money laundering - Page 3 - AllStocks Network

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

Posted on May 1, 2019May 1, 2019 by Jodie Lauren Smith

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…

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

Posted on April 30, 2019June 12, 2019 by Julie Williams

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…

From the Dark Web to Crypto: Drug Dealers Plead Guilty to $2.8M Money Laundering

Posted on April 29, 2019April 29, 2019 by Carolyne Walker

Manhattan District Attorney Cyrus Vance’s office has recently announced a case in which two defendants had been caught using their dark web to sell anabolic steroids and other controlled substances. Two Texas guys, Callaway Crain (35) and Mark Sanchez (35), had apparently been operating a steroid and controlled substances business that laundered around $2.8 million of dollars in crypto and Western Union payments. The development was announced by Manhattan District Attorney Cyrus Vance Jr. on…

Violations of Anti Money Laundering Laws Earns Crypto Trader a Penalization from FinCEN

Posted on April 21, 2019April 21, 2019 by Rehan Yousaf

The Financial Crime Enforcement Network of the United States has penalized a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering laws. The regulator revealed on Thursday, April 18, that the individual named Eric Powers, a California resident and a cryptocurrency trader, failed to comply with the Bank Secrecy Act’s registration and reporting requirements during 2012-2014. Money laundering and funding criminal activities have been one of the biggest concerns regarding cryptocurrencies, cryptocurrency traders and crypto exchanges by…

Manhattan District Attorney Busts Crypto-Run Dark Web Drug Operation

Posted on April 21, 2019April 21, 2019 by Carolyne Walker

Three New Jersey men – Chester Anderson (44 years old), Jarrett Codd (41) and Ronald McCarty (51) – have been arrested for operating a fraudulent drug storefront on the dark web via cryptocurrency. The store reportedly shipped and sold hundreds of thousands of narcotic pills that include fentanyl-laced heroin, ketamine, gamma-hydroxybutyric acid (GHB), methamphetamines, Steroids, and other controlled substances and hundreds of thousands of counterfeit Xanax tablets across the US in exchange for cryptocurrencies. According…

Romanian “Bayrob Group” Cybercriminals Convicted in Ohio after 12-Year Scam

Posted on April 14, 2019April 14, 2019 by Carolyne Walker

According to a press release by the Department of Justice (DoJ), a federal jury in Ohio convicted two Romanian cybercriminals on 21 counts for infecting over a hundred thousand of computers in the U.S. with malware and duping victims out of millions of dollars. On Thursday, April 11, a federal jury declared two cybercriminals from Bucharest, Romania to be guilty of their involvement in a nefarious scheme in which malware was used to hijack the…

G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

Posted on April 10, 2019June 11, 2019 by Carolyne Walker

According to a report published in the local Japanese news outlet of Kyodo, the members of the G20 will be gathering in Fukuoka, Japan on June 8 and 9 this year with the aim of discussing and imposing new regulations for cryptocurrencies relating to anti-money laundering (AML) and terrorist financing. Ever since the birth of Bitcoin, crypto transactions are known for their association with a variety of illicit activities that include money laundering, financing terrorist…

Research: Cryptocurrencies Are Not Yet Viable for Terrorist Funding

Posted on April 3, 2019April 3, 2019 by Rehan Yousaf

Cryptocurrencies have long been blamed for allowing terrorists, drug cartels and corrupt politicians to move and launder their money across borders. The anonymity and security that cryptocurrencies can provide to such elements make them a lucrative option for moving and laundering funds acquired through illegal means. The media has been shouting about it for a while now. The Washington Post, The New York Times, and many other prestigious news outlets have blamed cryptocurrencies for facilitating…

Analysts Disproves Cryptocurrency Money Laundering Article by the WSJ

Posted on March 23, 2019March 23, 2019 by Lipsa Das

It’s no secret that some media outlets and journalists have a grudge against the decentralized cryptocurrencies. The main reason for this is that some media outlets favor and benefit from the centralized system. Sometimes, they are even paid to write ill about cryptocurrencies just to hinder their widespread popularity. As any news about cryptocurrencies tends to be widely popular amongst the readers, and some of the media sources write about these digital assets without even…

OneCoin Leaders Indicted for Running a Fraudulent Crypto Pyramid Scheme

Posted on March 10, 2019June 10, 2019 by Julie Williams

Leaders of a fraudulent crypto firm dubbed OneCoin Ltd. are currently imprisoned and will possibly spend several years in prison following the charges brought upon them for creating and running a deceptive pyramid scheme involving the sale of a supposed crypto coin named OneCoin. The firm, which was created in early 2014, was spearheaded by its founder Ruja Ignatova, until late 2017 when she disappeared from the eyes of the public. Soon enough – in…

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