Tag Archives: crypto crime

There is still much concern amongst government regulators surrounding cryptocurrency fraud and illicit usage. Everyone is so terrified that cryptocurrencies are being used to commit crimes and engage in wrongful behavior, but according to a new report issued by Citibank, this really isn’t something that people need to be so concerned with, as fraudulent activity involving bitcoin and its digital cousins has gone down significantly over the past few years. Citibank:...

No doubt that with bitcoin and the establishment of the crypto space about 12 years ago came the furthering of financial crime. To this day, many analysts and industry experts express concern regarding the amount of money laundering and other forms of criminal behavior that continue to rock the crypto space and drag it further away from legitimate or mainstream territory.Is Money Laundering as Big a Problem as We Thought?The good news is that while the crime may seem widespread and heavy, new...

If you trade or invest in cryptocurrencies, then you’re probably no stranger to stories of crypto crime, and the latest incident involves an Australian national named Stefan He Qin, who at the time of writing, is accused of stealing as much as $90 million in digital asset funds from various investors.Stefan He Qin May Have Embezzled User FundsStefan He Qin is the founder of two crypto hedge funds: Virgin Sigma Fund LP and VQR Multi-Strategy Fund LP. According to a report issued by the U.S....

Crypto crime has been a relative constant in the digital space, and in San Francisco, a new digital currency embezzlement case has just made its way onto the roster of the U.S. Department of Justice (DOJ). The instigator this time around is a young man named Jerry Ji Guo, who has been ordered to spend half a year in jail and must pay more than $4 million to the customers he harmed financially.Guo Must Pay Penalties and Spend Time Behind BarsGuo has been found guilty of posing as a...

Crypto crime cannot, should not, and must not be tolerated. This is the newfound attitude that we’re seeing as of late as the digital currency industry becomes more mainstream and legitimate. Unfortunately, with the rise of bitcoin and so many other cryptocurrencies in recent months, it appears that many individuals out there are taking chances and engaging in crypto crime so they can garner assets that don’t naturally belong to them.Crypto Crime Continues Despite Many Efforts to Stop ItThe...

It has become rather clear in recent years that crypto crime will not be tolerated. Rossen Iossifov – the Bulgarian owner of the now defunct RG Coins – is learning this lesson the hard way.Iossifov Sentenced to Ten YearsIossifov has been sentenced to ten years behind bars for running a cryptocurrency exchange that was allegedly used to launder tens of millions of dollars in ill-gotten funds. The exchange was reportedly utilized to host fake auctions, convincing people to invest and then...

A new form of cryptocurrency malware has been discovered. Known as Electro RAT, the malware remained uncovered for approximately one year before researchers came across it in a new study.Electro RAT Has Remained Hidden for Some TimeElectro RAT has been designed to operate on Windows, Mac and Linux systems, making it usable to a wide array of criminals. It has been in use since the first month of 2020, and according to a report published by cybersecurity firm Interzer, it has already made off...

The Department of Justice (DOJ) has unveiled its new 80+ page plan to combat illegal cryptocurrency activities such as terrorist funding, money laundering and outright theft.Department of Justice: We Will Stop Crypto Crime Once and For AllThe crypto scene has come a long way in the last ten years. Unfortunately, it is still marred, to a certain degree, by a lack of regulation. Many times, criminal activity either goes unnoticed or slips through the cracks of even some of the largest trading...

The United States is saying “enough” when it comes to the hacking history of nuclear state North Korea. The country is now suing its rival for control of more than 200 separate bitcoin and Ethereum accounts which allegedly contain crypto funds that were taken illegally from two trading exchanges.North Korea Is Being Taken to CourtNorth Korea has a long history of stealing cryptocurrency to fund its illicit programs. The country is allegedly the home of Lazarus, a hardcore hacking organization...

Crypto crime is relatively common within the space, and the latest instigator – a 35-year-old woman in the United Kingdom who remains unnamed at the time of writing – has been caught with roughly 115,000 pounds of illegally garnered bitcoin in her possession.Bitcoin Is at the Center of a Lot of CrimeThe news comes by way of the Met’s Proactive Money Laundering Team. Detectives first opened an investigation into the woman’s financial dealings after she applied for several “bounce back loans,”...