Crime

The U.S. State Department increases the reward for information on the fugitive founder of OneCoin.

Florida resident Juan Tacuri pleads guilty to wire fraud, faces two decades behind bars.

ICBC was disconnected from its trading partners after a cyberattack.

Colossal failures in online age verification have opened the floodgates for kids to access harmful content and become ‘friends’ with adult strangers. Can encrypted decentralized IDs put a stop to all that?

The plight of the Philippines — which has a high rate of crypto adoption but is also plagued by fraud — offers a window into why the industry’s ‘do your own research’ mantra isn’t enough.

Tether says it froze US$873,000 in USDT linked to terror activities in Israel and Ukraine. CEO Ardoino stresses crypto’s traceability.

Two former employees at Coinone were sentenced Tuesday for accepting bribes in exchange for listing certain cryptocurrencies on the platform.

The DeFi giant may have escaped a death spiral, but exploits and code problems like what it recently suffered are more commonplace — and preventable — than what the industry acknowledges.

Hong Kong-based cryptocurrency exchange CoinEx Global suffered a security breach on Tuesday, resulting in an estimated loss of US$43 million in cryptocurrencies.

If Web3 wants to be an alternative to traditional finance, the industry must make itself less vulnerable to hacks and security breaches, writes Richard Meissner.

Police in China’s Shanxi Province made 21 arrests in relation to an alleged USDT money laundering scheme amounting to over US$54 million.

For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.

Binance, the world’s largest cryptocurrency exchange, has been accused of blending client funds with its own corporate revenue in violation of U.S. financial regulations, according to three unnamed sources cited by Reuters.

Crypto users need not fear the increasing KYC/AML requirements around the world and loss of privacy, writes Kurt Hemecker of the Mina Foundation. Here’s why.

Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 

Guo Wengui, an exiled Chinese billionaire, was arrested in New York on Wednesday for allegedly orchestrating a more than US$1 billion fraud conspiracy that included cryptocurrency, according to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). See related article: U.S. banking regulators warn against cryptocurrency fraud, contagion risks Fast facts […]

Euler Finance, a decentralized finance lending protocol has lost approximately US$197 million in an exploit, according to online crypto security analysts.

Crypto scams accounted for over half of Hong Kong’s losses from computer-related crimes in 2022.

2022 saw a lot of cryptocurrencies traded illicitly through various crypto exchanges – but that figure only represents less than 1% of all crypto transactions performed. Could things be looking up?

A South Korean court approved the prosecutor’s request to issue an arrest warrant for Kang Jong-hyun for alleged embezzlement.

A U.S. federal judge has granted motions to reveal the identities of the two unnamed co-signers of FTX founder Sam Bankman-Fried’s US$250 million bail bond.

The South Korean Ministry of Justice (MOJ) announced Thursday that it will adopt a cryptocurrency tracking system within the first half of 2023.

The FBI and the DOJ have concluded a month-long disruption campaign against the Hive ransomware group, preventing victims from having to pay US $130 million.

EU’s new Digital Operational Resilience Act aims to help firms withstand cyberattacks. Monica Oravcova of Naoris Protocol explains why it doesn’t go far enough.

Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.

Cryptocurrency lender Nexo’s office in Bulgaria was raided by local authorities on Thursday over suspicion of money laundering, tax offenses, computer fraud and banking without a license.

DeFi Summer has cooled into Crypto Winter, but with a silver lining — investors are finally asking sensible questions like: ‘Where does the yield come from?’ writes Julian Koh of Ribbon Finance.

Germany said “Godfather” virus generates a fake copy of a banking or crypto app login screen to appropriate a user’s information and steal funds.

What are ‘naming collisions,’ and why will unique user-owned identities play a pivotal role in Web3’s future success? Matthew Gould explains.

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

The Hong Kong Police received 1,503 online investment scam complaints over the first 10 months of 2022, 70% were related to cryptocurrencies.

On-chain data showed that Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, sent around 570 Ether worth US$684,000 to a Seychelles-based exchange and Ren Protocol’s Bitcoin bridge on Wednesday

The Securities Commission of the Bahamas is temporarily holding US$3.5 billion of digital assets seized from FTX Digital Markets

A group of S.Korean hackers stole 8.5 billion Korean won (US$6.7 million) worth of cryptocurrencies from Kim Jung-ju, the late founder of Nexon.

Ponzi schemes, investment scams and rug pulls have drained billions from crypto users in recent years. What new kinds of crypto crimes are on the horizon?

Caroline Ellison, former chief executive of trading firm Alameda Research, told a federal judge last week that she agreed with executives of FTX, including former CEO Sam Bankman-Fried, to mislead lenders and customers on how much Alameda was borrowing from the now-bankrupt exchange.

Hong Kong’s commercial crime investigation bureau on Friday arrested two local men for suspected involvement in digital asset fraud on Atom Asset Exchange (AAX)

Crypto proved to be breeding ground for scams in 2022. Will next year be different?

Sam Bankman-Fried has reportedly made a second application for bail in the Bahamas – this as lawyers feud over control of the FTX bankruptcy, raising concern the sour grapes may seep into efforts to have Bankman-Fried extradited to face fraud charges in the U.S.

Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.

The trillion-dollar concert ticketing sector is plagued by scalping and other Web2-era problems, writes Ryan Kenny of SeatlabNFT. Here’s how blockchain can help fans and artists.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

FTX’s Sam Bankman-Fried has been charged by the U.S. SEC for orchestrating a years-long fraud on investors, the agency announced on Tuesday.

