Florida Seizes $1.5M in Dogecoin, Pepe and Solana Over Case Tied to Chinese National Yahoo Finance
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Florida Seizes $1.5M in Dogecoin, Pepe and Solana Over Case Tied to Chinese National Decrypt
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The US Department of Justice announced it had indicted two Russians for what it said was a multi-million-dollar money Russian crypto laundering ring, an operation that ran billions of dollars through cryptocurrency exchanges.
DOJ Busts Russian Crypto Laundering Ring, Seizes $7M in Assets
In a coordinated effort with international law enforcement, the US was able to seize servers and about $7 million in cryptocurrency-a huge victory against global cybercrime efforts.
The DoJ announced the indictment of two Russian nationals for allegedly running a massive money-laundering operation. According to them it moved billions of dollars in illicit cryptocurrency transactions. Russian nationals are indicted for cybercriminal activities made through cryptocurrency exchanges.
This was part of a coordinated effort with international law enforcement and U.S. agencies, including State and Treasury.
DOJ Charges Ivanov and Shakhmametov for Cybercrime Operations
Sergey Ivanov and Timur Shakhmametov have been charged with operating far-reaching cybercriminal networks using cryptocurrency exchanges.
Ivanov is said to have run platforms that hosted more than $1.15 billion in cryptocurrency volume, proceeds of fraud chains, ransomware, and darknet narcotics sales. The DoJ said the moves mark important steps in pushing back against Russian crypto laundering operations that threaten financial rules around the world.
According to the official statement:
“There have been more than 37,500 transactions involving Bitcoin addresses associated with Cryptex, amounting to a total value of approximately 62,586 bitcoin, or $1.4 billion at the time the transactions were made.”
Of that amount processed, 441 million dollars could be attributed to cryptocurrency addresses linked to criminal activity. The amount included 297 million dollars from fraud chains and 115 million dollars from ransomware. Ivanov’s exchange, Cryptex, enabled users to bypass KYC requirements, providing anonymity for criminal activities.
Cryptex Exchange Facilitated Darknet Market Transactions, DOJ Says
Russian crypto laundering operations include Ivanov’s carding sites including Rescator and Joker’s Stash – the latter was allegedly operated by Shakhmametov. The website sold stolen payment card data and generated estimated proceeds ranging from $280 million to more than $1 billion. The action by the DoJ, with assistance from law enforcement authorities in the Netherlands, included the seizure of servers and cryptocurrency entwined in the illegal schemes.
As per DoJ:
“As part of the coordinated actions taken today, our Dutch partners seized the servers hosting PM2BTC and Cryptex. Those servers have been taken offline at various locations around the world, and the Dutch have seized cryptocurrency from those servers worth over $7 million.”
Furthermore, it was revealed that approximately 28% of the Bitcoins sent by Cryptex were transferred to US-sanctioned darknet markets and criminal entities. Cryptex’s high volume of illicit transactions highlights its role in helping users avoid surveillance. This aids law enforcement in cracking down on cryptocurrency crime.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Dogecoin Faces Stiff Competition as Mpeppe Seizes Market with DeFi, Online Gambling Innovations West Island Blog
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Cardano’s ADA Seizes Back Ninth Position Amid Uncertain Future and Price Speculations West Island Blog
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On Wednesday, January 31, British law enforcement authorities revealed the discovery of Bitcoin valued at $1.7 billion, associated with a woman facing allegations of laundering funds from a $6 billion investment fraud in China.
UK Citizen Denies Money Laundering Allegations
Jian Wen, a 42-year-old UK citizen, is vehemently denying accusations that she played a role in laundering substantial sums of money amassed by Zhimin Qian, a fugitive wanted in China for orchestrating a fraudulent scheme that victimized around 130,000 investors. The current whereabouts of Zhimin, also known as Yadi Zhang, remain unknown.
Details surrounding the case emerged during a 2018 police raid at their rented London manor house, where investigators discovered laptops, pen drives, and notebooks containing saved passwords and crypto wallets with Bitcoin holdings valued at hundreds of millions of dollars each, as stated by the prosecuting lawyer.
Gillian Jones, the lawyer representing the prosecution, informed the jury that during the raid, Yadi Zhang was present at the property but managed to flee the UK afterward.
The investigation was triggered by Jian’s unsuccessful attempts to purchase two London houses, with a combined value of approximately $45 million. Her inability to provide sufficient proof of the source of funds to a lawyer involved in the transactions led to the failed property acquisitions.
