Category: Money Laundering

How a money laundering crackdown in China is ensnaring crypto OTC trading

How a money laundering crackdown in China is ensnaring crypto OTC trading

Quick Take From the outside, it may appear China is cracking down on crypto OTC trading, but the reality is more complicated. Law enforcement’s crackdown on internet-enabled financial crime has caused widespread fear among Chinese crypto users. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature […]

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Former Microsoft Engineer to Serve 9 Years in Prison in a Case That Involves Use of Bitcoin Mixers

Former Microsoft Engineer to Serve 9 Years in Prison in a Case That Involves Use of Bitcoin Mixers

A U.S. court in Seattle has sentenced a former Microsoft engineer to 9 years in prison after finding him guilty of 18 federal felonies relating to his elaborate scheme to defraud the tech giant $10 million. In passing the judgment, the court blasts Volodymyr Kvashuk, a software engineer and citizen of Ukraine, for attempting to […]

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$200 Million Brazilian Crypto Fraud Scam: The US Seizes $24 Million Worth of Digital Currencies

$200 Million Brazilian Crypto Fraud Scam: The US Seizes $24 Million Worth of Digital Currencies

The United States Department of Justice (DOJ) says it has seized cryptocurrencies worth $24 million after receiving an official request from the government of Brazil. The seizure stems from an ongoing investigation into the $200 million cryptocurrency scam that may have defrauded tens of thousands of Brazilians. The authorities in Brazil say the scammers duped […]

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Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering

Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering

Prosecutors from the Netherlands have seized 2,532 bitcoins worth $33 million after a couple was convicted of money laundering by the Rotterdam District Court. The man and his wife were sentenced to two years for illegal money transmission and the court claims the couple’s bitcoin stash was used on the deep web. Dutch officials recently […]

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€29 Million Worth of Bitcoin Seized Following Money Laundering Schemes

Bitcoin’s public and pseudo-anonymous nature has reduced its preference for laundering cash. However, folks still ‘try their best’ to route money using BTC. And often fail. In one such case, justice authorities awarded a prison sentence to a couple from Hilversum, the Netherlands, for moving million euros through bitcoin. Bitcoin Laundering Hustle Busted; 2532 BTC […]

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Mastermind of Alleged Billion Dollar Spanish Pyramid Scheme Arrested, Faces 16 Year Prison Sentence

Mastermind of Alleged Billion Dollar Spanish Pyramid Scheme Arrested, Faces 16 Year Prison Sentence

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife. The Arbistar Pyramid Scheme Fuentes’ arrest stems from […]

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China’s central bank says it helped crack down on gambling websites that used USDT to launder funds

China’s central bank says it helped crack down on gambling websites that used USDT to launder funds

The People’s Bank of China (PBoC) said it has cracked down on illegal online gambling activities that involve the use of cryptocurrencies for cross-border capital flow. The central bank published a blog post on WeChat Thursday that detailed its recent efforts in assisting law enforcement to quash online gambling businesses. These sites are typically set […]

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Bitcoin mine in Bulgaria seized in crackdown on transnational crime organization QQAAZZ

Bitcoin mine in Bulgaria seized in crackdown on transnational crime organization QQAAZZ

The U.S. Department of Justice said late last week that an “extensive” bitcoin mining operation in Bulgaria was seized as part of a broad crackdown on QQAAZZ, a transnational criminal organization. In a press release, the DOJ said that 14 QQAAZZ members were indicted, according to documents unsealed on October 15, in addition to other […]

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Peter Schiff’s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries

Peter Schiff’s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries

Euro Pacific Bank, founded by gold bug and bitcoin skeptic Peter Schiff, is reportedly under investigation by the tax authorities of five countries. The bank’s customers allegedly include several tax fraud masterminds and a Russian syndicate described by the FBI as the world’s worst cybercrime group. Peter Schiff’s Euro Pacific Bank Probed by Tax Authorities […]

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FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls

FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls

The Financial Stability Board (FSB) says stablecoins have the potential to enhance the efficiency of the provision of financial services. The body adds that the hybrid cryptocurrencies have the potential to bring efficiencies to payments (including cross-border payments) as well as to promote financial inclusion. Yet despite this acknowledgment, the FSB still argues against the […]

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