The UN: North Korea Laundered Money via Hong Kong-Based Blockchain Company

The UN: North Korea Laundered Money via Hong Kong-Based Blockchain Company

The United Nations is accusing North Korea of using a blockchain firm in Hong Kong to carry out money laundering schemes and other illicit activities. The English version of the Korean news outlet Chosun reported that the UN Security Council’s Sanctions Committee has initiate the investigation on North Korea regarding the issue. North Korea has a proven history of cyber attacks and home-grown hackers. The country has about 200 groups of hackers overseas and the…

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Attorney of OneCoin Ponzi Scheme Stands Trial for $400M Money Laundering

Attorney of OneCoin Ponzi Scheme Stands Trial for $400M Money Laundering

Mark Scott, lawyer of the OneCoin cryptocurrency Ponzi scheme, undergoes trial for laundering $400 million out of the U.S. For those who do not know what OneCoin exactly is, it was perhaps one of the biggest scams in cryptocurrency’s short history. Konstantin Ignatov and Ruja Ignatova were behind this international pyramid scheme. Ruja was charged by prosecutes in the U.S. with money laundering, wire fraud and securities fraud; she thereafter vanished from the public eye,…

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Crypto Irony? Bitfinex Claims It Is “the Victim of a Fraud” by Crypto Capital

Crypto Irony? Bitfinex Claims It Is “the Victim of a Fraud” by Crypto Capital

In an effort to set the records straight, the controversial crypto exchange Bitfinex released a statement on Friday, attempting to disengage itself from the Crypto Capital money laundering saga. The Hong Kong-based cryptocurrency firm made it crystal clear that it is, in fact, a victim of the money laundering case. This is in contrast to what the public thought earlier (and some might still believe). Backtrack a little to last week, the police scored yet…

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Prosecution to Call Bank of Ireland Members in OneCoin Money Laundering Case

Prosecution to Call Bank of Ireland Members in OneCoin Money Laundering Case

Several individuals are facing criminal proceedings launched against them for participating in the fraudulent digital currency scheme of OneCoin. Konstantin Ignatov, Ruja Ignatova and Mark Scott, continue to face these proceedings at the New York Southern District Court. The whole crypto Ponzi scheme is estimated to be worth billions of dollars and so far the investigating bodies have identified dozens of people who assisted or operated the fraud in a bid to capture millions of…

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New US Congress Bill: FinCEN to Examine Blockchain Utilization

New US Congress Bill: FinCEN to Examine Blockchain Utilization

US Congress has passed this week the “Advancing Innovation to Assist Law Enforcement Act.” The Act is requiring the financial crime watchdog, Financial Crimes Enforcement Network (FinCEN), to study the use of blockchain technology in the digital world. More specifically, the director of FinCEN has been directed to conduct a thorough study on the implementation and use of blockchain technology in order to improve the existing safeguarding mechanisms for the prevention of financial crimes. The…

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UK’s Albanian and Balkan Gangs Use Cryptocurrencies for Money Laundering

UK’s Albanian and Balkan Gangs Use Cryptocurrencies for Money Laundering

The Albanian mafia in the UK is now leveraging cryptocurrencies for the criminal purpose of a money laundering operation, which has forced Britain’s police to look for new ways to deal with them. The Albanian gang possesses the lion’s share in the UK’s cocaine market which is currently valued at £5bn ($6.23bn) annually. According to Britain’s leading organized crime officer, Peter Goodman, the Albanian criminal network has been growing significantly sophisticated and begun to use…

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Australian Authorities Arrested 21-Year-Old for Crypto Fraud and Money Laundering

Australian Authorities Arrested 21-Year-Old for Crypto Fraud and Money Laundering

The Australian Securities and Investments Commission (ASIC) and the Australian Federal Police (AFP) arrested a 21-year-old Melbourne-based woman for her association in a crypto fraud and identity theft operation run by a group of scammers. If found guilty, she will be charged with a wide range of criminal offenses. The fraudsters reportedly created fake identities to steal the funds from retirement accounts and share trading accounts of unsuspecting individuals. The group used digital coins in…

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Crypto Exchange and ATM Operator Admits to Money Laundering of $25 Million

Crypto Exchange and ATM Operator Admits to Money Laundering of $25 Million

According to a report from the U.S. Attorney’s Office for the Central District of California, the crypto exchange and ATM operator Kunal ‘Kumar’ Kalra – also known as ‘coinman’ and ‘shecklemayne’ – recently pleaded guilty to four counts of federal criminal charges. The 25-year old Kalra has confessed that he has been running quite a dubious business for a while now. Besides running an unregistered Bitcoin exchange, Kalra has been in the metaphorical bed with…

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US Treasury Blacklists Bitcoin Addresses Affiliated with Chinese Drug Lords

US Treasury Blacklists Bitcoin Addresses Affiliated with Chinese Drug Lords

Three Chinese nationalists have been charged under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Treasury’s Financial Crimes Enforcement Network (FinCEN). The accused were using cryptocurrencies for money laundering. According to the allegations, the three manufactured and distributed “synthetic opioids or their precursor chemicals.” The department announced strong legal actions against the three for manufacturing, selling, and distributing these substances illegally….

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UK Government Takes on Dirty Money in the Crypto Market with New Economic Crime Plan

UK Government Takes on Dirty Money in the Crypto Market with New Economic Crime Plan

From the year 2020 going forward, the United Kingdom government will attempt to make the UK very unsafe for criminal economic activities. This was disclosed in the newly-curated Economic Crime Plan that would take effect next year. Crypto, not surprisingly, is part of the plan as well. The move to partner up with both the private sector and law enforcement agencies was indeed essential as financial fraudulent acts in the UK are denting the reputation…

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