Prosecutors allege that Jian, in 2017, asserted to the lawyer that Zhimin had mined and “gifted the Bitcoins” to her as a “love present.” The purchased house was their “first home,” as per Jian’s statements. The prosecution further claims that Jian had researched online methods to use Bitcoin for property transactions in the UK and explored avenues for selling Bitcoin without requiring proof of funds.
As the case unfolds, Jian Wen faces legal scrutiny and maintains her denial of any involvement in the money laundering allegations linked to the international fraud scheme.
Dubai-Based Investment Adviser Offered Bitcoin Transaction Channel
The ongoing investigation also reveals that in 2019, a Dubai-based investment adviser presented Jian Wen with an alternative method for locally selling Bitcoin for cash.
In a statement provided to the police in 2019, Jian asserted that she lived with Zhimin as a caretaker and translator, and in return, she received a gift of 3,000 Bitcoins. Jian stated that back then she had limited understanding of Bitcoin and believed it to be the source of Zhimin’s wealth.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
On Wednesday, December 20, a U.S. appeals court issued a mandate formalizing the forfeiture of 69,370 bitcoins and other cryptocurrencies linked to the now-defunct Silk Road dark web marketplace.
The initial judgment, dated August, has now been solidified, as confirmed by a filing in the U.S. District Court of Appeals for the Ninth Circuit on Wednesday.
US Govt. Can Now Control Silk Road Bitcoins
The court document lists Silk Road founder Ross Ulbricht as a defendant, along with two claimants and the U.S. government as the plaintiff. This finalization of the forfeiture follows the U.S. government’s control of the cryptocurrency, which was previously acquired from a mysterious figure known as “Individual X.”
This individual purportedly hacked into Silk Road, gaining control of its funds, as outlined in the original complaint. The completion of this legal process underscores the government’s authority over the seized digital assets connected to the notorious dark web marketplace.
Silk Road Founder Ross Ulbricht, currently serving a life sentence, established and managed the notorious online marketplace from 2011 to 2013. The platform also facilitated the illicit trade of drugs and weapons before being forcibly closed by the Federal Bureau of Investigation (FBI) upon Ulbricht’s arrest in late 2013.
Furthermore, in 2022, Ulbricht reached an agreement to allocate $3 billion worth of stolen bitcoin to settle debts with the U.S. government. As part of this arrangement, he also forfeited the rights to 69,470 Bitcoins.
Several days ago, a wallet address containing a substantial amount of Bitcoins, precisely 69,369, witnessed its first movement of funds since 2015.
Will US Govt. Hold or Sell the BTC?
Throughout the year, the US Govt. has been selling the Bitcoins recovered through the Silk Road route. Earlier this year in March, US officials sold nearly 10,000 Bitcoins while retaining 41,000+ BTC.
Considering that the Bitcoin price has moved up considerably by 100% since the beginning of 2023, the US govt. might think of holding them. Also, analysts are bullish over the spot Bitcoin ETF approval and the Bitcoin halving in 2024. Thus, they are already giving BTC price targets of $100K and more.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu price primed for 20% rally as SHIB seizes opportunity after Dogecoin’s failure FXStreet
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The Russian Interior Ministry has taken down four major DarkWeb sites. The DarkWeb sites specialize in selling stolen payment card details from retailers and payment companies. Cybercriminals use these stolen cards to buy wares online and sell them for cash. This modus operandi is known as ‘Carding.’
Stolen Credit Card Market –A dying market
An increasing crackdown by authorities has forced many of the stolen credit card market vendors to end their sites. Rough estimates put the value of the market to nearly $263 million collections overall. One of the most significant stolen credit card vendors, Joker’s Stash, shut down its operations. It was followed by the UniCC this year, the second-largest vendor of stolen cards.
The Russian Interior Ministry seized Forum Shop and Trump’s Dumps, two major Stolen Credit card vendors. After Joker’s Stash ceased operation, UniCC became the market leader. After its exit, Forum shop, established in 2013, became the market leader. It raked in $256 million in Bitcoin through stolen card sales.
Trump’s Dump is a magnetic strip data vendor famous for using former US President Donald Trump’s picture for branding. It is estimated to have made a profit of $4.1 million since 2017.
Another major fish in the dubious market is Sky-Fraud. It is a significant carding forum and is visited by cybercriminals for discussing carding methods and other money laundering tips. Both Trump’s Dump and Forum Shop figured in most discussions on the forum.
