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Through Spotify, Criminals Launder Money Using Cryptocurrency

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Through Spotify, Criminals Launder Money Using Cryptocurrency

(CTN News) – In the interview, an anonymous swedish criminal revealed that Spotify has become a tool for gangsters and criminals to launder illegal funds using cryptocurrencies.

According to the news, crypto transactions have a dark side that needs to be highlighted. According to the criminal from the anonymous gang in the newspaper published by the Swedish daily newspaper Svenska Dagbladet (SvD), “I can say with 100% certainty that it will happen no matter what I do.”.

The truth is that I have personally been a part of it.”.

It was reported by Svenska Dagbladet that an unidentified police officer working at Noa (the national operations department of the police) had attempted to inform Spotify that it was being used by criminals as a streaming service. In spite of this, the officer noted that no one from Spotify returned their call when they contacted them.

Apparently, the police officer told a new magazine that Spotify has become an ATM for them (the gangs). The deadly violence that has been perpetrated in the past has a direct link to the gangs as well.”

According to the modus operandi of the criminal group, they purchase cryptocurrencies like Bitcoin using black money as a form of payment.

It is then used to buy fake listens from Telegram bots in order to make particular artists popular on Spotify with the help of this money.

Consequently, these artists receive a large amount of profit from Spotify in exchange for their popularity. In return for this profit, they share it with criminals. It has been reported that rappers linked to crime have launched their own music companies, where they channel all their earnings through.

Before taxes, SvD reports that one million listens generate around 40,000 to 60,000 SEK before taxes for each million listens.

“You don’t do this if you want to wash a hundred salmon, because you lose too much along the way if you do that, says the criminal to SvD. However, if you want to wash some rabbits (millions), then that’s absolutely fine as well.

As soon as the news of the review surfaced in the community, Spotify’s spokesperson responded and refuted the newsmagazine’s claim by suggesting that the SvD review is based on incorrect information.

According to him, the police have not contacted Spotify regarding the claims made in the article published by Svenska Dagbladet, nor has our internal team been able to find any data or concrete evidence indicating that Spotify’s platform is used to any great extent in the manner described in the article.

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