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Nexo Seeks $3B in Damages from Bulgaria Over Aborted Investigation Affecting US Stock Listing
24.1.2024
Crypto lender Nexo has started a legal battle seeking $3 billion in damages from Bulgaria following an aborted criminal investigation that the company claims derailed its plans for a US stock market listing and a soccer sponsorship deal. Nexo AG, a Swiss subsidiary of Nexo Capital based in...
Tornado Cash Co-Founder Expresses Concerns About Upcoming Trial on Money Laundering Charges
23.1.2024
Roman Storm, co-founder of Tornado Cash, a controversial cryptocurrency mixer, expressed fear and sought support from right-to-privacy advocates in anticipation of his upcoming criminal trial. Storm faces three charges, including conspiracy to commit money laundering, operating an unlicensed...
CEO of Crypto Ponzi Scheme IcomTech Handed Five-Year Sentence
22.1.2024
The CEO of a large-scale crypto Ponzi scheme known as IcomTech has been sentenced to five years in prison and ordered to forfeit $914,000 in criminal proceeds. On January 19th, the U.S. Attorney’s Office, Southern District of New York, issued a press release stating that Marco Ruiz Ochoa...
South Korean ‘Bogus Crypto Exchange’ Fraudster Jailed
22.1.2024
Source: MemoryMan/Adobe A South Korean court has sent an individual who provided a bogus crypto exchange with illegal bank documents to prison for four years. Per Busan Ilbo, Judge Kim Jae-yoon of Changwon District Court sentenced an unnamed individual “in their 30s” following a fraud conviction....
Chainalysis Reveals Decline in Crypto Crime, Shift to Stablecoins in 2024 Crime Report
20.1.2024
Chainalysis’ latest report reveals a dual trend in the 2023 crypto crime landscape: a notable decrease in overall value of criminal transactions and a surprising shift from bitcoin to stablecoins as the preferred medium for illicit activities. 2024 Chainalysis Report Reveals a Decline...
Shanghai Court Issues Verdict in First Digital Yuan Money Laundering Case
18.1.2024
A Shanghai court has issued a verdict for the first instance of money laundering using Chinese digital yuan and cryptocurrency, marking a significant legal precedent of crypto-related crimes in China. According to Shanghai Securities News, the Yangpu District People’s Court of Shanghai...
Former Bithumb Chairman Acquitted in $100M Fraud Case in Second Trial
18.1.2024
The former chairman of Bithumb Holdings and Bithumb Korea, Lee Jeong-hoon, has been acquitted for the second time in the $100 million fraud case. The recent decision by the 5th Criminal Division of the Seoul High Court follows Lee’s earlier acquittal in January 2023 on comparable charges...
South Korea Mulls Issuing Crypto Mixing Regulations to Curb Money Laundering
17.1.2024
Financial authorities are preparing to issue cryptocurrency mixing-specific regulations in South Korea to stop criminal groups from using these tools to launder funds obtained illegally. The Korean authorities are discussing whether to allow virtual asset service providers (VASPs) to reject...
Number of Chinese CBDC-related Criminal Cases on the Rise
11.1.2024
Source: blackday/Adobe China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing. Per the Shenzhen Securities Times, a Shanghai court this week convicted a group of criminals that exploited CBDC functions on an...
Former FTX CEO Sam Bankman-Fried Retains New Counsel, Files Notice in Federal Court Ahead of Sentencing
10.1.2024
Source: A Video Screenshot, YouTube / CBS News Former FTX CEO Sam “SBF” Bankman-Fried has informed the federal court that he has retained new counsel ahead of his sentencing hearing for seven criminal charges. Additionally, SBF’s legal team submitted a sealed document indicating...
Orbit Bridge Hacker Suspected in Coinspaid and Coinex Breaches
4.1.2024
Source: AdobeStock / Tamara Blockchain analysts from Match Systems have found that the Orbit Chain hackers used the same tactics as those in several other high-profile attacks – suggesting that a cybercrime organization, possibly the infamous Lazarus Group, stands behind these hacks. This...
The DOJ “Led the Way” in Defining Boundaries for the Crypto Industry in 2023: Former US Prosecutor
1.1.2024
Image source: Reuters In 2023, the Department of Justice (DOJ) emerged as a leading force in defining the boundaries of the cryptocurrency industry through high-profile criminal prosecutions. While the Securities and Exchange Commission (SEC) filed civil lawsuits against major players in...
Attorney Says They Are “Receiving 5-6 Emails a Day” From Victims of Pig Butchering Scams
1.1.2024
Source: AdobeStock / James Thew Pig butchering scams, a rapidly growing criminal activity involving online romance, fake crypto investments, and human trafficking, have been plaguing US citizens, resulting in significant financial losses. In a recnet interview, Erin West, Deputy District Attorney...
Blackrock Names JPMorgan as Authorized Participant for Spot Bitcoin ETF Despite Jamie Dimon Wanting to Ban Crypto
31.12.2023
Blackrock, the world’s largest asset manager, has named JPMorgan as a lead authorized participant for its spot bitcoin exchange-traded fund (ETF). This followed JPMorgan CEO Jamie Dimon stating in a congressional hearing that bitcoin and cryptocurrency are used primarily for criminal...
Former Binance CEO Changpeng Zhao Barred from Travel by US Judge
30.12.2023
Source: X / @cz_binance Former Binance CEO Changpeng Zhao, commonly known as CZ, has been blocked from traveling again as his sentencing for criminal charges approaches in late February. On December 29, in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard...
FTX Founder Sam Bankman-Fried Won't Face Second Criminal Trial, U.S. Prosecutors Say
30.12.2023
Former Binance CEO Changpeng Zhao’s Wealth Surged by $25 Billion Despite Legal Troubles in 2023
27.12.2023
Source: A video screenshot, Youtube/Entrepreneur ME Former Binance CEO Changpeng Zhao has seen his estimated wealth jump by almost $25 billion in 2023 despite his guilty plea to US criminal charges in November, which may result in his imprisonment next year. CZ’s remarkable financial growth...
New EU Crypto Regulation Allow Governments to Freeze and Seize ‘Unexplained Wealth’ Believed Tied to Crime
26.12.2023
EU has passed expanded powers allowing governments to freeze and confiscate crypto tied to a crime. Image by Vitalii Vodolazskyi, Adobe Stock. European Union officials reached an agreement on December 12 on new crypto regulations that will grant member states expanded powers to freeze...
Bulgarian Prosecutors Drop Charges Against Crypto Lender Nexo — ‘No Evidence of Criminal Activity’
26.12.2023
The prosecutor’s office for Sofia, the capital city of Bulgaria, has dropped criminal proceedings against crypto lender Nexo. “The team of supervising prosecutors came to the conclusion that there was no evidence of committed crimes,” the authorities stated, adding that crypto...
If You're in Crypto, You're a Criminal
20.12.2023
Senator Warren thinks all crypto people are crooks. We obviously agree. 100%