I understand why this is sticked, but this isn't a crypto-centric forum and it'll need to be put into layman's terms if you want it to gain traction. Maybe I'll take a stab at it:
$8Billion of the Paycheck Protection Program loans were given to fake people who had been "verified" (KYC = Know Your Customer)
These entities converted the fiat paper money into crypto exchanges via many ways.
After crypto washing the crypto money was then converted back to fiat money through Signature Bank
I understand why this is sticked, but this isn't a crypto-centric forum and it'll need to be put into layman's terms if you want it to gain traction. Maybe I'll take a stab at it:
$8Billion of the Paycheck Protection Program loans were given to fake people who had been "verified" (KYC = Know Your Customer)
These entities converted the fiat paper money into crypto exchanges via many ways.
After crypto washing the crypto money was then converted back to fiat money through Signature Bank
Same dirty laundry, different washing machine.
Thank you for this. It was like Chinese when I read the post.