FinTelegram Financial Intelligence
My Featured Posts
Google Wins Major Legal Victory in €1.49 Billion EU Antitrust Case
Google’s legal win against the €1.49 billion fine sets a new precedent in Big Tech’s battle with EU regulators, but the scrutiny is far from over as antitrust challenges mount on multiple fronts. Last week, the EU’s top court upheld a fine of €2.42 billion imposed on Google for abusing its dominant position by favoring its comparison shopping service. The war of EU regulators against the dominating U.S. tech companies is far from over.
Latest Updates
C
CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!
The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.
U
U.S. DOJ and SEC Charge Former CEO and CFO With Fraud and Misleading Auditors!
SEC and DOJ cracked down on fraudulent financial reporting at the tech company Kubient. The company's top executives were misleading investors about revenue, which was central to raising millions. Former CEO Paul Roberts faces up to 20 years for orchestrating this scheme. Kubient is a digital advertising technology whose shares were publicly traded on the Nasdaq between August 2020 and November 2023 under the ticker “KBNT.”
U
U.S. Tech Companies Face Mounting Regulatory Penalties from EU Authorities
Regulators in the EU are steadily increasing pressure on U.S. tech companies, hitting them with billions in fines for antitrust violations and data privacy breaches. This regulatory offensive is reshaping how these companies operate, especially as new laws like the DMA and DSA come into play. While the U.S. has also taken action against tech giants, the largest monetary penalties have come from European regulators.
A
Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits!
Auditor firm Prager Metis’s negligence in auditing FTX stripped investors of crucial protections, ultimately exposing them to the collapse of one of the biggest crypto frauds in history. The firm agreed to pay $1.95 million to settle charges related to the FTX audits and separate auditor independence violations. The U.S. SEC’s action underscores auditors' vital role as financial gatekeepers.
Payment Processors
J
Jeton Group Analysis: Facilitating Online Casinos Beyond Compliance!
FCA-regulated Jeton Group, a high-risk payment processor, has been deeply involved in facilitating transactions for illegal online casinos, including those operated by the Starscream Group. Jetonbank, a digital offshore bank regulated by the FSU in Dominica, has furthered these operations by enabling fiat deposits for players in unlicensed jurisdictions. This report calls for insiders to provide critical whistleblower information.
S
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.
C
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.
R
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.
Cybercrime Court Cases
T
Timing is Everything: FTX Founder Sam Bankman-Fried Fights Conviction as FTX Estate Sits on Billions!
Sam Bankman-Fried (SBF), the convicted former CEO of FTX, is seeking a new trial. He claims that the judge presiding over his case showed bias and repeatedly ridiculed him in front of the jury. His legal team argues that Judge Lewis A. Kaplan's conduct, including alleged disapproving facial expressions and frequent interruptions, violated SBF's constitutional rights to a fair trial. This appeal adds a new twist to the high-profile case surrounding the collapse of the crypto exchange FTX.
Regulatory Updates
C
CyberFinance: MicroStrategy Doubles Down on Bitcoin with $700M Note Issuance!
Michael Saylor's Nasdaq-listed bitcoin development firm MicroStrategy announced that it intends to offer $700 million aggregate principal amount of convertible senior notes due 2028. MicroStrategy's relentless bitcoin accumulation continues, using $700M in new debt to fuel its crypto reserves. But with market volatility and regulatory concerns looming, will this high-stakes strategy pay off in the end?
B
Breaking: FBI Enforcement Action Validates Previous FinTelegram Warnings Against Fund Recovery Scams!
The U.S. FBI has taken decisive action against several cryptocurrency recovery websites, confirming FinTelegram's longstanding warnings about these fraudulent operations. The FBI San Diego Field Office has seized websites belonging to three cryptocurrency recovery services, which validates our reporting and underscores the critical importance of our alerts to potential victims.
T
The Beating Heart of Organized Crime – Money Laundering in the UK
Money laundering is the lifeblood of organized crime, flowing unchecked through financial centers like the UK. With volumes reaching hundreds of billions, the need for global compliance and vigilant reporting has never been greater. In the UK, there is an explosive increase in the volume of money laundering. However, this is a worldwide phenomenon that will become even more important with cyberfinance and cryptocurrencies.
Support Scam Victims
Join the fight against cybercrime!
European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
