Collaborate Disseminate
The Treasury Department released its finding as the White House is wrapping up an international summit on fighting the ransomware problem.
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Continue reading Ransomware costs top $1 billion as White House inks new threat-sharing initiative
The virtual currency exchange based in Washington state failed to catch more than 100,000 transactions from sanctioned regions.
The post Treasury fines virtual currency exchange Bittrex for failing to catch ransomware payments appeared first on CyberScoop.
The virtual currency exchange based in Washington state failed to catch more than 100,000 transactions from sanctioned regions.
The post Treasury fines virtual currency exchange Bittrex for failing to catch ransomware payments appeared first on CyberScoop.
The Ronin Bridge attack has drawn attention to how DeFi projects can be weaponized in national security threats.
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Continue reading FinCEN associate director says his agency has its eyes on DeFi projects
As banks and other financial institutions work to honor the U.S. sanctions against Russia and monitor for efforts to evade them, the feds are warning that ransomware proceeds could be in the mix. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance this week on the responsibility that private institutions have for detecting “sanctions evasion activity” and reporting it under the Bank Secrecy Act and other laws. The alert comes as federal lawmakers have expressed concern about the use of crypto to evade sanctions, and Bloomberg is reporting that the Biden administration is preparing an executive order on the topic this week. At least one big player in the cryptocurrency industry, the trading platform Coinbase, already has expressed a commitment to supporting sanctions from the U.S. and other nations looking to punish Russia for its invasion of Ukraine. Coinbase said it had blocked 25,000 accounts linked to Russian people […]
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Continue reading FinCEN warns ransomware proceeds could be part of Russia sanctions evasion
The White House on Thursday announced a flurry of actions launched by a new interagency task force to combat ransomware. The updates on the White House’s plan to tackle ransomware comes on the heels of the third major ransomware attack to pose a serious threat to the U.S. national security in as many months. The Russia-tied group REvil hit Florida-based IT firm Kaseya earlier this month, potentially affecting more than 1,500 companies. The group’s websites recently went dark for reasons that are still unclear. The senior administration declined to comment on whether the United States has or will take action against the group. Chief among the White House task force’s new efforts is to cut groups like REvil off from virtual currencies, which they use to collect ransom from victims and sell services to affiliates. The Treasury Department will support the implementation of money laundering requirements for virtual currency exchanges […]
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The operator of two “mixer” or “tumbler” services that exchanged cryptocurrency for users on “the darkest spaces of the internet” is facing $60 million in civil penalties from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The decision against Larry Dean Harmon, who operated the services known as Helix from 2014-17 and Coin Ninja from 2017-20, is the first of its kind from FinCEN against a bitcoin mixer. The agency said he failed to register both as money services businesses and violated federal obligations “to develop, implement, and maintain an anti-money laundering compliance program; and to meet all applicable reporting and recordkeeping requirements.” More specifically, Harmon failed to file suspicious activity reports for transactions within dark web markets, as required by the Bank Secrecy Act. “Mr. Harmon operated Helix as a bitcoin mixer, or tumbler, and advertised its services in the darkest spaces of the internet as a way for […]
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This week began with the International Consortium of Investigative Journalists (ICIJ) providing a view and analysis into thousands of financial transactions contained within Suspicious Activity Reports (SARs) that were leaked from with the U.S. FinCEN… Continue reading The FINCEN Files Leakage
Fraudsters are attempting to steal much more money through Business Email Compromise than previously believed.
Read more in my article on the Bitdefender Business Insights blog.
Continue reading Fraudsters are trying to steal $8.7 million every single day through Business Email Compromise
Two years ago, the US government fined an international cybercriminal and his fraudulent bitcoin exchange over $100m. Now, it’s going after them for the money. Continue reading US chases fraudulent bitcoin exchange BTC-e for $100m