U.S. DOJ Vows To Beef Up Scrutiny Of Crypto Exchanges To Curb Illicit Behavior

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U.S. DOJ's Crypto Enforcement Director Promises Crackdown on Illicit Behavior on Exchanges: FT

Eun Young Choi said the DoJ is targeting crypto exchanges that allow "criminal actors to easily profit from their crimes and cash out,"

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US DOJ to suppress illicit crypto exchange activity, official says

The United States Department of Justice (DOJ) is trying to crack down on cryptocurrency platforms amid highly volatile market conditions. According to Eun Young Choi, the tsar’s National Cryptocurrency Enforcement Team (NCET) director, the DOJ is trying to scrutinize cryptocurrency…

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Recent cryptocurrency legislation aims to combat illicit activities and widespread fraudulent practices throughout the United States.

New York’s attorney general, Letitia James, unveiled a comprehensive bill on Friday aimed at putting an end to rampant fraud and dysfunction within the cryptocurrency industry. This move is expected to draw national attention to the multi-billion dollar crypto market, which has so far operated with minimal federal oversight, leading to significant financial losses for […] Сообщение Recent cryptocurrency legislation aims to combat illicit activities and widespread fraudulent practices throughout the United States. появились сначала на Coinstelegram.

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Law enforcement agencies seize dark-web market amid crackdown on illicit crypto transactions

Law enforcement agencies around the world recently seized and shut down an illegal dark web marketplace called Monopoly Market as part of efforts to crack down on illicit cryptocurrency transactions, according to a May 2 Europol press release.

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CFTC official says anonymity in crypto is a national security risk

CFTC commissioner Christy Goldsmith Romero believes the prevalent anonymity in crypto is a national security risk as it allows criminals to use digital assets for illicit purposes, Reuters reported.

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How Sovereign Governments Are Using Crypto to Evade Sanctions

Bad actors, including some governments, continue to exploit the anonymity of blockchain transactions to get around sanctions and conduct illicit business. The post How Sovereign Governments Are Using Crypto to Evade Sanctions appeared first on BeInCrypto.

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Crypto Decentralization Identified as U.S. Security Risk by Treasury Department

The United States Treasury Department has issued a report warning of the growing security risks associated with the decentralized finance (DeFi) sector, highlighting vulnerabilities that illicit actors exploit for money laundering and evasion of regulator

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Crypto Investment Schemes Shut Down As DOJ Seizes $112 Million

Crypto enthusiasts, rejoice! The US Department of Justice (DOJ) has struck a massive blow to fraudulent cryptocurrency investment schemes, seizing a whopping $112 million in virtual currency.  According to the DOJ’s official statement, the agency has successfully put an end to these illicit activities and saved countless individuals from losing their hard-earned money. This news […]

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US REPO task force names crypto as target in efforts involving $58B in sanctioned assets

Members of the task force have worked to “counter Russian sanctions evasion,” which included illicit crypto transactions and money laundering schemes.

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Crypto Crime Hit All-Time High of $20.6B in 2022: Chainalysis

Kim Grauer, the blockchain sleuthing firm's head of research, told CoinDesk TV sanctioned activity and hacking were the driving forces behind the rise in illicit transaction volumes last year.

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Crypto Money Laundering Is on the Rise, Law Enforcement Are Paying Attention

"Cleaning" illicit funds used to be a much more complex process. In recent years, crypto money laundering has made it easier. The post Crypto Money Laundering Is on the Rise, Law Enforcement Are Paying Attention appeared first on BeInCrypto.

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Crypto Theft Rose in 2022 as Scams, Ransomware Bounty Fell: Chainalysis

2022 became a year of crypto thefts, but illicit transactions still account only for a meager share of all crypto activity, Chainalysis says.

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US Treasury blacklists crypto addresses tied to sanctions evasion

As part of its broader efforts to combat illicit financing, the Treasury's Office of Foreign Assets Control (OFAC) has targeted cryptocurrency addresses to disrupt the flow of funds from the US to these sanctioned entities.

