Tag: money laundering

A 21-year-old Bitcoin dealer is currently being prosecuting for illegal money transmission and money laundering. According to the Department of Justice in the Southern District of California, Jacob Burrell Campos was arrested in August 2018, as he attempted to enter the United States from Mexico. He was ordered to be held without bail on Friday, August 17, 2018, at a…

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As suspicion and excitement about blockchain technology circles the globe, the United States finds itself in need of a strategy to find itself on the right side of this revolution in tech. National Security Concerns While on the one hand, blockchain and cryptocurrencies can be used for quick transfers of wealth and the creation of a new generation of powerful…

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Cyber-attacks on exchanges, ICO hacks, and crypto-demanding ransomware are an unfortunate but regular occurrence in the cryptocurrency space. As a result, cybercriminals manage to amass a substantial amount of cryptocurrencies from their illicit activities. According to a report released by Malware Bytes, there was a 90 percent increase in such attacks in 2017. Most of these hackers demanded their ransom…

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Cryptocurrency exchange Bits of Gold and the Israeli Tax Authority have joined hands to fight against money laundering via digital assets in the country. Local news outlet Calcalist reported on July 5, 2018, the agreement between the two entities as Israel seeks to curb any illicit money laundering via cryptocurrencies while maintaining a decisive stand for the volatile asset class….

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Announcements of a cryptocurrency investigation or taxation are usually met with backlash from the cryptocurrency community. While crowd psychology is difficult to predict, the government of Poland has a simple appeal for those jumping on the hysteric bandwagon- don’t panic. No Reason for Panic According to a report on Finance Magnates, both mainstream and local media in Poland have propagated…

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Halmi Git was charged Monday for credit card fraud of 1 million NIS and 31 million NIS of money laundering through bitcoin. 800 Cards, 20,000 Transactions   Git obtained his funds through running illicit forums, sharing and selling credit card details for over a decade. Over 800 credit cards were affected in over 20,000 transactions, resulting in nearly $3,000,000 of…

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The Australian government is looking to curb money laundering practices by introducing cash payment limits. In the May 8, 2018, federal budget unveiling, authorities made clear their intentions to tackle this menace by making it illegal to carry out cash payments exceeding $10,000. The new cash limit could also encourage the use of cryptocurrencies in the country. $50 Billion of…

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While governments around the world debate over the legality of cryptocurrencies, Latvia has a simple solution to keep the industry running; Make it legal and charge high taxes. Additionally, the government is mulling over the introduction of clear regulations for digital currencies. Latvian Government Discusses Crypto In the first week of April 2018, Latvia’s Ministry of Finance expressed its views…

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Designed as a peer-to-peer, borderless, digital payment solution, bitcoin (BTC) continually finds itself shrouded in controversies, scams, uninformed media claims and, unfortunately, dark net marketplaces. Bitcoin’s Properties Make It a Perfect Darknet Currency Although bitcoin’s existence is that of a simple digital token, its misuse results in widespread legal crackdowns. Gangsters and darknet entrepreneurs increasingly use BTC to finance their…

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According to recent reports, the hackers responsible for the January 2018 NEM heist from the Coincheck cryptocurrency exchange platform may have successfully laundered all their stolen NEM coins (XEM). Laundering the Loot In March 2018, BTCManager reported that the Coincheck hackers were laundering their loot on dark web cryptocurrency exchange platforms. At the time of the report, it was believed…

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