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Tag Archives: laundering

New DEA Report Covers Bitcoin Money Laundering and Darknet Drug Trade

The United States Drug Enforcement Administration (DEA) and the United States Department of Justice recently jointly released their National Drug Threat Assessment for this year. In the new report, the DEA mentions the use of bitcoin and other cryptocurrencies for money laundering, as well as drug trafficking through darknet markets. The DEA’s Strategic Intelligence Section creates a new drug threat ... Read More »

Bitcoin Money Laundering Lands Six in Court

Six men are facing charges in the Netherlands after being accused of laundering hundreds of thousands of euros with the aid of the online cryptocurrency, Bitcoin. They allegedly laundered the money by reselling bitcoins paid for by illicit drug sales. The men appeared in a Dutch court on Wednesday and are now facing a potential jail term ranging from 6 ... Read More »

Employee of Coin.Mx Operator Gets 16 Months Sentence

A Ukrainian software engineer from Florida received a 16 months prison sentence for his role in creating a Bitcoin scam, using an illegal Bitcoin exchange, Coin.mx, to launder money for a global hacking network which targeted financial and publishing firms. US District Judge Alison Nathan on Friday, sentenced the accused, Yuri Lebedev after he was convicted earlier this year by ... Read More »

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Belgian Police Raiding Houses in BTC Money Laundering Bust

  Seemingly unrelated to the recent United States demanding of Greek police to arrest the alleged owner of BTC-e, the Belgian judicial police raided nine locations for the same reason. Not that the U.S. asked them to conduct the raids and subsequent arrests; according to the latest published news, the Belgian judicial police suspected several men of money laundering through ... Read More »

EU Groups Work on Anti BTC Money Laundering Tools

The result of the collaboration of 15 organizations from seven European countries took the form of a $5.6 million, three year long study into criminal and terrorist acts on the net. According to a press release by the Austrian Institute of Technology (AIT), they already launched a research project focused on cybersecurity. They want to “prevent criminals and attackers from ... Read More »

Austrian Report: Money Laundering Is On The Rise

A recent report conducted by Austrian officials showed that the suspicious cases indicating money laundering had seen an increase last year. According to the latest report by the Federal Criminal Police Office (BK), 2,150 suspicious cases (banks reported 2,002 cases) occurred in Austria in 2016. Compared to the year of 2015, where the number of such instances was 1,793, is ... Read More »

International Law Enforcement Gathered to Share Concerns About Bitcoin and Money Laundering

Between January 16 and January 18 of 2017, more than 400 cybercrime, cybersecurity, and money laundering investigators met in Doha, Qatar to discuss digital currency. Specifically, the organizations gathered to analyze the role digital currencies like Bitcoin played on money laundering, economic stability, and terrorist funding. The Working Group on Virtual Currencies—a jointly operated initiative from Europol, Interpol, and the ... Read More »

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Coin.mx Operator Admits Fraud and Money Laundering

On Monday, January 9, 2017, the United States Attorney for the Southern District of New York announced the long-awaited guilty plea in the Coin.mx case. Preet Bharara, the aforementioned US attorney, said Anthony Murgio, the owner of Coin.mx, pleaded guilty in front of U.S. District Judge Alison J. Nathan. Murgio, according to the recently released court documents, illegally processed more ... Read More »

Dutch Public Prosecutor Fights Against Bitcoin Money Laundering

According to a survey conducted by the media outlet fd.nl, the Dutch Public Prosecutor (OM) is waging a war against criminal traders and exchanges of bitcoin. The Dutch OM is looking forward to at least three BTC money laundering criminal cases in 2017. Bitcoin trading has always been legal. The cryptocurrency had seen a 28 percent increase from 2015 to ... Read More »

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Indian Middleman Charged With Money Laundering For Trading Bitcoin

A bitcoin trader was arrested in India and charged with money laundering last Sunday. A group of undercover journalists from India’s Today reported that they lifted the shades off a small “internet broker” that offered exchange of India’s demonetized banknotes, the 500 and 1000 rupees, to bitcoin. According to the Indian police, a man named, Vijay, used a small shop ... Read More »

Two Sussex Men Charged for Darknet Drug Sales and Money Laundering

An investigation conducted by South East Regional Organized Crime (SEROCU) led to the arrest of four men for darknet crimes. SEROCU investigated four men: two from Sussex and two from Birmingham. The Crawley Magistrates’ Court has seen only the Sussex men. The other two faced charges in Birmingham. Police confirmed that the court formally charged the two Sussex men with ... Read More »

UK Introduces a Money Laundering Bill Allowing Them to Seize Finances

On October 13, UK government introduced the Criminal Finances BIll. The bill was introduced in an effort to counter money laundering and corruption. London has been known to be a haven for dirty money. Government officials claimed the new powers granted by the legislation will change criminal activity in the UK. Security Minister Ben Wallace said: “The UK is one ... Read More »

Report: Online Gaming Currencies Used For Money Laundering

According to a new report by Trend Micro, cybercriminals are using online video game currencies for money laundering purposes. This kind of activity may seem unfitting, however, since gaming money is unregulated and it is legal to sell, this a convenient method for cybercriminals to launder money. The research says PC is the most targeted platform, with Pokemon GO being ... Read More »