Cryptocoin ATMs ruled illegal – “Shut down at once”, says regulator
If you live in the UK and hadn’t yet heard of cryptocoin ATMs… it’s too late now! Continue reading Cryptocoin ATMs ruled illegal – “Shut down at once”, says regulator
Category Archives: money laundering
DOJ beefs up efforts to combat criminal use of cryptocurrencies
The U.S. government is intensifying efforts to combat the criminal use of cryptocurrencies as federal prosecutors continue to target the business models and logistics of cybercrimes such as ransomware, Deputy Attorney General Lisa Monaco said Thursday. Speaking at the Munich Cyber Security Conference to announce several key developments in the government’s approach, Monaco said that the National Cryptocurrency Enforcement Team (NCET) — unveiled in October as part of an overall U.S. government to focus its resources on combatting ransomware operators — is getting its first director: Eun Young Choi. Choi is a seasoned federal cybersecurity prosecutor who most recently led the prosecution of Andrei Tyurin, a Russian national convicted of computer intrusion, wire fraud and other charges related to the theft of personal data from over 100 million customers of major U.S. financial firms. He was sentenced to 12 years in prison in January 2021. “Ransomware and digital extortion — […]
The post DOJ beefs up efforts to combat criminal use of cryptocurrencies appeared first on CyberScoop.
Continue reading DOJ beefs up efforts to combat criminal use of cryptocurrencies
‘Razzlekhan’ released on bond, husband detained ahead of cryptocurrency laundering trial
A U.S. judge Monday determined that Ilya Dutch Lichtenstein, one-half of the couple accused of a massive cryptocurrency laundering scheme, will await trial in prison. His wife and alleged co-conspirator, Heather Morgan, was set free on a $3 million bond package, with the conditions of strict electronic monitoring and limits on her virtual currency accounts. Federal law enforcement arrested the pair earlier this month for allegedly conspiring to launder $4.5 billion worth of cryptocurrency stolen in a 2016 hack of virtual cryptocurrency exchange Bitfinex. Lichtenstein and Morgan employed sophisticated money-laundering techniques that included the use of a combination of fictitious identities, automatic transactions, and dispersing funds across virtual currency accounts. Prosecutors found access keys to the wallet containing the stolen cryptocurrency in Lichtenstein’s cloud storage, evidence that Judge Beryl Howell of the U.S. District for the District of Columbia called a “smoking gun.” Howell deemed the pair a strong flight risk […]
The post ‘Razzlekhan’ released on bond, husband detained ahead of cryptocurrency laundering trial appeared first on CyberScoop.
For signs of cryptocurrency laundering, look closely at Moscow firms, report says
Moscow-based businesses appear to be handling much of the money laundering of cryptocurrency payments that come from global ransomware activity and other forms of cybercrime, according to a report from crypto-tracking company Chainalysis. The analysts focused on several dozen companies with a presence in Moscow City, the Russian capital’s skyscraper-packed business district. In any given quarter, “illicit and risky” blockchain addresses account for between 29% and 48% of all funds received by those cryptocurrency businesses, the report says. That traffic, including legitimate crypto transactions, can sometimes be more than $1 billion in a quarter, Chainalysis says. “A huge amount of cryptocurrency-based money laundering, not just of ransomware funds but of funds associated with other forms of cybercrime as well, goes through services with substantial operations in Russia,” Chainalysis says in the Monday blog post, which is based on its upcoming “2022 Crypto Crime Report.” The company defines “risky or illicit” […]
The post For signs of cryptocurrency laundering, look closely at Moscow firms, report says appeared first on CyberScoop.
Continue reading For signs of cryptocurrency laundering, look closely at Moscow firms, report says
$3.6 billion worth of Bitcoin seized from crooks tied to 2016’s Bitfinex hack
By Waqas
The US Department of Justice (DoJ) has confirmed seizing $3.6 billion worth of Bitcoin in what could be…
This is a post from HackRead.com Read the original post: $3.6 billion worth of Bitcoin seized from crooks tied to 2016’s Bitfi… Continue reading $3.6 billion worth of Bitcoin seized from crooks tied to 2016’s Bitfinex hack
The Fight against Financial Cyber Crime
By Owais Sultan
The financial services industry is a lucrative target and is disproportionately affected by the rise of cyber crime. Let’s discuss its prevention measures.
