Criminals who keep their funds in cryptocurrency tend to launder funds through a small cluster of online services, blockchain investigations firm Chainalysis said in a report last week. From a report: This includes services like high-risk (low-reputation) crypto-exchange portals, online gambling platforms, cryptocurrency mixing services, and financial services that support cryptocurrency operations headquartered in high-risk jurisdictions. Criminal activity studied in this…
Tag: money laundering
Darknet Crypto Kingpin JokerStash Retires After Illicit $1 Billion Run
The kingpin or kingpins of the world’s biggest illicit credit card marketplace have retired after making an estimated fortune of over $1 billion in cryptocurrency, according to research by blockchain analysis firm Elliptic shared with Reuters. From the report: The “Joker’s Stash” marketplace, where stolen credit cards and identity data traded hands for bitcoin and other digital coins, ceased operations this…
US Treasury Nominee Yellen Wants to Encourage Cryptocurrencies — ‘For Legitimate Activities’
Business Insider reports: The bitcoin price was set for its biggest one-week fall since September on Saturday morning, having slipped around 10% since Monday… Bitcoin came under selling pressure this week after Janet Yellen, Joe Biden’s pick for Treasury secretary, suggested the use of cryptocurrencies should be “curtailed” because they were used mainly for “illicit financing”. Writing at Nasdaq.com on Thursday,…
ECB’s Christine Lagarde Blasts Bitcoin’s Role In Facilitating Money Laundering
An anonymous reader quotes a report from Bloomberg: European Central Bank President Christine Lagarde took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.” “For those who had assumed that it might turn into a currency — terribly sorry, but this is an asset and it’s a highly speculative asset which has conducted some…
Crypto’s Big Rupture Is Coming In 2021
An anonymous reader shares an opinion piece from CoinDesk, written by Ryan Zurrer. Zurrer is founder of Dialectic AG, an alternative-assets focused multi-family office. Previously, he was a Director at the Web3 Foundation and led the investment team at Polychain Capital, pioneering the SAFT as a legitimate investment instrument. From the report: Crypto is set to bifurcate and we will begin…
Billionaire CEO of Software Company Indicted For Alleged $2 Billion Tax Evasion Schemes
The billionaire chief executive of Ohio-based Reynolds and Reynolds Co, Robert Brockman, has been indicted on charges of tax evasion and wire fraud conducted over “decades.” ZDNet reports: The scheme, in which roughly $2 billion was hidden away in offshore accounts and through money laundering, took place between 1999 and 2019, the US Department of Justice (DoJ) said on Thursday. According…
Owners of BitMEX, a Leading Bitcoin Exchange, Face Criminal Charges
An anonymous reader quotes a report from The New York Times: American authorities brought criminal charges on Thursday against the owners of one of the world’s biggest cryptocurrency trading exchanges, BitMEX, accusing them of allowing the Hong Kong-based company to launder money and engage in other illegal transactions. Federal prosecutors in Manhattan indicted the chief executive of BitMEX, Arthur Hayes, and…
After 5 Years, Australia Finally Cracked a Drug Kingpin’s BlackBerry
“An encrypted BlackBerry device that was cracked five years after it was first seized by police is poised to be the key piece of evidence in one of the state’s longest-running drug importation investigations,” reports the Sydney Morning Herald: In April, new technology “capabilities” allowed authorities to probe the encrypted device, which was used by one of the alleged kingpins and…
With DOJ Charges, Former VC Mike Rothenberg Could Now Be Facing Serious Jail Time
Connie Loizos writing via TechCrunch: While some in Silicon Valley might prefer to forget about investor Mike Rothenberg roughly four years after his young venture firm began to implode, his story is still being written, and the latest chapter doesn’t bode well for the 36-year-old. While Rothenberg earlier tangled with the Securities and Exchange Commission and lost, it was a civil…
Russia Will Ban the Issuing and Selling of Cryptocurrencies
A senior Russian official says an upcoming digital assets bill will ban the issuing and selling of cryptocurrencies. Forbes reports: “We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection,” Russia’s central bank head of legal, Alexey Guznov, told Russia news agency Interfax this week in…