We have seen the future, and it sucks.

Thieves Launder Money by Crowdfunding Themselves

9th November 2012

Read it.

Crowdfunding sites like Kickstarter are a great way for people with great ideas to get money while circumventing the traditional hurdles of appealing to venture capitalists. Turns out they are also a great way for people with stolen money to get around the law.

On Nov. 5, the founder of the crowdfunding platform Gittip announced that the service had been hijacked as a vehicle for money laundering by a mysterious, anonymous user who had registered on his site about five weeks earlier.

We have the technology, which means that they have it, too.

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