India Freezes Shitcoin Casino WazirX Assets
One thing that annoys me about the shitcoin space is the hypocrisy and mental gymnastics used to try and avoid taking responsibility for yourself. It's evident in the retail investor, venture capital investors, and even the institutions themselves.
If we have a look at all the companies running in the space, you'll notice the bitcoin-only companies are running smoothly while the shitcoin companies are collapsing, closing down, filing for bankruptcy, firing their staff, and looking for bailouts.
When the tide goes out of the speculative bubble, it reveals all the shitfuckery that was happening or rather covered up they the constant inflow of capital.
Crapto is an industry rife with scams and fraud, in fact that is the killer app, it's made scamming so much cheaper and easier to do and you can scale your scam pretty easily. You have a constant line of suckers willing to believe anything on the promise that they might snap up a 1000 bagger and turn $1000 into a million, that's the premise this whole industry is based on.
Caught with their hands in the crime cookie jar
While normies fall for the crap, those in the know are running all sorts of schemes. Recently we've seen India's Enforcement Directorate freeze $8.16 million of assets belonging to WazirX.
This Indian-based exchange is owned by Binance a pretty shady company in itiself, which has helped fund WazirX into one of the largest exchanges in India.
According to the ED, its action was a result of an investigation into WazirX allegedly laundering the proceeds of a crime by allowing it to be converted into cryptocurrencies.
CZ backs out real quick
Here are several sources back in 2019 that reference the acquisition, so why am I making a point of this?
Because as soon as the news broke CZ the head of Binance immediately distanced himself from the company stating Binance never acquired it and I am sure the way it was done was probably through shell companies which allows for some deniability as records cannot be pulled from the countries these entities are created in, that's all part of the game, and pure speculation at this point.
https://twitter.com/cz_binance/status/1555578415901802507
I find it strange you say you don't own the company but you can make statements like you're willing to freeze WazirX accounts and migrate some to Binance. How do you have so much authority over a company you didn't acquire?
Am I taking crazy pills here?
If this is criminal wrongdoing
If this is indeed gross criminal misconduct, it just shows the type of people who are getting into crapto and how you can buy non-kyc access to these networks. For the average normie, you have to show your face, ID, your cock and balls to get an account so you can spend a $100 to buy some bitcoin.
But a scammer can go to a shitcoin casino pay off a few people and nick himself a cleaned account with either virgin mined coins, KYC customer coins they can use for obfuscation or conjoined coins in their system and hide.
Since exchanges are the KYC on-ramp they are a point of failure of enforcement on KYC and one of the many reasons KYC is fucking useless.
If this is a state attack
Now, who defines what criminal activity is, is it drugs, terrorism, could it be human trafficking or could it simply be the illegal use of moving money you saved in a shitcoin like a rupee and want to get it out of India? Could it be the illegal use of trying to provide remittance services where you are not completely scalped?
This is unclear, but my point is governments define what is illegal and they can change that at any time to suit a narrative, this is not to plead for this institution's innocence, it's to show that shitcoin on-ramps can quickly become a central point of attack and the larger they get the bigger the target.
Since bitcoin continues to improve its P2P markets while shitcoins prefer centralised casinos, you can see which ecosystem will be resilient to this kind of attack.
Sources:
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