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Two Russian Nationals Charged in Connection with Operating Billion Dollar Money Laundering Services Justice Department Seizes Web Domains for Multiple Illicit Crypto Exchanges The Justice Department today announced actions coordinated with the Department of State, Department of the Treasury, and other federal and international law enforcement partners to combat Russian money laundering operations. The actions involved the unsealing of an indictment charging a Russian national with his involvement in operating multiple money laundering services that catered to cybercriminals, as well as the seizure of websites associated with three illicit cryptocurrency exchanges. “Today's actions highlight the Department’s continued disruption of malicious cyber actors and their criminal ecosystem,” said Deputy Attorney General Lisa Monaco. “The two Russian nationals charged today allegedly pocketed millions of dollars from prolific money laundering and fueled a network of cyber criminals around the world, with Ivanov allegedly facilitating darknet drug traffickers and ransomware operators. Working with our Dutch partners, we shut down Cryptex, an illicit crypto exchange and recovered millions of dollars in cryptocurrency.” Read more: https://lnkd.in/ghSDCqWu

China's highest prosecuting body, the Supreme People's Procuratorate (SPP), is concentrating on criminals who use blockchain and metaverse initiatives for illegal purposes in an attempt to stop the rise in cybercrimes. The surge in online fraud, cyberviolence, and breaches of personal information has alarmed the SPP. According to reports, there has been a noticeable rise in cybercrimes on blockchains and in the metaverse. Criminals are also increasingly employing cryptocurrencies to launder money, making it more difficult to track down their stolen assets. According to SPP deputy prosecutor-general Ge Xiaoyan, charges for telecom fraud involving cybercrime have increased by 64% on an annual basis. Traditional crimes like gambling, theft, pyramid schemes, and counterfeiting have also made their way into cyberspace in tandem with the development in blockchain-related crimes. Xiaoyan highlighted that accusations pertaining to online theft have increased by approximately 23%, whereas charges pertaining to online counterfeiting and the sale of subpar goods have increased by nearly 86%. Procuratorates filed charges against 280,000 people in cybercrime cases between January and November, representing 19% of all criminal offenses and a 36% year-over-year rise. The Fourth Procuratorate of the SPP's director, Zhang Xiaojin, alerted the public and users of digital assets about investment frauds in the region's cryptocurrency market. The metaverse, blockchain, and binary options platforms have all been used by new cybercrimes, according to Xiaojin. Digital currencies have become hubs for these activities, thus it is imperative that people exercise increased caution. Despite China’s stringent restrictions on cryptocurrency transactions and mining, it remains a major hub for crypto mining. On the other hand, Hong Kong has adopted crypto-friendly regulations to protect investors and standardize its digital asset ecosystem, balancing security with innovation. . . . . #china #cybercrime #cryptocurrencies #cryptostan #thecryptocountry #blockchain #cryptonews

**Unraveling the Complexities of Chinese Organized Crypto Crime** Chinese organized crime groups have been increasingly involved in cryptocurrency-related scams and frauds, exploiting the decentralized and pseudonymous nature of cryptocurrencies to carry out their illicit activities. These groups often operate sophisticated schemes that target unsuspecting investors and individuals worldwide. One common tactic used by Chinese organized crime groups is the creation of fraudulent cryptocurrency projects or initial coin offerings (ICOs). These projects promise high returns on investment but are nothing more than elaborate Ponzi schemes designed to defraud investors of their money. These groups also engage in pump-and-dump schemes, where they artificially inflate the price of a cryptocurrency through false or misleading information, only to sell off their holdings at a profit, leaving investors with worthless coins. Another prevalent form of Chinese organized crypto crime is crypto jacking, where criminals use malware to hijack victims' computers or mobile devices to mine cryptocurrencies without their knowledge or consent. This can lead to significant financial losses for victims due to increased electricity costs and reduced device performance. Chinese organized crime groups are also known to be involved in ransomware attacks, where they use malicious software to encrypt victims' files and demand payment in cryptocurrency for the decryption key. These attacks can have devastating consequences for businesses and individuals, leading to data loss and financial harm. To protect themselves from Chinese organized crypto crime, individuals and businesses should exercise caution when investing in cryptocurrencies or participating in ICOs. They should conduct thorough research and due diligence on projects before investing and be wary of schemes that promise guaranteed returns or use high-pressure tactics. It's also essential to use reputable exchanges and wallets, enable two-factor authentication, and keep software and systems updated to protect against malware and ransomware attacks. By staying informed and vigilant, individuals and businesses can reduce the risk of falling victim to Chinese organized crypto crime and contribute to a safer and more secure cryptocurrency ecosystem. #Pigbutcheringscams #Cryptoscams #Cryptosafety #Chineseorganizedcrime

