Analysts tackle major crypto myths for regulators as digital asset market regulation intensifies
Since the unveiling of Bitcoin ten years ago, and the subsequent emergence of Blockchain technology and other cryptocurrencies, a lot has happened, contributing to the industry’s bad reputation, crippling most investors with fear, uncertainty, and doubt (FUD) of investing in the asset class. As the digital asset market continues its unprecedented growth trajectory, it has […]
New Zealand banks join forces to combat scams through new measures
The New Zealand banking sector is taking proactive measures to combat scams targeting customers, which includes establishing a national Anti-Scam center, pooling resources to combat money laundering, and enhancing public awareness. In the second quarter of 2023, there were 1,950 reported scams in New Zealand, resulting in a total loss of NZ$4.2 million ($2.48 million), […]
Hong Kong police arrest 7 for money laundering HK$111M, including via crypto
Hong Kong authorities reported the arrest of seven individuals believed to be involved in an operation to launder over HK$111 million (US$14 million) of suspected illicit funds. This action was part of a larger effort to dismantle a criminal syndicate. Among the detained individuals, two men and five women were allegedly key figures within the […]
Major money laundering rings in Brazil exposed and dismantled, over $400 million seized
The Brazilian Federal Police have successfully dismantled two large-scale money laundering operations connected to international drug trafficking. The operations, uncovered during Operation Bahamut, led to the detention of numerous individuals across four states: Rio de Janeiro, São Paulo, Santa Catarina, and Rio Grande do Sul. With commendable efficiency, Federal Police agents executed searches in over […]
US Treasury’s report point to illegal DeFi use by Criminals and North Korea
The US Treasury Department has issued a press release regarding the illegal finance risk assessment for 2023 DeFi. The report was released following a thorough examination of the decentralized finance sector. The report also discusses how the Democratic People’s Republic of Korea (DPRK), cybercriminals, thieves, scammers, and ransomware attackers use DeFi services to launder and […]
Binance blocks several accounts tied to Bitzlato’s investigation
Binance, the world’s largest cryptocurrency exchange by market size, has blocked several accounts as a result of the Bitzlato probe. Several users, many of whom are Russian-speaking, reported the problem. The affected individuals discussed the issues in a Telegram group chat, stating that their accounts had been unexpectedly taken down. The group has grown to […]
Estonia crypto regulators consider banning all crypto business licenses
TL; DR Breakdown Estonia suggests stricter crypto regulations to curb money laundering issues in the country. The Estonian FIU will continue to revoke crypto service licenses if it finds the company in question as a security risk. Recently, Estonia crypto regulators revised the content within their crypto regulations. In the process, the party announced the […]
Money laundering: London police seize 294 million pounds worth of crypto
TL;DR Breakdown More than $408 million worth crypto seized in money laundering related act by London police. British detectives focus on crypto crimes to stop money laundering acts. London police authorities seized 294 million pounds worth of cryptocurrency. The British agents found $408 million in laundered money from illicit acts and discovered that a criminal […]
Money laundering: China arrests over 1,000 people for illicit cryptocurrency activities
TL;DR Breakdown • China increases its repression against virtual currencies and money laundering.• The Inner Mongolia region prohibits cryptocurrency mining. China’s government officials have paid more attention to cryptocurrency mining to avoid money laundering. So far, China has arrested 1,100 people engaged in fraudulent business with cryptocurrencies. Security officials in the Asian country claim these […]
Crypto crime: DOJ charges six men for money laundering in crypto and casino
Six persons charged for laundering funds for drug dealers in Mexico. They mostly used cryptocurrency, and casino to get away with the illegal act. The United States Department of Justice has unsealed indictments against a group of people who were alleged laundering funds for drug cartels in Mexico. The document reads that persons laundered these […]
Auckland man faces 30 charges of money laundering involving crypto
A 40-year-old man from New Zealand has been charged for money laundering involving cryptocurrencies. He laundered millions of dollars via expensive items, including cars. Bad actors have been resorting to using digital currencies as another means to launder large amounts of money without getting caught. Eventually, law enforcement agencies could still track and arrest them […]
Romania: State to vend off seized bitcoin and ethereum
In Romania, the government is set to conduct to its auction off digital currencies confiscated from criminal activities for the first time. The state agency in charge of vending off seized properties, ANABI, revealed on October 2, the auctioning of held bitcoin and ethereum in its upcoming auction event. However, the authority did not tell the specific amounts of […]
France authorities arrest 29 persons funding terrorist group with Bitcoin
