Tag Archives: Money Laundering

A recent report claims that criminals primarily use cryptocurrencies for money-laundering in Latin America. Most countries in the region lack serious security measures leading to exuberant thefts executed by organized criminal groups.LATAM’s Dark SideCompiled by the cyber intelligence company IntSights, the report went in-depth on Latin America’s involvement with illegal financial activities. More specifically, it outlined numerous sophisticated organized crime groups acting in the region....

The U.S. District Court in Seattle convicted a former Microsoft employee of 18 federal felonies. Ultimately stealing over $10 million in less than two years, the perpetrator used a bitcoin “mixing” service in an attempt to hide his actions.18 Federal OffensesVolodymyr Kvashuk is a Ukrainian citizen who worked full-time for Microsoft as a software engineer from August 2016 until June 2018. Before he was eventually fired, he was responsible for testing Microsoft’s online retail sales program....

In November last year, the South Korean cryptocurrency exchange, UPbit, was hacked. The perpetrators took approximately $50 million worth of Ethereum. A new report shows that $3.2 of the stolen funds is already laundered using small transactions towards numerous other exchanges.$3.2 M Of ETH LaunderedDuring November in 2019, Cryptopotato reported that the popular South Korean crypto exchange, UPbit, was hacked. At the time, over $50 million worth of the second-largest cryptocurrency,...

Cybersecurity firm Chainalysis is unveiling its new compliance platform for Bitfinex, one of the world’s leading and most popular cryptocurrency exchanges.Chainalysis and Bitfinex Working TogetherThe platform is designed to detect money laundering before it can occur and monitor any illicit activity that some customers may be looking to perform with cryptocurrency’s help. White-collar crimes like these have long been serious concerns of politicians like those in the United States...

The cryptocurrency market has spiked the interest from the media and regulators over the last several years. Its actual lack of established regulations leads to numerous alleged criminal activities, and the U.S. government is reportedly preparing to act against potential money-laundering schemes.The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, has recently said that the country is looking for a way to introduce more strict enforcements on several...

The cryptocurrency ecosystem is no stranger to scams and pyramid schemes. Exciting new technology, coupled with dramatically rising prices a few years ago, helped lure people into get-rich-quick schemes that only served to part them from their hard-earned money. One of the biggest cryptocurrency scams is OneCoin, which managed to take in almost US$4 billion. Now the OneCoin saga takes another turn as the brother of the cryptocurrency’s founder has pleaded guilty to money laundering and fraud...