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Enforcement goes on with Bitzlato action: Law Decoded, Jan. 16–23

Anatoly Legkodymov, founder of China-based crypto firm Bitzlato, was arrested under suspicion of money laundering related to illicit Russian finance.

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U.S. Department Of Justice Shuts Down Crypto Exchange Bitzlato, CEO Arrested

The DOJ has charged the exchange with facilitating more than $700 million in illicit transactions tied to Russia, money laundering and criminal activity.

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US Authorities Becoming More Savvy in Enforcing Crypto Sanctions

Now, over the past two years, OFAC has gained experience in dealing with cryptocurrency services that facilitate illicit transactions. A recent report from Chainalysis details three use cases that helped inform OFAC.

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Sam Bankman-Fried Released on $250M Bail Secured by Parents

Former FTX CEO Sam Bankman-Fried appeared in U.S. federal court Thursday on charges that he was the mastermind behind the fraud and illicit movement of customer funds inside his former crypto empire, and a judge agreed that he can be released on $250 million bail.

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EU Lawmaker Kaili Suspended From Party in Corruption Scandal

European Parliament Vice President Eva Kaili, a key figure in ongoing efforts to regulate crypto in Europe, has been suspended from her party in reaction to reports that she and others are allegedly tied to a wide-ranging corruption scandal involving illicit lobbying activity for Qatar.

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MetaMask’s new privacy policy infuriates crypto community 

The entire cryptosphere is now outraged as MetaMask issued an updated privacy policy allowing the wallet service provider to collect IP address information from users to curb illicit transactions. MetaMask updates privacy policy Crypto fanatics took to Twitter to express…

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Tornado Cash Sanction Has Wider Liability Implications For Crypto Sector

The August 2022 sanction of Tornado Cash by the OFAC has highlighted the legal concept of ‘Strict Liability’ and potential heavy fines for crypto platforms – even if they were unaware of their platforms being used for illicit activity.

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Canada launches consultations on crypto, stablecoins, CBDCs

Canada’s government announced it is launching consultations on cryptocurrencies, stablecoins, and central bank digital currencies (CDBCs) to address illicit crypto activities, according to a November 3 mini-budget fiscal update by Deputy Prime Minister Chrystia Freeland.

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UK police council reports there are officers in every unit trained for crypto enforcement

The NPCC's Andy Gould said that the U.K. police had the capability to address illicit uses of crypto, but still faced challenges including incentives to join the private sector.

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Crypto Whales in South Korea to Come Under Surveillance to Prevent Money Laundering

The FSC in South Korea will monitor crypto whales with more than 100M won in assets. It seeks to prevent any money laundering or illicit activity. The post Crypto Whales in South Korea to Come Under Surveillance to Prevent Money Laundering appeared first on BeInCrypto.

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Crypto Is "Easily" Traceable, Says Financial Crime Consultant

Co-chair of Digital Asset Task Force says illicit transactions in the crypto space remain negligible as criminals can be easily tracked and punished

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'High Risk' Crypto Activity Surges in Eastern Europe Amid Russia-Ukraine War: Chainalysis

Crypto activity determined as "high risk" and "illicit" has surged in Eastern Europe since the start of the Russia-Ukraine war, according to a report by blockchain analytics firm Chainalysis.

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‘New frontier’ of crypto laundering involves cross-chain bridges and DEXs: Elliptic

Curve, Uniswap, 1inch, and the Ren bridge were the top platforms of choice for laundering illicit crypto, according to Elliptic.

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Say Goodbye to Your Stolen Cryptos, They May Never Be Found

According to crypto forensics firm Elliptic, investigators are ill-equipped to deal with the evolving cross-chain movement of illicit crypto. The post Say Goodbye to Your Stolen Cryptos, They May Never Be Found appeared first on BeInCrypto.

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Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies

China has become a hotbed of illicit crypto trade lately.  The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies.

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UK gov't introduces bill aimed at empowering authorities' to 'seize, freeze and recover' crypto

King Charles announced the bill in May to both houses of the U.K. Parliament, saying it was aimed at tackling illicit finance, reducing economic crime and helping businesses grow.

