Twitch Money Laundering Scheme gets Busted

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Twitch Money Laundering Scheme gets Busted

On Tuesday, January 4th, Turkish police arrested 40 suspects in connection with an alleged money laundering scheme via Twitch. Because this is a local Turkish story, the Demirören News Agency (DHA) has covered it extensively, but it hasn’t made much of an impact outside of Turkey.

Dexerto explains that the money was laundered through Twitch Bits using stolen credit cards. The suspects are accused of using Bits to launder money obtained through stolen credit cards. Scammers sent Bit to streamers, who returned 70 to 80 percent of the real money to the scammers. 

While it may not appear to be much at first, Turkish authorities estimate that the scam cost them $9.8 million USD. This scam has a two-year paper trail, indicating that it has been in operation for quite some time. It’s still unknown just how many people were involved in this but several of the suspects are reported to be minors.

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