Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World's Deadliest Crooks

by Geoff White

How a new generation of money launderers are plundering the world and why we need to stop them

There's an old saying- 'a rising tide lifts all boats'. It's normally couched in positive terms; that overall economic improvement will benefit everyone. In the case of hi-tech money laundering, however, it offers a dark vision of the future. The better these launderers become at their work, the more crime of all types will be enabled. It's time to understand where the water is rising, before it washes over us all.

Money laundering has been around for centuries. For as long as people have been willing to steal money, there's been an industry ready to wash it. But recent tech innovations have created vastly complex new systems for laundering that threaten to overwhelm authorities, destabilise economies and disrupt societies.

Rinsed is a relevatory investigation into the new army of innovative criminals using tech to launder money ... and the consequences for all of us.

Genres: Nonfiction, Crime, Technology, Audiobook, Economics, Finance, Business

288 pages, Paperback

Published September 17, 2024

Reviews

[Mark O · Rating 4 out of 5]

Very good guide on how to launder money ☺️

[Engrossed Reader · Rating 3 out of 5]

Still deciding on the rating for this. My dilemma is that there was too much information when I didn't want it and not enough when I did.

I appreciated the format which took an almost chronological look at money laundering, good for context and to illustrate the technological development.
It was overall an easy read, with self contained chapters that gave a satisfactory overview of an incident or particular individual/group.

Several you will vaguely know minor details of and on occasion be surprised by an event of epic proportions which passed you by. Or maybe that's just me.

In summary, Rinsed has given me plenty to think about. And crucially the inclination to pay more attention to world events: what's glossed over or not discussed in the news.

3 stars as a placeholder and because endnotes. I'm a footnote person and missed all the references because I prefer not to keep on shuttling back and forth from the text to the end of the book.

[Rachel · Rating 4 out of 5]

Good summary, easy audiobook to dip in and out of

[Maartenbron · Rating 4 out of 5]

This was an excellent read. I work with crypto daily and already knew most of these big stories of thefts and money laundering but this book added an interesting extra layer to it.

I wasn't aware of an IG influencer called "hushpuppy" and his deep involvement with the North-Korean hacker group Lazurus. Good to know and I will definitely watch some documentaries about this.

The book is also very relevant today. It mentions the $600M Axie Infinity hack as the biggest ever, but just a month ago, Lazurus managed to steal$1,3 Billion from the crypto exchange Bybit.
The scale (and amounts) of these operations keep growing, and tech and money laundering continue to go hand in hand.

To successfully launder money, you need high trading volume and global coverage. There are many ways but the new tech often provides the best solution...

Solid book.

[Steph Cook · Rating 5 out of 5]

*4.5

This one scratched a very specific (nerdy) itch. This is a great a crash course in what money laundering is in an accessible way, but without dumbing things down. Theres a good balance between explaining foundational concepts, while still digging into more 'complex' territory like crypto, which often confuses even those in the finance world not directly working with it. If you’re into AML or financial crime, this is a no-brainer. And if you’re not? Honestly still worth it.

Dougal’s review:
“Not enough snacks. But I did learn how to hide them in plain sight, so…” 🐾

[Margaret · Rating 5 out of 5]

I'm not a techie, so thought this book might be beyond me. However, this is an engagingly written and meticulously researched - though entirely horrifying - account of the world of cyber-crime. It discusses money-laundering: what it is, and why it's the basis of all cyber-crime. It goes on to examine the ways that this paves the way for even more elaborate ways of moving money illegally round the globe. It hurts individuals, companies, and eventually, world politics as certain countries are prepared to condone, or even pay cyber-criminals prepared to fill that country's coffers with ill-gotten gains. It's a gripping, but thoroughly uncomfortable read.

[Dhanya Jothimani · Rating 4 out of 5]

Actual rating: 4.5

Rinsed is all about cryptocurrency and how it is being used by bad actors for money laundering and financial crimes. As expected, the writing was great since Geoff White covered a lot of examples starting from Pablo Escobar until recent bitcoin scams. Some of the incidents such as Bigg Boss and Hushpuppi are repeated from The Lazarus Heist: From Hollywood to High Finance: Inside North Korea's Global Cyber War. But, the book really makes me think how some of scams show the dark side of humans, and it makes one think why some countries want to restrict immigration as well as other restrictions.

