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Crypto Exchange ShapeShift Doesn’t Launder Funds — Erik Voorhees

12:00 02/10/2018

Erik Voorhees, chief executive of the ShapeShift crypto exchange, came forward with a denial of charges related to a $9 million money laundering, the announcement was posted on the company's blog.


Source: ShapeShift


Journalists of Wall Street Journal (WSJ) investigated the activity of 46 crypto trading platforms and concluded that $88.6 million had passed through illegal exchanges. Among them was ShapeShift.


Erik Voorhees stated that specialists of his company had been working with the journalists of Wall Street Journal for five months. However, based on the results of this work, information from the exchange was ignored, and the conclusions were distorted.


The WSJ article states that, thanks to the anonymity used in ShapeShift, interested parties converted bitcoins to Monero. The head of the exchange retorted that the trading platform uses a program to combat money laundering, which is much more demanding in relation to customers and isn’t limited to a simple request for their addresses and names.


As mentioned in the ShapeShift blog, if WSJ is really struggling with illegal activities, then it was necessary to collect data on suspicious accounts and provide this information to the crypto exchange's specialists. In this case, they would immediately block accounts. Moreover, the initiators of the investigation don’t have sufficient knowledge of how distributed ledger works in general, and the ShapeShift exchange in particular, as the WSJ representatives mistakenly made calculations regarding the transfer of tokens.


In conclusion, Voorhees writes that the title of the article “Less than two tenths of one percent of ShapeShift’s business might be illicit” would be fairer.

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