Money Laundering

FBI Used Bitcoin Trail to Catch Russian Rapper Accused of Money Laundering

The Federal Bureau of Investigation (FBI) used bitcoin wallet activity and an old exchange account as key evidence to arrest a Russian rapper on charges of conspiracy to commit money laundering. In an affidavit unsealed earlier this week, FBI special agent Samantha Shelnick said she and her team had used the digital paper trail to …

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Major Swedish Bank Fined $386 Million for Hiding Money-Laundering Evidence

</header> <strong>Sweden’s Financial Supervisory Authority (FSA), ’Finansinspektionen’, has fined Swedbank a record sum of 4 billion Swedish krona ($386M) for breaching anti-money laundering regulations on a large scale. Around $5.8 billion had been funneled between suspected accounts in Swedbank and Danske Bank in the Baltics, the latter already fined large amounts for previous money-laundering activities.</strong> …

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‘Overwhelming Evidence’ – Prosecutors File Motion to Dismiss Alleged Onecoin Lawyer’s Appeal

</header> <strong>While Onecoin’s crypto queen Ruja Ignatova remains at large, U.S. resident Mark Scott is trying to get his verdict acquitted after being accused of helping Onecoin leaders, including Ignatova, launder money and commit fraud.</strong> Also read: ‘What Bitcoin Did’ – Scanning the Hottest Cryptocurrency Keywords and Google Searches NYSD prosecutors Cite Strong Evidence Against …

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Revealed: How North Korea Laundered $100 Million of Stolen Crypto

Blockchain forensics firm CipherTrace has published a detailed analysis of how two Chinese nationals. associated with North Korea. laundered tens of millions of dollars worth of stolen cryptocurrency. The pair are believed to be associated with the shadowy Lazarus Group, which was behind the Sony breach in 2014, the WannaCry ransomware epidemic in 2017, and …

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US Government Sanctions Two Chinese Nationals in Connection With Lazarus Group Hack

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Chinese nationals accused of laundering cryptocurrency that was stolen in a 2018 crypto exchange hack. At the same time, the Department of Justice announced an indictment for money laundering against the same two individuals. Their activity is linked to Lazarus Group, …

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Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers

</header> <strong>Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ …

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How the IRS Audits Cryptocurrency Tax Returns – Filing Expert Shares Example, Insights on AML Focus

</header> <strong>Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed …

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Officials Arrest US Resident for Allegedly Laundering Drug Proceeds With Crypto

The U.S. arrested an alleged money launderer Tuesday on accusations of using cryptocurrencies and cashier’s checks to obfuscate the origins of funds related to drug running. First noted by George Washington University’s Seamus Hughes, the complaint, unsealed Wednesday, charges Pedro Antonio Aquino-Eufracia with conspiracy for allegedly participating in a drug cartel, laundering funds using a …

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Dutch Authorities Arrest Two Men for Alleged Crypto Money Laundering

The Dutch Fiscal Intelligence and Investigation Service (FIOD) has arrested two men for allegedly laundering money with cryptocurrencies. According to a statement released by the International Revenue Service on Feb. 18, the two men were arrested on Feb. 17 in connection to two separate criminal investigations into money laundering using cryptocurrencies. Both investigations were led …

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Better Regulation Could Curb Crypto Scams, Chainalysis Report Says

Greater regulations and enforcement can deter some crypto crimes, blockchain forensics provider Chainalysis said in a new report. Chainalysis’ 2019 Crime Report, published Wednesday, details its analysis of illicit activities last year, contrasting 2019 actions with previous years. It found that while the amount of bitcoin sent from criminal entities doubled between 2018 and the …

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