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Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!
The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.
Latest Updates
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Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!
Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.
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Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!
The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.
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U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!
The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.
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Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!
The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.
Payment Processors
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Starscream Casinos: Offshore Casino Operator, Potential Regulatory Evasion, Payment Facilitators, and More Cyprus Connections!
Online casinos are easily transferable digital assets. The transfer of Gammix Ltd's casinos to offshore operator Starscream Ltd raises serious questions about the continued illegal gambling activities in Europe. Despite massive penalties from the Dutch regulator KSA, Gammix appears to have simply shifted its operations offshore, where it continues to flout regulatory oversight facilitated by regulated payment processors.
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Cybercrime Alert to Payment Processors: Warning Against Acceptance of Anonymous Domain app-paymentgw.pgws2b.com
The FinTelegram research team has identified a suspicious domain https://app-paymentgw.pgws2b.com currently deployed by several anonymously operated online casinos of Liernin Enterprises, including Malina Casino, Talismania, SlotUna, and others. This domain has been flagged due to its association with activities that potentially violate financial regulations and legal standards for online gambling.
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Report on Cazimbo Casino: The Role of Payment Processors in Facilitating Illegal Online Casinos!
Another day, another exposed illegal online casino facilitated via Cyprus. Payment processors play a crucial role in sustaining this underground economy. FinTelegram's research repeatedly reveals that without these facilitating payment processors, many illegal online schemes, particularly in the gambling sector, would not thrive. Currently, we are focusing on the brands of the collapsed Rabidi Group that continue to operate anonymously and unauthorized. Here is our report on Cazimbo.
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The Rabidi Case: The Mysterious Actions of Beneficial Owner Denys Butko and Other Connections
The case of the Rabidi Group is a prime example of the opacity of the online casino sector. Rabidi, once a significant player in the online gambling industry with a Curacao license, has recently come under scrutiny after the group's sudden disappearance following its bankruptcy in June 2023. Following FinTelegram reports, Denys Butko, the alleged beneficial owner recently deleted his LinkedIn profile.
Cybercrime Court Cases
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UK’s First Crypto ATM Conviction: Nigerian Operator Pleads Guilty in £2.6 Million Unregistered Scheme!
In the UK, Olumide Osunkoya pleaded guilty to 5 offenses, becoming the first UK conviction for offenses relating to the operation of crypto ATMs. He is due to be sentenced for running multiple crypto ATMs without FCA registration, creating and using false documents, and possessing criminal property. Osunkoya illegally operated a network of at least 11 crypto ATMs, which processed more than £2.6m in crypto transactions.
Regulatory Updates
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Blood and Business: Wildberries Merger Turns Deadly in Violent Clash of Russia’s Elite!
The saga of Wildberries, Russia's leading online marketplace, took a dramatic turn when a proposed merger with the Russ Group sparked a violent power struggle. The conflict pitted co-founders and former spouses Vladislav and Tatyana Bakalchuk against each other, with powerful backers on both sides. Chechen leader Ramzan Kadyrov supports Vladislav, and Dagestan billionaire Suleiman Kerimov backs Tatyana.
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Italy’s FIU Cracks Down on Gambling Firms Amid Money Laundering Concerns!
Italy's top anti-money laundering (AML) authority has launched a targeted initiative aimed at gambling companies due to a significant decrease in suspicious activity reports (SARs) filed by the sector. This move comes in response to a concerning 25% drop in SARs from gaming services during the first half of 2024 compared to the same period in 2023.
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Quo Vadis IC Markets? The Punished Broker Allegedly Exits Cyprus!
The CFD broker IC Markets is challenging a €200,000 fine imposed by CySEC in July 2024. The company's CEO, Andrew Budzinski, has hinted at divesting from Cyprus and expanding operations elsewhere, possibly in Dubai. While Cyprus has long been a popular hub for forex and CFD brokers, changing regulatory landscapes and shifting industry trends are putting pressure on its status as a financial center.
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