A great read similar to The Lazarus Heist: From Hollywood to High Finance: Inside North Korea's Global Cyber War. Highly recommended for those interested in money laundering incidents as well as financial crimes!

[Tosin Adeoti · Rating 4 out of 5]

Today, I finished "Rinsed - From Cartels to Crypto: How the Tech Industry Washes Money for the World's Deadliest Crooks" by Geoff White. In this book, White, an investigative journalist and podcaster known for covering the intersection of technology and organized crime, delivers a gripping exposé on the global world of money laundering. The book was originally published on August 13, 2024.

I really can't recall how I got wind of this book, as I just pick up titles all over the internet, from Twitter to Reddit to Quora to WhatsApp to Facebook. But I am glad I did this one. Through vivid storytelling and meticulous research, White traces how criminals - from drug cartels to online scammers - launder their illicit gains, highlighting the shocking scale at which technology enables these operations. The book is full of real-life stories, sharp insights, and eye-opening details that make even complex financial schemes feel accessible.

White's ability to turn complicated topics into engrossing stories is what makes Rinsed so readable. The book begins with a provocative question: Have you ever had too much money? - setting the tone for a journey into the dark corners of global finance. White's introduction, blending humor and intrigue, hooks the reader immediately, making the heavy subject of money laundering feel less like a textbook and more like a thrilling crime drama.

One particularly fascinating story is that of Nicolás Escobar, Pablo Escobar's nephew, who stumbles upon a secret stash of $18 million hidden in one of his uncle's old hideouts. The money, now decayed and useless, perfectly symbolizes the fleeting value of unlaundered criminal wealth. This episode serves as an eerie reminder of how critical money laundering is for crime syndicates, underscoring the theme that vast criminal enterprises often come undone because they simply can't manage their profits. White's gift lies in how he draws readers into these moments with vivid, almost cinematic detail.

To someone like me, one of the most memorable chapters is "Black Axe," where White delves into Nigeria's infamous Yahoo boys - a group of internet scammers whose work has evolved from email fraud to sophisticated schemes involving cryptocurrency. Some of their dealings will make your jaw drop. What makes this chapter stand out is White's exploration of the Yahoo boys' collaboration with the notorious Black Axe gang, a cult-like organized crime group in Nigeria. The Black Axe originally started as a university fraternity but transformed into a violent syndicate involved in advanced fraud, human trafficking, and political corruption. White uncovers the hidden ties between these scammers and international crime networks, painting a picture of how digital tools are being weaponized to exploit global financial systems.

What's particularly alarming to the reader is how the Yahoo boys rely on the Black Axe for protection and intimidation. They don't just scam individuals with fake emails anymore; they're operating complex worldwide Ponzi schemes and online romances, laundering their gains through cryptocurrency. White points out a chilling detail: the cult-like initiation rituals of the Black Axe are laced with violence, and they use these same tactics of fear and loyalty to solidify their control over the online scammers, creating a deadly partnership.

And of course, no one takes a book like this not expecting the subject of cryptocurrency to pop up. White's deep dive into the world of cryptocurrency is both fascinating and troubling. From Bitcoin wallets to encrypted communications via apps like Telegram, the book explores how technological advances have become a double-edged sword. One example that stands out is the use of Tornado Cash, a decentralized cryptocurrency platform, to obscure the origins of funds. White explains how platforms like this can shuffle millions in a matter of minutes, making it nearly impossible for law enforcement to track transactions.

But it's not just digital currencies - encrypted smartphones, too, have played a major role in protecting criminals. In the chapter about the Din sisters, White tells the remarkable story of two women who ran a drug smuggling empire using EncroChat phones, which law enforcement couldn't crack. These tools enable criminals to conduct business in ways that would have been unimaginable a decade ago, highlighting a major theme of Rinsed: technological innovations often outpace legal frameworks, leaving authorities playing a constant game of catch-up.

