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…

Read More

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…

Read More

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….

Read More

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…

Read More

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

In a press conference on Monday, US Treasury Secretary Steven Mnuchin expressed his concerns regarding the role that Facebook’s Libra could potentially play in financing terrorism and facilitating money launderers. He even termed it a “national security issue.” Mnuchin said: “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking.” He was of the view that the folks…

Read More

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

With cryptocurrency came a lot of innovative developments. One of such innovations is the creation of ATM-like machines specifically for dispensing virtual currencies. These machines function like the conventional automated teller machines (ATMs). You can put in a specific amount to get the equivalent worth in crypto coins or convert the cryptocurrencies in your wallet to fiat currency and withdraw the hard cold cash. This development was highly welcomed in the crypto community, only that…

Read More

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

In a joint communique posted on the website of Japan’s Ministry of Finance, the G20 finance leaders have requested the Financial Stability Board (FSB) and other global regulators to monitor risks around crypto assets. Furthermore, the board also suggested a multilateral approach to regulate crypto and reaffirmed that tougher Financial Action Task Force (FATF) rules are coming. The details were revealed shortly after a G20 meeting that was held in Fukuoka, Japan. The G20 group…

Read More

CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

The CEO of the multi-billion-dollar crypto Ponzi scheme OneCoin, Konstantin Ignatov, has pleaded not guilty to wire fraud as per court documents. He entered the plea on May 28 preliminary hearing via a conference call. Ignatov and his sisiter Ruja Ignatov were charged with wire fraud, securities fraud and money laundering through their cryptocurrency OneCoin. The U.S. Department of Justice indicted the Bulgarian national for defrauding investors through a multinational Ponzi scheme masked by his…

Read More

Cryptocurrency Crime Is Already at $1.2 Billion in Q1 of 2019 Alone

Cryptocurrency Crime Is Already at $1.2 Billion in Q1 of 2019 Alone

Research from CipherTrace for Q1 of 2019 shows that theft and fraudulent activity related to crypto has intensified exponentially in the first quarter of the year. In the CipherTrace 2018, Q4 Cryptocurrency Anti-Money Laundering (AML) Report it was unveiled that a spectacular amount of $1.7 billion in cryptocurrency was stolen or involved in fraudulent activity last year. While this figure seemed huge at the time, we’re now faced with $1.2 billion stolen just in the…

Read More

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Bitcoin and other virtual currencies have been featured extensively in the news, relating to one criminal act or the other. Being a highly sophisticated and privacy-oriented currency, money launderers and cybercriminals have turned to this new found digital currency as a hideout from suspecting eyes. While some of these swindlers demand virtual assets as a ransom or payment, others use it to fund criminal activities and terrorist groups. In the news today is a suspected…

Read More
1 2 3