Wednesday, January 20, 2021

cryptocurrency

European Central Bank’s President claims bitcoin enables money laundering

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...

Founder of RG Coins cryptocurrency exchange gets 10 years in prison money laundering

The owner of a cryptocurrency exchange used to launder millions of dollars gained from fake online auctions has been jailed for 10 years. Rossen Iossifov, the Bulgarian owner of RG Coins, was sentenced for his role in laundering criminal proceeds...

UK public warned about crypto investment risks

Consumers should be prepared to lose all their money if they invest in schemes promising high returns from digital currencies such as bitcoin, a City watchdog has warned. The volatile nature of cryptoassets was highlighted again on Monday as bitcoin dropped...

U.S. treasury department issues crypto stablecoins warnings over money laundering concerns

Top U.S. financial regulators are warning firms behind an important part of the cryptocurrency market to tighten protections against money laundering. At issue are so-called stablecoins that traders rely on to facilitate payments for digital tokens. In a Wednesday statement,...

BitGrail founder accused of hacking the platform in $150m fraud

Italian authorities have found Bitgrail’s founder responsible for fraudulent activity related to the 2018 hack of the platform that resulted in the loss of $150 million. Francesco Firano, the sole director of now-defunct cryptocurrency exchange Bitgrail, is accused of taking...

Estonia cancels 1000 crypto firm licences over money-laundering concerns in 2020

More than two-thirds of the cryptocurrency firms operating in Estonia have been stripped of their licence this year, the nation’s Ministry of Finance (MoF) announced. The clampdown aims to stymie the risk of money laundering and bring the sector under...

Latin American cartels exploit cryptocurrencies to keep business moving

In April 2019, Mexican police arrested suspected human trafficker Ignacio Santoyo in a plush area of the Caribbean resort of Playa del Carmen after linking him to a prostitution racket extending across Latin America. Yet it was not the 2,000...

Russian bitcoin expert gets 5 years in French prison for bitcoin laundering

A Russian bitcoin expert at the center of a multi-country legal tussle was sentenced in Paris on Monday to five years in prison for money laundering and ordered to pay 100,000 euros (more than $120,000) in fines in a...

Ponzi scheme ringleader arrested after trying to escape using underwater sea-scooter

The alleged ringleader of a Ponzi scheme that solicited $35 million for crypto mining and other investments has been arrested after attempting to flee FBI agents using a “sea scooter.” Matthew Piercey, the accused operator of two fraudulent firms that...

Ex-Microsoft software engineer jailed over $10m bitcoin fraud scheme

A former software engineer at Microsoft received a nine-year prison sentence Monday for an elaborate multi-million dollar criminal scheme involving bitcoin and digital gift cards. Ukrainian citizen Volodymyr Kvashuk, 26, was sentenced in the U.S. District Court in Seattle for...

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Seven Hong Kong bankers arrested for laundering $813 million

Seven current and former Hong Kong bankers were arrested in a series of raids on Tuesday as police moved...
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