This is a post from HackRead.com Read the original post: The Fight against Finan… Continue reading The Fight against Financial Cyber Crime
Ohio man pleads guilty to role in $300-million cryptocurrency laundering service
A 38-year-old Ohio man has pleaded guilty to his role in a cryptocurrency laundering service that moved some $300 million on behalf of dark web marketplaces and other clients, the Justice Department said Wednesday. Larry Dean Harmon admitted to running Helix, a popular service for concealing the source of bitcoin transactions, from 2014 to 2017. Helix allegedly worked with AlphaBay, a notorious $1 billion marketplace for hacking tools and drugs that security researchers recently warned could be coming back online. Harmon faces up to 20 years in prison and a $500,000 fine, according to the Justice Department. A lawyer for Harmon could not be reached for comment. As part of his plea deal, Harmon agreed to forfeit more than $200 million in bitcoin. After a multi-year investigation of Helix, U.S. law enforcement arrested Harmon in his hometown of Akron in February, 2020. The U.S. Treasury’s Financial Crimes Enforcement Network has […]
The post Ohio man pleads guilty to role in $300-million cryptocurrency laundering service appeared first on CyberScoop.
Continue reading Ohio man pleads guilty to role in $300-million cryptocurrency laundering service
Two members of QQAAZZ, which laundered funds from cybercrime, plead guilty
Two individuals involved with laundering funds from U.S. victims of cybercrime pleaded guilty to their role in a transnational organization that relied in part on hacking to defraud victims out of millions of dollars, the Justice Department announced Friday. The defendants, Arturs Zaharevics and Aleksejs Trofimovics, are just two of 20 indiviuals charged by the U.S. government with involvement with QQAAZZ, a European-based crime group that provided cash and cryptocurrency laundering for cybercriminals. U.S. and European authorities launched a major crackdown on the group last fall, resulting in indictments against 14 members of the criminal organization. QQAAZZ allegedly laundered or attempted to launder tens of millions of dollars’ worth of funds stolen from cybercrime victims across 16 countries. Trofimovics opened thirteen corporate bank accounts in Portugal under a shell company to help move money for cybercriminals. Zaharevics, who was extradited from the United Kingdom in April, also set up foreign […]
The post Two members of QQAAZZ, which laundered funds from cybercrime, plead guilty appeared first on CyberScoop.
Continue reading Two members of QQAAZZ, which laundered funds from cybercrime, plead guilty
Cops Cop Cl0p Ransomware Gang (or Maybe Not?)
The National Police of Ukraine is crowing about arresting eight alleged ransomware scrotes from the Clop gang.
The post Cops Cop Cl0p Ransomware Gang (or Maybe Not?) appeared first on Security Boulevard.
Continue reading Cops Cop Cl0p Ransomware Gang (or Maybe Not?)
JP Morgan artificial intelligence researcher says AI goal is to ‘eradicate financial crime’
J.P. Morgan envisions a chief role for artificial intelligence in putting an end to financial crimes, the company’s head of AI research said Monday. Financial crimes that institutions like J.P. Morgan might have to reckon with include money laundering, sanctions violations, fraud and outright cyber theft. Across all industries and organizations, financial crime cost companies and organizations $1.45 trillion in 2019, according to one estimate, with cybercrime and fraud reportedly the most common varieties. “There is this concept of values” for AI, said Manuela Veloso, who besides her work for J.P. Morgan has worked as a professor in Carnegie Mellon University’s school of computer science. “First, we want AI to be able to eradicate financial crime.” Veloso’s comments came Monday during AI Week, an event produced by Scoop News Group. Along with direct money heists, cybercriminals run afoul of the law in other ways that can be categorized as financial […]
The post JP Morgan artificial intelligence researcher says AI goal is to ‘eradicate financial crime’ appeared first on CyberScoop.