Reported by: Alex Zeltcer Anti-money laundering (AML) measures, such as Know Your Customer (KYC), that crypto operators are also required to follow have been a boon for fraudsters who know where the loopholes are in this legislation. The fact is, however, that over 75% of all fraudulent activity comes from KYC-verified accounts. That statistic should […]
Reported by: Team Giottus Part of the reason why the NFT market is now being looked at with suspicion is the fact that unlike crypto, KYCs are not mandated to trade NFTs. NFT trade happens between wallets and not identified individuals, which makes NFT money laundering a very real possibility. As an investor, how can […]
Reported by: TMZ and Unchained by Laura Shin Disgraced FTX founder Sam Bankman-Friedmust be worried about serious prison time for his multiple fraud charges … but have no fear — because “Pharma Bro” Martin Shkreli‘s advice is to listen to some rap before hitting the slammer. Shkreli, the once-pharmaceutical exec and hedge fund manager, offered his questionable […]
Reported by: Alvin R Cabral More than $8 million worth of cryptocurrency has been stolen from the wallets of BitKeep users in an apparent cyber attack, the latest exploit to hit a decentralised finance network. BitKeep users reported through social media that their funds were being transferred without any activity on their end, online industry tracker Cointelegraph reported on […]
Reported by: Serah Louis From Kim K to the Paul brothers, influencers are shelling out investing advice and touting risky tokens over social media and it’s often their young followers who are left paying the price if the market plunges. Bitcoin’s track record serves as an example of just how volatile that market can be. There’s […]
Reported by: Anna Baydakova Known cryptocurrency payments to ransomware hackers “totaled a mere $16 million, compared to nearly $74 million USD in 2021,” blockchain intelligence firm Crystal Blockchain says. This may be surprising given the fact that the number of ransomware attacks has increasedsince 2021, according to cybersecurity researchers. This year, the notorious Contiransomware gang, known for […]
Reported by: Lawrence Richard FOXBusiness Two former associates of FTX founder Sam Bankman-Fried pleaded guilty to charges the Securities and Exchange Commission (SEC) filed against them Wednesday as part of a multiyear scheme to defraud investors. Former Alameda Research CEO Caroline Ellison, 28, and former Chief Technology Officer of FTX Trading LTD Zixiao (Gary) Wang, 29, secretly […]
Reported by: ComplyAdvantage On November 30, 2022, the Financial Action Task Force (FATF) issued its inaugural report on money laundering from fentanyl and synthetic opioids. Co-led by the US and Canada, the report includes recommendations for prosecutors and law enforcement authorities on countering financial flows from the illicit drug trade. According to the report, criminal […]
Reported by: Thomas Brewster A methamphetamine and cocaine gang operating across the U.S., Mexico, Europe and Australia used the world’s biggest cryptocurrency exchange Binance to launder tens of millions in drug proceeds, according to an ongoing investigation by the US Drug Enforcement Administration. Between $15 and $40 million in illicit proceeds may have been funneled […]
Reported by: Corinne Ramey The Justice Department on Wednesday charged a Teachers Insurance and Annuity Association of America trader and an associate with fraud for allegedly using stolen confidential information to profit on trades, yielding what prosecutors said were tens of millions of dollars in illegal gains. The U.S. Attorney’s Office for the Southern District […]
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