As you read, some names in the book would make you shudder - Matthew Falder, Son JongWoo, AlphaBay, Hydra, Ikechukwu "Ike" Amadi. Of course, there is Ramon "Hushpuppi" Abbas whom the Nigerian online public is well acquainted with. His indirect connection to the dark web and of course North Korea hackers would cause you to pause and ponder.

White makes an excellent case for the dangers posed by cryptocurrency and digital finance but the reader may be disappointed that he offers little in the way of concrete proposals for law enforcement or policymakers to mitigate these risks. A more thorough discussion on what global governments and financial institutions can do to adapt might have...

Read the full review on Medium - https://tosinadeoti.medium.com/book-r...

[Rajbir Bhattacharjee · Rating 2 out of 5]

The title of the book sets the expectation that it will be about how the tech industry washes money for the deadliest crooks.
While he does spend some little time describing how the tech industry washes money, in chapters about bitcoin and mixers, the treatment is short and superficial.
Instead, he spends the majority of his time sensationalizing about the crooks and how they got the money they washed. At one point of time, he goes into unnecessary and irrelevant detail about sex trafficking and prostitution - what was the relevance of it, one wonders, other than to sensationalize the topic? We get it, they are crooks. Washed money comes from shady sources. But was that the point of the book? From the title, one hopes to learn "how" the tech industry washes money, not how the cartels get money they wash in the first place. There are plenty of literature dedicated to the latter topic that one can read.
Then a lot of the treatment about "how the tech industry washes money" is stretched really far. Crooks use whatsapp and signal - hence tech industry. With such weak linkages, one might even write a book "How car manufacturers enable heists", or "how the postal service helps wash money".
Lastly, he spends a lot of time giving his geopolitical opinion on things that have nothing to do with how the tech industry washes money. For example he goes on and on about how Korea is an evil empire - and I don't have to defend Korea and there is plenty of legit criticism - but is that really relevant?
He talks about Korea's nuclear weapon and how it is a danger to the world. It is. But is it relevant? And while at that, Korea has not invaded any other country (unlike the USA), nor has Korea dropped nuclear weapons on any other country (like the USA). Also, it is astonishing that the author spends so much time talking about Korea and how it earns money by embezzlement, without once going into the reasons why it has to resort to such difficult methods to earn money rather than simply raising revenue by printing money and taxation like any other economy. The reason they have to resort to do that is because first, the USA bombed North Korea to stone age, so much so that American Pilots were commanded to continue bombing the place even after they reported that there is nothing left standing to bomb. After the truce, the USA imposed sanctions on the country crippling its economy, and forcing it to indulge in some pretty wild schemes to get revenue, which no state would have resorted to if it had any choice to do otherwise. One would have liked it better if such a one-sided portrayal was attenuated by some treatment of why Korea does what it does and its roots in history and economics of empire.
Another example of such unnecessary geopolitical half-truth is the allegation that Russia doesn't crack down on its cybercriminals because cybercrime generates a few billion dollars, and that feeds into Russia's economy. Sounds good, till you realize that Russia's GDP is 2.5 trillion, a few billion are a drop in the ocean and no reason for any state to not crack down any crime. While it is quite possible that Russian authorities do not clamp down on cybercriminals, it could be for a variety of reasons, but the claim that they dohn't do it because it feeds into the Russian economy sounds facetious.
After reading the book, I even started wondering: why are all the countries he talks negatively about incessantly the same countries the USA has sanctioned? Especially when the criticisms of those countries (some of which are valid) have nothing to do with the title of the book?
Avoid reading. Save your money.

[Vincent · Rating 3 out of 5]

Rinsed is an engrossing exploration of the dark world of financial fraud and cybercrime. With his background as an investigative journalist, the author delves into the complexities of online scams and the intricate web of deception that fuels them. The book is both informative and gripping, blending real-life cases with in-depth analysis to offer readers a clear understanding of how these sophisticated schemes operate.

The writing is accessible and engaging, making complex financial concepts easy to grasp without sacrificing the depth of the subject matter. He effectively combines narrative storytelling with investigative journalism, creating a book that is as educational as it is thrilling. The real-world implications of the scams discussed in this book are sobering, shedding light on the vulnerabilities within our digital and financial systems

One of the book's strengths is its ability to humanize the victims of these crimes, making their stories relatable and poignant. The author also offers insights into the psychology of the perpetrators, providing a well-rounded perspective on the motivations behind such criminal activities.