https://lnkd.in/dHJgH2FA The Chainalysis 2024 Crypto Crime Report” was recently published which contains important investigations regarding the various crimes committed with crypto assets, such as ramsomware, darknet, money laundering, terrorist financing, among others. Among the main conclusions the following stand out Thanks a lot FintEdu

🇩🇪 German authorities have shut down 47 cryptocurrency exchange services due to concerns over illegal money laundering activities. * The exchanges were allowing users to exchange conventional currencies and cryptocurrencies without verifying their identities, enabling anonymous and potentially illicit transactions. * Criminals often use such unverified crypto exchange platforms to hide the source of money obtained through illegal activities like ransomware attacks or dark web drug sales. * In a separate operation, German authorities confiscated 13 crypto ATMs and almost $28 million in cash from 35 locations nationwide, targeting machines operating without the necessary licenses. * The crackdown is part of a broader effort by German law enforcement to disrupt the infrastructure supporting cybercrime, as they were able to secure user and transaction data that could aid future investigations. * This follows previous actions by German authorities, such as the 2023 seizure of the ChipMixer platform involved in laundering €90 million in cryptocurrencies. * German law enforcement has also targeted other cybercrime networks in recent years, including malware operators. * In June 2023, the BKA started transferring and selling around 50,000 BTC that were seized from individuals running the piracy movie site Movie2k.to in 2013. * The sale of the seized Bitcoin caused the price of the cryptocurrency to drop for nearly a month. * The crackdown on these unregulated crypto exchange services is part of Germany's ongoing efforts to combat money laundering and other illicit activities in the cryptocurrency industry. #cryptocurrency #crypto #va #vasp #aml #cft #compliance #illicit #moneylaundering #cybercryme #btc #bka #darkweb

The latest U.S. illicit finance strategy prioritizes combatting evolving risks, from the proliferation of digital assets to ransomware attacks. It aims to modernize anti-money laundering policies and train staff against emerging cryptocurrency threats. Read more:

In a recent report highlighted by Forbes, the United Nations has warned of the increasing use of #Tether (#USDT) in money laundering and scam operations, particularly in East and Southeast Asia. This development underscores the evolving landscape of cybercrime, where digital assets are becoming tools for illicit activities. At CNC Intelligence Inc., we closely monitor these trends to stay ahead in the realm of cyber intelligence and cryptocurrency tracing. Our expertise in this area is crucial, especially considering that stablecoins like USDT present unique challenges and opportunities in asset recovery. One significant aspect of USDT is the ability to freeze tokens with a court order issued to Tether.to, which can then reissue tokens. This means that, unlike other cryptocurrencies, there's a feasible pathway to recover assets lost in scams or laundered via USDT. Our team's proficiency in navigating these legal and technical nuances is vital for law enforcement and law firms dealing with such intricate cases. CNC Intelligence Inc. stands at the forefront of combating cybercrime by aiding in asset recovery and providing essential evidence to law enforcement and legal entities. Our certified cyber investigators utilize state-of-the-art tools and methods, including Open-Source Intelligence, to trace cryptocurrency transactions and support legal actions like obtaining court orders for token recovery. We encourage law firms and law enforcement agencies to reach out to us for assistance in similar scenarios. Together, we can address the challenges posed by the misuse of cryptocurrencies and ensure the digital space is safer and more accountable. #CyberIntelligence #AssetRecovery #LawEnforcement #CryptocurrencyTracing #CNCIntelligence #CyberCrime #LegalTech #BlockchainAnalytics Read the full article here: https://lnkd.in/eqJxR6cT

