Which cryptocurrencies and payment methods do carding forums use for laundering proceeds?
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Executive summary
Carding forums regularly rely on a mix of widely traded coins, privacy-focused tokens and off-ramp services to launder proceeds: mainstream currencies such as Bitcoin and stablecoins like Tether are used for scale and liquidity, privacy coins and mixers such as Monero and protocol tumblers are used for obfuscation, and cashout methods range from centralized exchanges and crypto ATMs to prepaid/debit card schemes and complicit “cleaning” exchanges promoted on forums [1] [2] [3] [4]. Law enforcement and industry reporting show this is an evolving, multi-stage playbook—moving funds on‑chain for layering then into fiat via exchanges, kiosks, or bespoke cashout services—while regulators try to close gaps [5] [6] [4].
1. Cryptocurrency choices: liquidity coins and stablecoins for scale
Carding communities push stolen value quickly into liquid, high‑market‑cap assets that can be moved and split at scale, with Bitcoin and stablecoins frequently cited as go‑to rails because they are widely accepted on exchanges and can be converted into fiat or debit instruments relatively easily; investigative work and industry analysis point to large flows of Tether in laundering chains and exchanges receiving huge tether volumes linked to money launderers [1] [2] [5].
2. Privacy coins and mixing services for obfuscation
When the priority is hiding provenance, operators turn to privacy‑centric coins and mixing/tumbler services: Monero and other privacy tokens are recommended on forum threads for their on‑chain anonymity, while centralized or smart‑contract based mixers (the now‑sanctioned Tornado Cash being the best known example) have historically been used to scramble traceability before funds hit public exchanges [1] [3].
3. On‑chain layering: swapping, bridging and decentralised swaps
Forum laundering playbooks describe converting between multiple tokens, using decentralized exchanges and cross‑chain bridges to layer transactions and complicate tracing; industry reporting and chain‑analysis firms document professionalized on‑chain services and infrastructure marketed to criminals that perform these layering functions before cashout [5] [7].
4. Cashout methods: exchanges, kiosks and “cleaning” services
The critical legalization step typically involves converting crypto to fiat via centralized exchanges, crypto ATMs/kiosks, or third‑party “cleaning” exchanges and brokers promoted on Russian‑language and other top forums; investigations show both legitimate exchanges have been used to process suspicious tether flows and that at least dozens of exchanges openly advertised cashout/cleaning services on forums [2] [3] [4].
5. Off‑chain routes: prepaid cards, debit rails and bank integration
Once crypto is converted, illicit funds often re‑enter the traditional financial system through prepaid cards and debit instruments or by funneling into e‑money balances and bank transfers—methods explicitly described in laundering guides and seen in case reporting where tokens were converted into debit cards or injected as apparent business revenue to mask origin [8] [9] [7].
6. The marketplace ecology and where enforcement hits
Top carding forums do more than recommend coins: they advertise exchanges, cashout services and tailored laundering packages; reporting finds dozens of exchanges offering “cleaning” services and investigators, Europol takedowns and FinCEN notices show governments are targeting kiosks, mixers and complicit platforms—but the ecosystem adapts, shifting to new exchanges, stablecoins outside strict KYC zones, or more sophisticated layering [3] [6] [4].
7. Conflicting narratives and limits of the public record
Sources converge on the same broad channels—liquid coins (BTC, stablecoins), privacy coins (Monero), mixers, exchanges and kiosks—but differ on magnitude and responsibility: journalism and blockchain analytics highlight systemic exchange flows and platform failures while industry/advocacy pieces stress legitimate use and regulatory progress; available reporting documents many flows and services but does not exhaustively catalog every forum or method, so claims about prevalence should be read in the context of ongoing, adaptive criminal tradecraft [2] [5] [10].