99.88% of money laundering transactions had been done with fiat. Yet various governments claimed that crypto is the currency for criminals.

Money laundering is nothing new in history. It is the process of converting money from illegal activities into legitimate sources.

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Source: biv.com

In a press conference at the White House, Treasury Secretary Steven Mnuchin claimed:

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”

According to Chainalysis, the total value of cryptocurrency laundered by year are pale compared to fiat. In 2021, it was $8.6B. You may want to know how much money was laundered during that year (both fiat and crypto) - between $800B and $2T. The upper estimate is more than twice larger than the global market capitalization of the whole crypto market now!

According to a Messari report, data from Chainalysis and the United Nations Office on Drugs and Crime revealed that traditional fiat money is used 800 times more than bitcoin to launder money on the darknet.

Published on CNN, \" Fiat Money Outpaces Bitcoin 800:1 for Money Laundering: Report

And who have been involved? Here are some notable money laundering in history, all in fiat!

• Wachovia Bank (one of the largest US bank back in the day): estimate $380B
• Standard Chartered Bank (UK): estimate $250B
• Danske Bank (Denmark): estimate $229B