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US Treasury Wants Public to Comment on Crypto’s Role in Illicit Finance

The U.S. Treasury Department listed a number of questions, asking the general public to weigh in on how it’s approaching cryptocurrencies and their possible role in illegal activities.

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Blockchain Association calls White House's crypto framework a 'missed opportunity'

Critics claimed the Biden administration's reports focused on environmental concerns over crypto's energy consumption and illicit uses rather than the technology's benefits.

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Beyond the Silk Road: Crypto Needs a Regulatory Course Correction

ACAMS’ crypto and illicit finance expert says the industry needs to be more than reluctant good citizens.

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Can Crypto Save the Cannabis Industry?

The legal cannabis industry’s problems go much deeper than a lack of access to banking. This piece is part of CoinDesk's Sin Week, which sheds lights on how illicit industries are using crypto and adapting to Web3.

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Miami Trio Charged With Defrauding Banks and Crypto Exchange of Over $4M

The DOJ has been cracking down on crypto-related scams as lawmakers become more vocal about illicit activity in the space.

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Hackers Stole Almost $2 Billion Worth of Crypto in July 2022: Report

While illicit activity took almost $2 billion of users' funds, there are some bright spots in Chainalysis report

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Analytics Firm Elliptic Says RenBridge Was Used to Transfer $540M of Illicit Crypto Funds

Research from Elliptic show RenBridge

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Elliptic Says RenBridge Was Used to Launder $540M of Illicit Crypto Funds

Research from Elliptic show RenBridge

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US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions

United States Secretary of State Anthony Blinken warned that the administration would continue to “aggressively pursue” crypto mixers suspected of laundering illicit funds. The post US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions appeared first on CryptoSlate.

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South African Bank Official Slammed for Spreading Misinformation About Crypto

The deputy governor of the South African Reserve Bank has been accused of promoting misinformation surrounding the illicit use of cryptocurrencies. The post South African Bank Official Slammed for Spreading Misinformation About Crypto appeared first on BeInCrypto.

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Crypto mixers’ popularity booms as illicit addresses push volumes to ATH: Report

Blockchain analytics firm Chainalysis highlighted that 10% of all funds coming from illicit addresses are sent to crypto mixers.

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Watch Out for Illicit Actors Gaming Crypto Games

P2E and GameFi offer a glimpse into the types of financial crime complexities that will arise as tech companies work to usher in the metaverse, says a former CIA analyst.

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North Korea’s ‘illicit’ crypto holdings heavily impacted by market crash

The recent crypto market crash has left North Korea with millions of dollars in losses on its stolen crypto assets and could affect funding for its weapons program, Reuters reported. The post North Korea’s ‘illicit’ crypto holdings heavily impacted by market crash appeared first on CryptoSlate.

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HM Treasury changes course on collecting data around unhosted crypto wallets

“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the Treasury update.

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CipherTrace report shows a decline in illicit activity in the crypto ecosystem

Amid the extreme market conditions, a June 13 report by CipherTrace details positive developments in the crypto ecosystem, suggesting a decline in crypto-related crimes. The post CipherTrace report shows a decline in illicit activity in the crypto ecosystem appeared first on CryptoSlate.

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Illicit crypto usage as a percent of total usage has fallen: Report

A rapidly growing crypto market means that hacks and scams are accounting for less overall activity, and their percentage of total usage continues to decline.

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India’s Chief Economic Adviser Says Crypto Without Regulation Is Like ‘A World Of Caribbean Pirates’

The perception of the world of crypto by several regulators stumped by the limited oversight they can have over the markets is often negative, as they view it as a potential tool for shady business and illicit transactions.

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U.S. Treasury Department on Track to Regulate Unhosted Wallets

The U. S. Treasury Department is progressing toward addressing the anonymity of unhosted crypto wallets as part of Joe Biden's wider strategy to tackle illicit finance involving digital assets. The post U.

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Binance Facilitated Crypto Theft for Years, Says Investigative Report

Binance facilitated at least $2.35 billion in transactions from illicit sources between 2017 and 2022, according to a Reuters report. The post Binance Facilitated Crypto Theft for Years, Says Investigative Report appeared first on BeInCrypto.

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