Laundering money in MMOs
(Visited 6254 times) Game talk
Oct 272008
It’s starting to happen, after there being years of rumors and little concrete evidence. And where it happens on large scales, regulation cannot be far behind.
Last week Korean police arrested a group responsible for laundering money generated by Chinese gold farming from Korea back to the mainland. Over 18 months, the group wired $38 million from Korea to a Hong Kong paper company as payments for purchases.
— Virtual Worlds News: Group Laundered $38M in Virtual Currencies in 18 Months.
To repeat one of my favorite quotes, heard at a conference years ago, “well, that’s not drug kinds of money, but it’s certainly terrorist kinds of money.”
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On slightly tangential note, did you know that the CIA is the biggest importer of illegal cocaine and heroin in the world, and that laundered drug money accounts for over 20% of the (as of Q4 ´07) stock market´s value?