U.S. Markets closed

Jamie, it Ain't Bitcoin: JP Morgan Involved in $1 Billion Cocaine Bust

Ben Brown
JP Morgan Chase and Company CEO Jamie Dimon may have a controversy to deal with. | Source: REUTERS/Larry Downing

JP Morgan boss Jamie Dimon once slammed bitcoin as fraud, saying it’s only useful “if you were a drug dealer [or] a murderer.”

So imagine his surprise when a ship owned by his bank was seized this week when authorities found $1.3 billion of cocaine inside.

Big banks are increasingly linked to money laundering and drug trafficking. Meanwhile, less than one percent of bitcoin activity is connected to illicit activity. It’s time to kill the narrative of bitcoin as dark money and ask who is the real culprit here?

$1 billion cocaine found on JP Morgan ship

US customs seized a shipping container in Philadelphia this week after authorities found 39,525 pounds of cocaine inside. With a street value of $1.3 billion, it’s the one of the biggest drug busts in US history.

The ship involved is owned by JP Morgan and was bought by client money as part of a maritime investment strategy. 

Let’s put this in perspective of bitcoin drug money. Bitcoin has been involved in $515 million worth of illegal activity in the last six months. While JP Morgan was linked to a $1.3 billion drug trafficking crime in a single incident.

Read the full story on CCN.com.