[Ed · Rating 4 out of 5]

Very interesting. He has a style that makes it very easy to read while also learning a lot of new information without having to double-back - at times almost feels like reading the script of a podcast (which makes sense given his background). Takes time to present both sides of the tech innovation/regulation argument but the main purpose is to point out the nefariousness and skills of the bad actors and how the tech industry plays right into their hands by craving unregulated innovation. And for obvious reasons, his case studies are limited to those which have been litigated or otherwise made public. While it's easy enough to live by a mantra of "don't click on links, don't answer phone calls from unknown numbers", the frightening takeaway of this book is that it doesn't always matter what you do if you're putting some of your info out there. That, and North Korea allegedly having major successes funding a nuclear program through cyber crimes.

[Daniel · Rating 5 out of 5]

Scammers, drug dealers, child-porn site platform, North Korea- they all face one problem- how to get their money out. The old way is to get mules to transfer money out, and naive runners to withdraw cash from ATMs. Those are relatively easy to trace, accounts frozen, people arrested.

Then they moved to crypto exchanges and mixers, but those can be trace too, with some famous arrests of people who control the platforms.

Then comes the DAO- distributed autonomous organisation. Those are pieces of codes with no controllers and anyone can use. Those helped the North Koreans laundered millions quickly. They also use NFTs and even in-game loot box trading. They don’t mind losing money as long as the money is rinsed.

Techies love decentralised privacy, new systems. Criminals love them too.

[Matthew Gibb · Rating 3 out of 5]

Some of these stories are eaay to follow and others are rather elborate. The longer stories towards the end about layering and social engineering are facinating,but I couldnt underatand it completely. The general steps are change you money into crypto,find a legitamate company to plug your cash into and then parse it out to regular bank accounts is small batches. This book really makes a compelling case for crypto and by the end I had the idea that this wont be easily shutdown.
There are many crimminals using these methods to do lots if bad things and one has to wonder what are banks and politicians doing legally that is probably far worse.

[Luc · Rating 4 out of 5]

Listened to the audiobook narrated by the author. Pretty good for easy listening, doesn’t go deep into technical details and feels more like ten interesting articles from The Atlantic that have been clumsily linked together by hammering home the three stages of money laundering that are repeated countless times.

I just don’t understand why the author decided to narrate it despite his pretty obvious speech impediment. The “howwible cwimes :3” that he descwibes lose a bit of their weight and really shift the tone before getting used to it.

[Benjamin · Rating 4 out of 5]

Some tidbits I found most interesting include the shadow banking system where the organizers just had piles of cash in different countries and clients could check money in in one country to check it out in another, Hydra's transformation from drug marketplace to money laundering operation, and the majority of the Counterstrike marketplace transactions involving money laundering.

my favorite quote: "social media's currency of conspicuous consumerism and narcissistic one-upmanship is a powerful grooming ground for mule herders."

[Abi · Rating 4 out of 5]

The fact that I finally relatively understand crypto, bitcoin, money laundering, and nfts is bonkers. As a journalist Geoff White comes at this novel from more of an investigative standpoint. In each chapter, a different level of money laundering is discussed and the accompanying crimes. White meticulously describes the crimes, what they mean in layman's terms, how they were committed, and what happened to the criminals, money, and victims if he knew. This was so engaging and informative. Would recommend if you enjoy crime stories and don't understand cryptocurrency!

[Serene · Rating 4 out of 5]

4.3/5
I feel like the first few chapters were much more interesting than the last few chapters. When you began to learn about this brand new topic, the author was able to provide diverse methods and cases of laundering money at the beginning. But once the author set path on the technological side of money laundering, the storylines were kind of repetitive and mushed together. At the end, I would say it was had not gone to depths that I expected. Perhaps though it would have been too technical. Nonetheless, you could feel the research efforts that went into this.