The anti-terrorist group in France has arrested a group of persons who were reportedly involved in a digital currency scheme aimed at promoting the activities of terrorists. Perhaps, this stands as another evidence that many terrorist groups are increasingly funded with digital currencies, in order to avoid being intercepted by the government and other enforcement […]
RG Coin exchange founder convicted for money laundering
RG Coin founder convicted of money laundering Iossofov operated as part of an international autioneering fraud network Iossofov to be sentenced January 2021 The owner of RG Coin crypto exchange platform, Rossen Iossifov, a 53-year-old Bulgarian international, has been accused of running a money laundering scheme, as a component of a multinational auctioneering conspiracy project. […]
New EY blockchain analysis tool to improve financial reporting
EY blockchain Explorer and Visualizer tool New tool to imrove financial reporting EY launches blockchain-based procurement platform One of the leading accounting company, EY, announced the launch of its new EY blockchain analysis tool on September 27. The new on-chain data analysis tool will be used to track blockchain activity, including bitcoin transactions on the […]
FinCEN leak creates concern around new AML measures
FinCEN files show that some big banks didn’t do enough to prevent financial crimes BuzzFeed News reports that the management of some banks was fully aware of criminal activities and their cover-ups This report paints a reality of traditional banks much worse than the public perception of crypto exchanges This time foul-play came from the […]
IRS is offering $625,000 to anyone who cracks a Monero transaction
The United States Internal Revenue Services (IRS) has opened a bounty program for individuals and private contractors to crack into Monero (XMR). Over $600,000 will be paid to anyone who can successfully prove that the Monero transactions can be traced. The IRS states that the program was spurred on by the increasing number cyber crimes […]
No more privacy? CipherTrace develops Monero tracking tool for US authorities
Many cybercriminals had flocked to loving the popular privacy-focused cryptocurrency, Monero for the fact that it shades them from being easily identified by law enforcement agencies. However, this may no longer be the case as CipherTrace has informed that it has developed a Monero tracking tool for authorities in the United States. New Monero tracking […]
FIU identifies G7 banks as the biggest sources of illicit money, not crypto companies in Mexico
The Financial Intelligence Unit (FIU) has reported that commercial banks around the country are more prone to money laundering than crypto companies in mexico. According to the FIU, the report was cited based on the activities of the G7 banking group, which includes Inbursa, BBVA, Citibanamex and some others. The Financial Intelligence Unit of Mexico […]
The US government to seize crypto accounts linked to North Korean crypto hackers
The US government is presently making moves to seize about 280 fraudulent digital assets accounts belonging to North Korean crypto hackers. In a report that has been circulated by news outlet, Reuters, it says that the United States government is seriously making moves to clampdown on the accounts belonging to the North Korean crypto hackers. […]
Ransomware attackers send bomb threat emails in Austria, demand ransom in bitcoins
Austrian police have announced that bomb threats via email have been sent to businesses with reports claiming attackers demand ransom in bitcoins. In the announcement released by the Austrian police, the threat emails were sent to businesses and investments located around Austria. Presently, police have no idea of a specific location where the bombing might […]
FCA lists Gemini as the second UK registered exchange
Hours ago, reports noted that the Financial Conduct Authority (FCA) listed its first UK registered exchange, Archax. A glance at FCA’s ‘Registered Cryptoassets Firms’ today shows that Gemini, the United States cryptocurrency exchange is now the second exchange to have registered in the country. The companies’ registration is aimed at ensuring compliance with the UK’s […]
BaFin impounds Shitcoins Club Bitcoin ATMs in Germany
BaFin, financial regulatory authority in Germany, have begun impounding Bitcoin ATMs in the country. Precisely, BaFin has impounded Bitcoin ATMs operated by Shitcoins Club, a Poland based ATM operator. The German regulator began seizing Shitcoins Bitcoin ATMs after ordering the operators to stop ATM operations in the country but refused. Why BaFin seized Shitcoins Club […]
45yo man admits to attempting to purchase chemical weapons with Bitcoin
45-year old Jason William Siesser from Columbia, Missouri, has pleaded guilty to charges against him, for attempting to purchase chemical weapons with Bitcoin through the dark web. While Siesser awaits his sentence hearing, he is most likely to face five years in federal prison without parole. Siesser ordered $150 chemical weapons with Bitcoin According to […]
23,903 BTC: Two Costa Ricans indicted for drug trafficking with cryptocurrency
Two men have been charged for money laundering and illegal sales of narcotics like opioids in the United States. The defendant allegedly sold tons of Opioid Pills on several darknet marketplaces. They also engaged in drug trafficking with cryptocurrency like Bitcoin to conceal their illegal business, which sees transactions in millions of dollars. Illegal sale […]
Anonymous wallet deposits ban: a foretaste of December?