🚨 Breaking News Alert 🚨 Could cryptocurrency exchanges be the latest hideout for cybercriminals? 🤔 The U.S. government has its eyes peeled on Cryptex and PM2BTC for allegedly aiding in money laundering schemes! 💸💰 #ainews #automatorsolutions 🧐 Analysis Time: - Cybercrime and crypto seem to be the new power couple in town. 💻💔💰 - Are these exchanges simply innocent bystanders or shady accomplices in a grand scheme? 🤨 - Who said laundering was just for clothes? Money clearly needs a good spin cycle too! 💸👕 🔮 Prediction Time: - Will this spark tougher regulations in the crypto world? 📜⚖️ - Is this just the tip of the iceberg in uncovering the connections between cybercrime and digital currencies? 🧊🕵️♂️ 💡 Expert Take: - As an IT pro or cybersecurity genius, keeping tabs on crypto exchanges is the new trend. Stay sharp, folks! 🔒🔍 - A good ol' reminder that not all that glitters in the crypto world is gold! Be wary of where your digital coins dance off to. 💃💰 💬 Let's discuss: - What's your take on the intersection of cybercrime and cryptocurrencies? 🤔 - How do you think this will impact the future of digital currency regulations? 🌐⚖️ Stay safe out there in the wild world of cyberspace, tech whizzes! 🛡️💻 #cybersecurity #cryptocurrency #technews #CyberSecurityAINews ----- Original Publish Date: 2024-09-27 01:42

Cryptonator founder indicted after platform found handling $235 million in illicit funds. Key takeaways: 1. The indictment of Roman Pikulev underscores the mounting issue of unregulated cryptocurrency exchanges escalating cybercrime. Cryptonator facilitated over $235 million in illegal transactions, emphasizing the need for stronger regulatory oversight and robust anti-money laundering measures. 2. Cryptonator's operation also highlights the sophisticated methods employed by cybercriminals: anonymizing cryptocurrency sources, laundering money through a global scheme, and utilizing common technological platforms and advertising channels to further criminal activities. 3. This case underlines the importance of international cooperation in cybercrime investigations. The collaborative efforts of U.S., German and other international law enforcement agencies were crucial in identifying and shutting down Cryptonator, demonstrating that multinational cooperation holds the key to countering transnational cybercrime. Learn more by visiting The Record from Recorded Future News: https://lnkd.in/eMFm-_Dt

I just finished reading the Chainalysis 2024 Crypto Crime Report and it was enlightening. My journey into the Reactor software by Chainalysis and tracing suspicious transactions is just beginning, but learning about this industry so far has been challenging and rewarding. The big takeaways from the report, for anyone interested in the criminal implications of cryptocurrency, are as follows: 1. while 24.2 billion dollars was received by illicit addresses identified by Chainalysis, that amount only represented a small amount - about .35% of total on-chain transaction volume. 2. while the amount of illicit activity with bitcoin and ether dropped and then remained stable over the past 2 years, the amount of illicit activity with stablecoins has increased dramatically 3. while scamming activity is down overall, pig-butchering, which involves personal relationship scams where individuals are groomed through trust building, are still high 4. ransomware and darknet market activity is going up and it was particularly disturbing to read about the large number of threat actors for these activities through things like RaaS and hacking tools. I personally was a bit surprised to see how the majority of the ransomware funds are still going through centralized exchanges as I would have thought that mixers or other higher risk sites would have comprised a higher percentage. That being said, I guess it makes sense from a money laundering perspective as eventually the illicit actors want to cash out into fiat currency. 5. cross chain bridges was something new I learned where funds can be moved from one blockchain to another for laundering purposes. Who knew! 6. in terms of market manipulation, 100's of thousands of new tokens were launched on etheruem last year with over half displaying behavior indicative of possible pump and dump schemes. Overall though, these new tokens only represented a small percentage of the total activity on decentralized exchanges 7. what was most disturbing was reading about how cryptocurrency is being used in child sexual abuse material (CSAM). There was a detailed case study courtesy of the Homeland Security Investigations that provided an example of how this is being done by illicit actors. 8. OFAC has been very busy issuing sanction to various entities (including those with a drug nexus to fentanyl) and it was interesting to read about terrorism financing on chain including a massive seizure by Israel's NBCTF. Thank you to Chainalysis for providing these insightful documents and webinars and thank you to 🔌Stephen Sargeant for expanding my knowledge in this field.