Authorities Seize $1.7B Bitcoin for Purchase of $30M mansion
Reportedly, authorities seized Bitcoin valued at $1.7 billion after an alleged attempt by a former restaurant employee to purchase a mansion in London valued at approximately $30 million. According to a January 30 Sky News report, Jian Wen, a Chinese national who obtained British citizenship in 2018, purportedly underwent a recruitment process to aid Zhimin […]
OneCoin Lawyer Receives 10 Years Prison Sentence
The lawyer, who was guilty of money laundering in November 2019 via the OneCoin cryptocurrency scheme, received a ten-year prison sentence from a federal judge after a hearing on January 25. Inner City Press reports that on January 25, U.S. District Court for the Southern District of New York Judge Edgardo Ramos sentenced Mark Scott […]
Use of Crypto in Money Laundering
Scammers and hackers in a bid to hide the proceeds of their escapades have turned to money laundering using cryptocurrencies. How crypto is being used for laundering illegal money, and the types of crimes involved are explained in this article. Cryptocurrencies are increasingly becoming the favored currency of cybercriminals, from using them to buy illegal […]
Thodex Crypto Exchange Founder Arrested in Albania
Thodex founder, Faruk Fatih Ozer went missing in 2021, taking money from 400,000 users with him. According to a statement from the Turkish Interior Ministry on Tuesday, the founder of one of Turkey’s biggest cryptocurrency exchanges, Thodex, which turned out to be an exit scam, has been arrested in Albania. Last year, Faruk Fatih Ozer’s […]
CoinSwitch is ‘Active’ CEO says ‘Under Duress’ From Indian Authority
The CEO of CoinSwitch also wanted to make it clear that the “engagement with the ED” is not about money laundering. The CEO of the Indian cryptocurrency exchange CoinSwitch Kuber, Ashish Singhal, said on Saturday, two days after the financial crimes agency Enforcement Directorate searched five locations, “We are fully cooperating with them.” Thursday, the […]