In what can be said to be a kick against money laundering and financial fraud, the Russian government championed by the legislature has placed a ban on anonymous wallet deposits in the country. The passage of the ban is separate from the actual regulatory framework for the crypto industry set out in the bill “On […]
LocalBitcoins adopts Elliptics crypto monitoring tools to tighten against criminals
Peer-to-peer (P2P) Bitcoin exchange, LocalBitcoins has adopted Elliptics crypto monitoring tools to combat criminal cashouts from its platform, while still boosting compliance in accordance with the European Union’s AMLD5. A previous report indicated that the exchange had been a one-stop exchange to cashout crypto proceeds from illicit activities. LocalBitcoin chooses two Elliptics crypto monitoring tools […]
US DOJ seizes unlicensed Bitcoin ATM machines linked to money laundering
On Wednesday, it was announced by the U.S. Department of Justice (DOJ) that a California man, Kais Mohammad, admitted to operating an unlicensed bitcoin ATM network that “laundered millions of dollars of bitcoin and cash for criminals’ benefit.” The 39-year-old owned and operated an unlicensed bitcoin money service business called Herocoin where he offered to […]
Californian man to plead guilty for exchanging $25M in illegal Bitcoin business
A man from California will plead guilty to the charges against him for operating an illegal Bitcoin business. It was said that he exchanged about $25 million in Bitcoin, through cryptocurrency ATMs and in-person transactions. Most of the money laundered was proceeds from criminal activities, the US Department of Justice (DOJ) noted. $25M exchange via […]
$33M crypto scam: CFTC gains certificate of default against Q3 startup
An entry of default issued by the US CFTC, or the Commodity Futures Trading Commission, against cryptocurrency trading startup, Q3 has been approved in court. A default judgment is most likely going to be issued soon, as the defendants have not responded to the complaints of crypto scam made against them by the regulator. CFTC […]
Argentina’s telecom company faces $7.5M Monero ransom in major cyberattack
The largest telecommunications company in Argentina could be forced to shell out Monero ransom worth $7.5 million following a major ransomware attack on its systems last week. Monero’s privacy feature has proven to be its strength as well as weakness. While on the one hand, it is lauded for being one of the very few […]
Crypto laundering mastermind taken down via social media posts
Out of a dozen Nigerians nabbed by the Dubai police for crypto laundering and other related crimes is 37-year-old Ramon Olorunwa Abbas, known as “hushpuppi” or just “hush” on Instagram. Police claim that they recovered $40m (£32m) in cash, 13 luxury cars worth $6.8m, 21 computers, 47 smartphones, and the addresses of nearly two million […]
Bitcoin ATMs used to finance illicit activities, says CipherTrace
In its latest report, CipherTrace has stated that most Bitcoin ATMs are used for illegal activities. In what could turn out to be a bad omen for Bitcoin ATMs, the report mentions how cryptocurrencies are linked to illicit trade activities. These are being used to provide cover to such businesses. In the last few years, […]
BTC-e investigation: NZ police freeze $140 million linked to Alexander Vinnik
The New Zealand police have restrained millions of dollars in bank funds, belonging to a Russian IT specialist, Alexander Vinnik, and his company. The funds were frozen following the BTC-e investigation, wherein Vinnik was charged for laundering money for bad actors. BTC-e investigation led to $140 million frozen As per the report of Monday, about […]
Exchange owner admits money laundering through online auctions
The owner of defunct Romanian exchange CoinFlux has admitted to committing money laundering through a fraudulent scheme. Vlad-Calin Nistor, the owner of now-defunct cryptocurrency exchange CoinFlux pled guilty to laundering around 1.8 million dollars. Nistor pled guilty along with 14 other defendants at the Eastern District Court of Kentucky. Money laundering The scheme was brewed […]
US to crack down on Bitcoin ATMs over illegal financial transactions
Without a doubt, the United States has the highest percentage of the total Bitcoin ATMs installed around the world. However, a recent report showed that authorities in the country might be coming after the machines, as they work towards combating money laundering. Spike in financial transactions with Bitcoin ATMs The development follows a report by […]
New York hacker gets 20 years jail term over $96M BTC fraud
A New York hacker Vitalii Antonenko, 28, has been nabbed by authorities at New York’s JFK airport and charged with hacking, trafficking in stolen credit card data, and laundering money with Bitcoin. The New York hacker was arrested on arrival from Ukraine last year, having been linked with two crypto wallets that were used to […]
Argentina crypto trading crackdown gains momentum to protect local fiat
In a bid to protect the local fiat currency crypto trading crackdown in Argentina appears to be gaining momentum. As per the announcement by the country’s Financial Unit (FIU), the government is tightening its control on crypto trading activities within its borders. This is a decision which appears to have been triggered by the runaway […]
AAX teams up with Solidus Labs in the fight against crypto market manipulations
Institutional level crypto trading outfit, Atom Asset Exchange (AAX) said it has a plan to team up with Solidus Labs as it has plans to use Solidus Labs resources to combat the crypto market manipulations. The exchange website has said that it plans to use Solidus Labs surveillance equipment to monitor the market in relationships […]
OneCoin crypto scam: Co-founder sentencing postponed till July 8
OneCoin crypto scam major players, Konstantin Ignatov and Ruja Ignatova, his sister, and an accomplice have had their sentencing postponed till July 8 after what can be described as a massive crypto fraud. A New York court approved the motion to postpone their sentencing on Tuesday, April 7, Konstantin Ignatov, the leader of the OneCoin […]
