dollars in criminal proceeds, according to the Journal investigation.”
It also blames Voorhees of keeping Shapeshift noncompliant of KYC norms and quotes him, from one of his interviews saying,
“I don’t think people should have their identity recorded to catch an occasional criminal,”
The article also blames Erik of falsely convincing the Venture Capitalists
“Lured by bitcoin’s boom,