Spotify is used for listening to music, but also for money laundering

Avatar img-thumbnail img-circle

in Cybersecurity, News, Security

Spotify, one of the most prominent names in the music streaming industry, has revolutionized the way people listen to music.

Founded in 2006 in Stockholm, Sweden, Spotify as a platform offers access to a wide variety of songs, podcasts and albums, making it a true destination for music lovers. With its user interface and commitment to providing quality audio content, Spotify has not only changed the way we listen to music, but has also significantly influenced the modern way of listening to music.

People listen to music and podcasts through Spotify every day, but Swedish criminal gangs involved in drug trafficking, contract killings, fraud and other criminal activities have found a new use for the app. Namely, they created a formula to launder money through Spotify…

Photo by Christian Lambert on Unsplash

What’s the Spotify Money Laundering Formula?

These illegal activities date back to 2019 when Swedish rap is gaining significantly more popularity. The process of money laundering begins with the criminals converting their dirty cash into bitcoins through discrete cash transactions. Then, through platforms like Telegram, they hire people or companies that offer so-called services. SMM panel, that is, they buy fake listeners of songs from artists who are connected to criminal groups.

With the help of fake listeners, artists’ songs climb to the top of the charts, and from the top everything is easier, so when a certain song is already at the top of a list, it has much more visibility and attracts more regular listeners.

Photo by David Pupăză on Unsplash

More listeners to a song means more money paid to artists, ie Spotify in Sweden pays 40,000 to 60,000 Swedish kroner for one million listeners, which is equivalent to 3,800 to 5,600 US dollars.

What is SMM Panel?

SMM Panel (Social Media Marketing), often referred to as SMM Reseller Panel is a web-based platform that allows individuals and businesses to purchase social media services to boost their online presence and engagement across various social media platforms. media. These services typically include likes, subscribers, followers, comments, shares and other forms of user interaction on platforms such as Facebook, Instagram, Twitter, YouTube.

The purpose of the SMM panel is to help users quickly improve their social media presence by offering them a convenient way to buy interactions, followers, and other engagement metrics. These services can be useful for individuals or businesses who want to increase their visibility, build a following on social networks and promote their content or products.

Is the SMM panel legit?

Buying and selling services is not considered an illegal activity, but it is against the policies of most social media. Their use is not recommended by any social media. If a user uses such services for their social media account, they risk facing fines and very likely the deletion of their account.

What is Spotify doing to clear up such cases?

In response to these developments, Spotify emphasized its commitment to addressing the issue of manipulated streams, stressing that such streams make up less than 1% of the platform’s total listeners. The company is dedicatedly engaged in dealing with problems of this type. However, these revelations highlight the need for increased vigilance in the music industry, highlighting the innovative yet illegal schemes used by some individuals to launder money.

Notify of
Inline Feedbacks
View all comments