Category: Cybercrime

Parex Banka whistleblowerU
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October 7, 2024

US Treasury Forgives Ukraine Looters!

On 26 September 2024, the United States Treasury’s Financial Crimes Enforcement Network ‘FinCEN’ made the astonishing decision to drop sanctions against ABLV Bank of Latvia. ABLV was sanctioned in 2018 for a list of reasons, including helping Ukrainian President Viktor Yanukovich’s bagman, Serhiy Kurchenko, steal billions of dollars from Ukraine.
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Pig Butchering with MetaTraderW
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October 7, 2024

Warning Against The Imminent Danger of Pig Butchering For The Dawning Cyber Society!

Pig butchering scams are a devastating form of cybercrime that blend romance and investment fraud, leaving victims emotionally and financially shattered. These sophisticated operations, run by organized crime syndicates, often exploit human trafficking victims as unwilling scammers. The perpetrators meticulously cultivate trust over months, luring targets into fraudulent cryptocurrency investments through fake platforms.
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German charges more individuals in the GetFinancial fraud caseC
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October 6, 2024

Crypto MLM Scam: David Carmona Sentenced to 121 Months for IcomTech Crypto Ponzi Scheme!

iComTech was one of the numerous fraudulent MLM schemes that used cryptocurrencies as a means of fraud in parallel with the crypto hype of 2017/18. David Carmora started IcomTech in approximately 2018 with other co-conspirators as a purported cryptocurrency mining and trading company. The scheme promised to earn its victims high profits and guaranteed daily returns that would double their money within six months.
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Keith Schembri charged with money laundering and corruptionH
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October 4, 2024

High-Profile Maltese Money Laundering & Corruption Case Continues with Keith Schembri Challenging Forensic Expert’s Impartiality!

Keith Schembri, former Chief of Staff of the Maltese Prime Minister, is accused of money laundering and corruption. His legal team has requested that forensic expert Samuel Sittlington, Police Commissioner Angelo Gafa, and former Deputy Commissioner Alexandra Mamo testify to clarify alleged negotiations for consultancy services during the investigation. The defense calls into question the expert’s independence, further complicating an already contentious trial.
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PayRate42 rated stablecoin issuer with green compliance and green riskC
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October 3, 2024

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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Crypto-powered cybercrime threatens to global societyE
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October 3, 2024

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.
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Russian hacker Aleksandr Viktorovich Ryzhenkov wanted by the FBIU
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October 2, 2024

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 is the new UK unicornS
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October 2, 2024

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.
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FIU Italia against gambling schemesI
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October 2, 2024

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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SEC charges Olaynika Oyabola over accounting fraudA
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October 1, 2024

Accounting Fraud: SEC Charges Chartered Accountants with Facilitating a Massive Securities Fraud Scheme!

The U.S. Securities and Exchange Commission (SEC) has taken decisive action against Olayinka Oyebola and his PCAOB-registered accounting firm, Olayinka Oyebola & Co., for their alleged role in a massive securities fraud scheme. The SEC's complaint accuses Oyebola and his firm of aiding and abetting fraud perpetrated by Mmobuosi Odogwu Banye and three U.S. companies under his control, collectively known as the Tingo entities.
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FCA prosecution against investment scheme operatorsU
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October 1, 2024

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.
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Tornado Cash challenges the US authoritiesC
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September 30, 2024

Crypto Compliance: DeFi Scheme Mango Markets to Destroy All MNGO Tokens Following SEC Settlement!

The U.S. SEC has charged the Solana-based decentralized finance (DeFi) platform Mango Markets with securities violations. As part of the settlement, the scheme will collectively pay nearly $700,000 in penalties. The scheme operators have also agreed to destroy all MNGO tokens, remove MNGO from trading platforms, and cease any attempts to promote or offer MNGO for trading.
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