The big banks mentioned in the recent FinCen data breach have been overwhelmed by the market today. During the 20 years from 1997 to 2017, listed financial institutions contributed more than $ 2 trillion in suspicious transactions, according to an investigation by the International Consortium of Investigative Journalists. When this news came yesterday, it was a day of reckoning for many of these institutions.
Equities are among the top five banks with volumes of suspicious activity.
Deutsche Bank is believed to be solely responsible for these over $ 1.3 trillion in transactions. To put this in the form of cryptocurrency, according to data from Chainalysis, there was $ 1 trillion in cryptocurrency transactions in 2019, and only 1.1% (or $ 11 billion) was classified as illegal.
However, we lack the transaction volumes for each of these banks, which is important for the comparison to be truly fair. So far, only a direct link to the encrypted protocol has been found in a series of FinCen reports received by journalists. This came in response to OneCoin, an alleged cryptocurrency scam founded by a wanted suspect named Ruja Ignatova.
There are two posts related to OneCoin as the biggest crypto scam in history. In 2017, New York Mellon Bank reported $ 137 million in suspicious transactions from companies associated with OneCoin. In another case, “an Australian woman sent over $ 50,000 from her skin care company to recipients, including two OneCoin companies.”