Book Review — Rinsed by Geoff White
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 rounded out the book’s impact. But then, as the reader reads, he gets a sense that justice does catch up with criminals, even if he wonders how much a slap-in-the-wrist many of them are. And yes, how the heck did he fail to know that Nigeria’s capital is not Lagos?
But then, you can say White made up for these by weaving in quirky and lesser-known details that make the book feel like an insider’s look at the world of organized crime. For instance, there’s a memorable anecdote about how Pablo Escobar’s cartel spent an absurd $2,500 per month just on rubber bands to hold together their stacks of cash. Roberto Escobar, Pablo’s brother, even complained about how rats would eat through their bundles of cash stored in hideouts. It’s these small, almost humorous details that punctuate the larger narrative, giving readers a sense of how ludicrously excessive — and dangerous — these criminal enterprises are.
In another notable story, White recounts how an Anguillan bank official accepted a $6 million deposit for laundering purposes without requiring a signature, allowing the client to use a rubber stamp of Mickey Mouse instead. It’s a bizarre but telling example of the lax regulations in off-shore banking that allow criminals to launder money with near impunity.
You get answers to questions you have pondered such as: With all the sanctions and blockade, how does North Korea get the money it uses to build its nuclear weapons? (Tip: something about cryptocurrency.) Can you identify criminals if you meet them on the road; would something give them away? (Tip: Hardly. Many are high school teachers, respected academic, and even unassuming neighbours.) Is there any crime that cannot be unraveled? (Tip: It may take time but the law often catches up with crimes as stories of Alexandre Cazes and Larry Harmon showed.) And of course, there is the eternal question of how much of freedom of speech is too much freedom of speech. It throws up a lot of conundrum.
Overall, as those who followed the excerpts I shared would agree with, Rinsed is a compelling and thought-provoking read, offering an eye-opening look at how the tech industry — often unintentionally — facilitates the most dangerous elements of organized crime. Through sharp investigative work and engaging storytelling, Geoff White reveals how the intersection of tech, finance, and crime is creating new challenges for law enforcement and governments alike. And indeed how wary online users should be lest they easily fall into the hands of those ready to cart away with their life savings.
White successfully bridges the gap between the shadowy world of money laundering and the everyday digital tools that many of us use without a second thought. For anyone curious about how crime syndicates operate today, Rinsed is an essential, if occasionally sobering, read.
It’s more than just a book about laundering money — it’s a wake-up call to how our increasingly digital world can be exploited in ways we’re only just beginning to understand. And for serious countries, this would be a compulsory reading for its law enforcement officers. For those in not-so-serious countries, well, you would need to know these things for yourself so as not to fall prey.