[Ronocydennek · Rating 4 out of 5]

As someone who works in the Financial Crime and Compliance world, this is a must read. The use of cryptocurrency in the criminal world is so omnipresent and damaging, however, it is not as talked about in traditional media. Geoffs calls out several criminal operations, the characters, their stories and their fraudulent schemes are all on display and even though they tell interesting, fascinating tales, they are equally terrifying at how the crimes are all digital and leave little physical footprints. Recommended:

[zoya · Rating 3 out of 5]

I’m generally a big fan of Geoff White’s work, and although I did love the nuanced, partly narrative-like stories drawing the reader into the world of crypto laundering, I do wish that the author would keep more to the main story in each chapter as opposed to bringing up side stories. As much as I understand some of them are needed for context, sometimes I felt as if the depth they were taken to made the reader forget the point of the original main plot within the chapter, making it difficult to follow.

Nonetheless, I did enjoy the book, and look forward to his next publications!

[Samantha · Rating 5 out of 5]

This book offers a brilliantly written and well-researched history of how modern money laundering evolved and how individuals and institutions continue to get away with it. The author clearly explains the mechanics of laundering placement, layering, and integration while illustrating each stage with vivid real-world examples and case studies. Both accessible and illuminating, it provides readers with a clear understanding of the global financial systems that enable illicit money to flow undetected.

Fave quotes:
- "Risk can be very addictive"

[Valters Bruns · Rating 3 out of 5]

Interesting, not too technical, but mostly just common knowledge if you have shown any interest about the topic before.
Doesn't focus "too" much on the washing part, but rather goes into detail on specific anecdotes about the crimes and characters that did them. That makes it more interesting and less dry, but also more shallow imho.
Feels like 3-4 Darknet Diary episodes put back-to-back in a book.

[ejones · Rating 3 out of 5]

This is a solid 3.5. Really enjoyed listening to it as an audiobook but do think it dragged in some places. Clearly explains the three stages of money laundering and does an excellent job of providing global examples to stress the interconnectedness of the problem. I liked the signposting but think it lacked a little in the later chapters, would have been nice to see it all the way through. The chapters themselves were a good length and felt quite podcast-y which I liked

[Martin Castle · Rating 4 out of 5]

This is a great book. The author produced the Lazarus Heist podcast which I loved and he takes that style of simplifying the most complicated issues into an easily understood format. He has done the same with this book, complicated and at times difficult subjects to read he has made straightforward and most importantly clearly laid out the human impact to all that goes on with money laundering. This is a must read for all of us who think there are no victims in “White collar” crime!

[Ugh · Rating 4 out of 5]

Really interesting and readable (although harrowing in parts). I was disappointed not to come away with a better understanding of the fundamentals of classic laundering - the literal processes that happen inside, say, a restaurant - as much of the focus was on newer digital methods for moving money around. But that's understandable, I guess, and it's possible I'm just a bit dim on the point.

[Thomas Hudson · Rating 3 out of 5]

I really enjoyed this book, overall I think the scope of topics covered really ranged and shed a light on some pretty intense topics. At times it felt like we were pretty far from the money laundering topic but eventually shed a lot of light on the ways that almost all crime requires money laundering.

[Carol · Rating 5 out of 5]

Excellent analysis of the challenge of global criminal gangs moving from cash from drug deals to computer thefts enabled by crypto and technology.

The examples from Colombia, Nigeria, North Korea, etc. are well detailed and very scary to read.

The threats from business email compromise, romance scams, human trafficking enabled by technology are real and a growing menace

[Graeme Whitton · Rating 4 out of 5]

I found this book interesting and well researched though as an ex finance professional there wasn't a vast amount I didn't already know. Would be a good introduction to the subject as its laid out in easy to understand language.

[Wendy Packard · Rating 3 out of 5]

I liked this for what it was...it stopped being about money laundering at some point and just became about financial scams and crimes, which is fine but I thought it would be more laundering. The writing itself was great.

[Jason · Rating 4 out of 5]

Very good. A compilation of crimes and how money laundering happened in each. I would have given 5 stars, but I've already ready about some of the examples, so it was rehashing what I've already read about.

[Kedijik · Rating 4 out of 5]

Pretty decent summary but feels a little dated as some of these exchanges etc. went down.