Tag: money laundering

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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The online classified website Backpage, which was previously accused of facilitating prostitution, has finally been seized by American law agencies. Prostitution, not Dating Advertisements The move came after a grand jury in Arizona indicted seven employees of the company on March 28, 2018. It is alleged that executives of the website took no action despite having direct knowledge of the…

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The Polish media have made a tenuous link between the arrest of two companies on suspicion of money laundering, and the cryptocurrency exchange Bitfinex. The news comes two months after it emerged that Polish Central Bank had funded a social media campaign against crypto. But is this latest scandal another smear campaign, or a legitimate claim? Verifying a Network of…

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A blockchain provides firm evidence, via thousands of computers on the network, of every transaction that has ever taken place. Unfortunately, a lot of operations that are fed into the super ledger are crimes: Forged deals, money laundering, the list goes on. Method Could Identify Stolen Bitcoins However, respite comes from a group of Cambridge cybersecurity researchers, who claim that…

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The Agencia Estatal de Administración Tributaria (AEAT), more commonly known as the Agencia Tributaria, the tax agency of the Spanish government is set to take a hard-line stance on what it suspects to be tax evasion activities aided and abetted by cryptocurrencies. The move comes as yet another chapter in the growing Spanish narrative with regard to the market. Spain…

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A cybersecurity expert believes that hackers may have converted half of the NEM cryptocurrency stolen from Tokyo-based bourse operator Coincheck Inc. into other virtual coins for laundering. Following Dirty Money The primary intent behind converting these coins into other virtual currencies was to make it even more difficult to track the stolen coins. Hackers made these exchanges through the highly…

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Police authorities in Rio De Janeiro have uncovered financial irregularities to the tune of $13,625,901 in a food contract for prisons across the city. It is the first case in Brazil where analysis has indicated that the accused used bitcoin to siphon money instead of regular currency. Following the Digital Bread Crumbs The investigations began on March 13, 2018, and…

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The G20 heads again on March 19, 2018, and one of the leading topics up for discussion will naturally be related to cryptocurrencies. In particular, Japan is urging their fellow G20 members to universally speed up their attempts to stop digital currencies as a tool for money laundering. Details of the Upcoming G20 Meeting It is believed that the chances…

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