JOD Releases Major International Cryptocurrency Enforcement Action

At noon today the department will hold a press conference. The conference will be led by Deputy Attorney General Lisa Monaco and other speakers.

The announcement comes as a crack down on a crypto exchange called Bitzlato. To be fair I've never heard of it before but then again I never use exchanges anymore (or at least at little as possible). The exchange was accused of laundering funds tied to Russian finance and the founder Anatoly Legkodymov has been arrested in Miami.

Bitzlato is a registered exchange in Hong Kong and what's really crazy is many took to the twitter (hopefully LEOThreads and posted they also have never heard of the exchange.

Apparently from their reports Bitzlato is the center point of hundreds of millions of dollars in illicit funds which came from darknet marketplaces and laundering for ransomware attacks.

The Silver Lining

Normally when we hear of things like this months if not years have passed where the DOJ and other entities have simply been watching the funds and tracking it building a case to take people down connected to it all. That means in reality they most likely "allowed" it to continue for months if not years in order to track down and cause the most damage to the most amount of people who are behind it and used it.

This is confirmed based on their statement of... The company hosted wallets of criminals buying and selling illegal goods involving 700 million in direct and indirect transfers in the last several years.

But you know that multi billion dollars that was right under their nose FTX that's ok right?

Sure it's a good thing for such projects to be taken down in my opinion but honestly the way in which they are tracked and taken down far after the fact leads to many questions and shady things in which I don't agree with on a personal level.

Can Decentralized Ever Happen

As much as people want to scream decentralization I just don't ever see it happening. There are far too many bad actors that do horrible things in this world and in a decentralized world where anything and everything goes they would quickly rise to power.

While I'll admit the government still does shady things themselves I at least feel there is a little better hope there over bad actors and people who are involved in such things.

A Dent

The markets have been falling from their highs however the rally is still strong so far. A gentle pull back like this is fine and it's expected to happen as numbers continue to come in on inflation, job losses etc.

What you'll often see just before a bull market is exactly what is happening now. Strong rally, gentle pull back to a new base line for a few days into another rally and a small increase like that over a period of 6months or more until the sharp bull run hits like we saw in 2020 when bitcoin went from $10,000 to $60,000 in a 3 month window. I could see our next bump pushing $25,000 bitcoin again and holding around that $20,000 - $25,000 range for the most part until at least summer of this year.

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