Crypto Crime | FinTelegram News

Category: Crypto Crime

August 9, 2024

Binance Boasts $73M Fund Recovery, But Can It Escape Its Growing Legal Quagmire?

Binance, the world's largest and certainly most controversial crypto exchange, wants you to believe it's the hero of the crypto world, announcing it has recovered or frozen over $73 million in stolen funds so far in 2023. But make no mistake: while Binance paints itself as a protector of user assets, it’s hard to ignore the shadow of scandal and legal trouble hanging over its operations. Its co-founder and former CEO, Changpeng Zhao, currently serves prison time.

June 23, 2024

UK Enforcement Action: Two Arrested in Connection with Suspected £1 Billion Illegal Crypto Scheme!

In an enforcement action, the UK Financial Conduct Authority (FCA) and the Metropolitan Police Service have apprehended two individuals, aged 38 and 44, suspected of operating an illegal cryptoasset exchange. This operation is part of a broader effort to clamp down on unregulated crypto activities in the UK. Allegedly, over £1 billion worth of unregistered cryptoassets has been traded through this illicit business.

June 2, 2024

Crypto Crime: Former Investment Banker Sentenced for $1.5M Cryptocurrency Fraud Scheme

A former investment banker and registered broker has been sentenced to three years and five months in prison for orchestrating a fraudulent cryptocurrency investment scheme that defrauded investors of approximately $1.5 million. Rashawn Russell, 28, conducted the scheme from November 2020 to August 2022. According to court documents, Russell enticed investors with false promises of substantial and sometimes guaranteed returns from crypto investments.

June 2, 2024

Crypto Crime: Japanese Exchange DMM Bitcoin Hacked for $308 Million!

Japanese crypto exchange DMM Bitcoin revealed on Friday that it has fallen victim to one of the most significant hacks in recent years, with over $300 million worth of Bitcoin stolen from its primary wallet. The breach occurred around 1:30 pm local time when DMM Bitcoin detected an unauthorized transfer of approximately 4,503 BTC—valued at about $308 million at the time. The company has yet to disclose the details of how the hack was executed but assured that an investigation is underway.

TikTok Takedown: America’s Digital Iron Curtain or Silicon Valley’s Secret Weapon?

The recent ruling by the U.S. Court of Appeals for the District of Columbia Circuit has sent shockwaves through the social media industry, upholding a law that could effectively ban TikTok in the U.S. The ruling cited national security concerns. This decision marks a significant escalation in the ongoing tension between the U.S. government and Chinese-owned tech companies.

Truong My Lan: A Tycoon’s Fall from Grace and Vietnam’s $44 Billion Financial Scandal!

The dramatic downfall of Truong My Lan, one of Vietnam’s most prominent property magnates, has sent shockwaves through the country's financial and political systems. The 68-year-old former billionaire is at the center of one of the largest financial frauds in history, a scandal that has not only exposed vulnerabilities in Vietnam’s economy but has also highlighted the intricate relationship between business and politics in the country.

Cash Cow Crypto: U.S. CFTC Enforcement Sets Records in FY 2024 with $17.1 Billion in Monetary Relief!

The U.S. Commodity Futures Trading Commission (CFTC) achieved a landmark year in FY 2024, securing over $17.1 billion in monetary relief, including $2.6 billion in civil penalties and $14.5 billion in restitution. The agency’s groundbreaking actions spanned digital asset (crypto) markets, voluntary carbon credits, and major compliance cases, highlighting its leadership in safeguarding market integrity.

U.S. DOJ’s Whistleblower Pilot Program: 250+ Tips in Just Months!

Whistleblowers are the only effective way to fight financial crime. The U.S. DOJ whistleblower pilot program has already proven effective, generating over 250 tips of potential misconduct since its launch in August, according to Principal Associate Deputy Attorney General Marshall Miller. According to a Reuters report, the initiative targets corporate malfeasance and encourages internal self-disclosure by companies.

Online Gambling: Lokinvestigation in Curaçao, its Maltese Connections, and How to Shut Down!

For many years, the far-far-away Curacao was the regulatory mecca of global online gambling. But that is over. The Lokinvestigation, spearheaded by opposition politician and forensic investigator Dr. Luigi Faneyte, reveals systemic failures and alleged corruption in Curaçao’s online gambling sector. With ties to Maltese investors and global financial networks, the report demands transparency but also carries political implications.