Sam Bankman-Fried, founder and former chief executive officer of the bankrupt cryptocurrency exchange FTX, has hired white-collar crime specialist Mark Cohen to represent him, said a Bankman-Fried spokesman.

Employee accounts of life at Sam Bankman-Fried’s flagship cryptocurrency trading arm Alameda Research paint a picture of overworked and inexperienced millennials running a ship headed for the rocks: one seemingly escaped.

It’s no secret that crypto scams and fraud are abundant – but those doing the scamming might be victims of something even more sinister.

The organized crime gangs victimize both the trafficked and those that get scammed, according to the official

A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday.

Sam Bankman-Fried will speak at a time when he’s reportedly facing investigations with FTX undergoing bankruptcy protection proceedings.

The U.S. Department of Justice revealed on Monday that in 2021 it seized US$3.36 billion worth of stolen Bitcoin from Georgia real estate developer James Zhong.

Naver Z Corp. announced its partnership with INHOPE to protect youth from sexual abuse and exploitation on the virtual platform.

Google agreed to improve its legal compliance process in a settlement with the U.S. Department of Justice after failing to produce data on the now-defunct crypto exchange BTC-e in 2016.

Cryptocurrency exchange FTX will reimburse US$6 million lost by users in a phishing attack over the weekend, according to founder Sam Bankman-Fried.

Crypto crimes are costing Hong Kong billions every year – but what’s being done about it and what can the rest of the world learn from it?

South Korean police raided local software company Hancom and home of chairman Kim Sang-cheol on Thursday amid speculation that Kim created a slush fund using crypto token Arowana, according to local media reports.

South Korea is mulling the uploading of headshots of sex offenders rendered on the three-dimensional metaverse, to help the public identify offenders, said Minister of Gender Equality and Family Kim Hyun-sook on Tuesday in a local radio interview. See related article: S.Korea’s science ministry announces ethical principles for the metaverse Fast facts Kim mentioned the […]

South Korea’s Supreme Prosecutors’ Office is looking to hunt down illegal crypto funds by purchasing a software program that tracks down crypto transactions and sources, a local media outlet reported Friday. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts The tracking program is expected to be used […]

‘Risky or illicit’ transactions represent the highest rate of any region measured by the blockchain analytics firm.

Gold bars, cash, jewelry, cars and luxury watches bought with defrauded funds are seized.

Binance’s BNB Chain has come back online after being suspended earlier in the morning when an exploit was identified, the blockchain announced on Twitter on Friday afternoon in Asia. See related article: Binance suspends BNB blockchain on potential exploit; Peckshield reports US$572 mln hack Fast facts Changpeng Zhao, cofounder and chief executive officer of Binance, […]

Yoo (full name was not revealed), the head of general affairs at Terraform Labs Pte. Ltd. and close associate of unlocated chief executive officer (CEO) Kwon Do-hyung, or Do Kwon, has been released from custody since being arrested Thursday as part of an ongoing investigation into Terra-LUNA. Yoo is not contending his alleged association with […]

A woman in Melbourne, Australia pleaded guilty on Wednesday to her role in stealing millions of dollars from superannuation (retirement) funds and stock portfolios before laundering the proceeds via Hong Kong through the purchase of cryptocurrency and diamonds, as reported by The Age newspaper. See related article: Australian superannuation and institutions await clarity to invest […]

Criminals have used decentralized exchanges (DEX), cross-chain bridges and coin swap services to launder more than US$4 billion worth of illicit crypto gains, according to a research report by blockchain analytics firm Elliptic. See related article: SWIFT, Chainlink announce cross-chain interoperability pact  Fast facts See related article: Chainalysis says $2 bln stolen in cross-chain bridge […]

India’s financial crime fighting agency has frozen US$1.2 million in account balances of various “Chinese-controlled entities” as part of an investigation related to alleged crypto fraud with an app-based token “HPZ” and similar applications.  See related article: Tax authorities recover US$9M from India’s biggest crypto exchanges Fast facts India’s Enforcement Directorate (ED), in a press […]

Binance, the world’s largest cryptocurrency exchange, has launched a dedicated program to “help law enforcement detect financial and cyber crimes,” in a move it claims to be an industry first to combat crypto crimes, the exchange said Tuesday, as it navigates regulatory headwinds and ramps up compliance efforts. See related article: Binance says it complies […]

Japan is planning to introduce remittance rules to prevent money laundering through cryptocurrencies, Nikkei Asia reported Tuesday. See related article: China says it busted US$5.6B crypto money laundering ring Fast facts The Japanese authorities plan to revise “The Act on Prevention of Transfer of Criminal Proceeds” to require exchanges to provide user data when sending […]

The Commodity Futures Trading Commission faces criticism from cryptocurrency industry as opposition grows over “unprecedented” charges against the Ooki DAO.

Chinese authorities can track e-CNY wallet transaction history, if warranted, thanks to its ‘managed anonymity’ design.

Chinese police said they have busted a criminal group that used cryptocurrencies to launder 40 billion yuan (US$5.6 billion) as authorities crack down on illicit fund flows in the country. See related article: China lashes out at crypto fraud on World Consumer Rights Day Fast facts Police in Hengyang, a county in China’s southern province […]

South Korea is pursuing different options to get custody of Do Kwon as the Terraform Labs CEO faces charges for his alleged involvement in the multibillion collapse of the Terra-LUNA stablecoin project.

The United Kingdom has introduced a bill that would enable its law enforcement agencies to “seize, freeze and recover” crypto assets, to prevent cyber crime and money laundering.  See related article: UK watchdog: Crypto firms fall short on anti-money laundering rules Fast facts The reforms to the governmental Companies House, including issues beyond crypto, are […]