I thought you cleaned money to purchase things with it and, if you purchase things with dirty money, then you're hanging up your dirty laundry. Maybe that's why they got caught lol.

Is it that they purchased the rigs with dirty money maybe? So then when they minted the new BTC it was "clean"? Otherwise yeah its pretty confusing......

Cje95

But how do you spend millions of dollars on equipment without touching a bank first?

I think you're right. They are using the funds to pay for equipment and operations, and then using the equipment income to generate clean value they can deposit in legitimate banks. 

winteryeti

The raid uncovered 3,642 rigs used to generate revenue and launder illicit funds through “clean” newly minted coins.

Baek said how syndicates “push dirty money into rigs,” and because the farms sit behind shell firms and nominee directors, investigators often struggle to tell which coins are legitimate and which are funded by scams.

Where does the laundering step take place? My understanding of money laundering comes from Breaking Bad: you pretend you have legitimate revenue sources that are hard to verfiy when you don't. This sounds more like they're using illicit funds to support a legitimate business. They're both attempts to obfuscate things but I don't know where the illicit funds get washed here.

bitcoin_Mining

> The raid uncovered 3,642 rigs used to generate revenue and launder illicit funds through “clean” newly minted coins.

> Baek said how syndicates “push dirty money into rigs,” and because the farms sit behind shell firms and nominee directors, investigators often struggle to tell which coins are legitimate and which are funded by scams.

Where does the laundering step take place? My understanding of money laundering comes from Breaking Bad: you pretend you have legitimate revenue sources that are hard to verfiy when you don't. This sounds more like they're using illicit funds to support a legitimate business. They're both attempts to obfuscate things but I don't know where the illicit funds get washed here.