Another dark player in stolen wares is UAS Store, RDP Credentials Vendor. The COVID-19 pandemic saw many workers working remotely from their homes. Their employers provided access to RDP (Remote Desktop Protocol). Hackers infiltrated poorly configured company networks, stole victims’ RDP credentials, and posted them in the UAS Store.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Flipsider News – DoJ Seizes $3.6 Billion from Bitfinex Hack, Bitfinex Surges 60%, Shiba Inu Enters Metaverse, LEASH Gains 45%, Russia to Regulate Crypto, OpenSea Delists CryptoPunks, Sotheby’s to Auction CryptoPunksRead in the Digest:
- Department of Justice seizes $3.6 billion stolen from Bitfinex hack, Bitfinex surges 60%.
- enters metaverse with ‘Shiba Lands,’ LEASH jumps 45%.
- Russia set to regulate crypto, donations to Ukraine NGOs soar.
- OpenSea delists CryptoPunks v1, Sotheby’s to auction 104 CryptoPunks.
Department of Justice Seizes $3.6 Billion Stolen from Bitfinex Hack, Bitfinex Surges 60%
In August 2016, Bitfinex suffered one of the biggest crypto exchange hacks to date when 119,754 Bitcoin was stolen, worth approximately $5.2 billion at current prices. On February 8th, the U.S. Department of Justice announced the recovery of a significant portion of the stolen funds.
The DoJ reported that it had arrested Ilya Lichtenstein and his wife Heather Morgan, who together conspired to launder funds stolen from the Bitfinex hack. In addition to this, the DoJ lawfully seized and recovered more than 94,000 bitcoins, worth over $3.6 billion.
Following the announcement, the Hong Kong-based crypto exchange announced that it would work “with the DOJ and follow the appropriate legal processes to establish our rights to a return of the stolen bitcoin.”
The value of Unus Sed Leo (LEO), a token launched by Bitfinex, has jumped by more than 60% since the announcement was made. Initially opening for trade at $4.87, LEO has since skyrocketed to a new all-time high of $8.04.
The 48 hour price chart for Unus Sed Leo (LEO). Source: Tradingview
Flipsider:
- Bitfinex promised to burn an amount equal to 80% of the recovered funds in order to repurchase and burn outstanding LEO tokens within 18 months of the recovery.
Why You Should Care
After almost six years, the victims of the Bitfinex hack can perhaps finally expect to recover their lost funds.
Shiba Inu Enters Metaverse with ‘Shiba Lands,’ LEASH Jumps 45%
Two weeks after revealing its metaverse project dubbed ‘The Shiberse,’ the developers of popular meme coin Shiba Inu have announced that its community can now obtain and own virtual pieces of land in the Shiba Inu Metaverse.
The Shiba Inu team announced that it would be introducing land, a queue system, and more in the virtual reality as part of its ecosystem expansion. The Shiba Army can now purchase land in order to get a front-row seat in the dog themed metaverse as per the announcement.
As part of the reveal, the Shiba Inu Team stated that $LEASH holders will be the first to gain access to Shiba Inu metaverse Lands. The proclamation caused the price of LEASH to jump by more than 45%.
Over the last 24 hours, Doge killer (LEASH) has gained in value by 46%, making it one of the day’s best performers. After grazing an interday high of $1,886.19, LEASH is now trading at $1,766.1, with a market cap of $190 million as of this writing.
The 24 hour price chart for Doge Killer (LEASH). Source: Tradingview
Flipsider:
- Though it remains one of the Shiba army’s most anticipated events, a listing for SHIB on Robinhood (NASDAQ:) continues to elude the project.
Why You Should Care
With its metaverse and other upgrades coming in 2022, Shiba Inu is aiming to change the face of the meme coin for the better and battle for a top spot.
Russia Set to Regulate Crypto, Bitcoin Donations to Ukraine NGOs Soar
After weeks of uncertainty following the proposal that tabled a blanket ban on crypto transactions, trading, and mining operations, Russia is set to propose a regulatory framework for the industry on Friday, February 11th.
According to a statement released on Tuesday, the Russian government and the country’s central bank have agreed to draft legislation and amend existing laws recognizing crypto as a form of currency.
Early reports suggest that the framework could integrate digital currencies into the nation’s financial systems. In addition to this, Russia is aiming to “minimize the threat to the financial system’s stability and reduce the use of cryptocurrencies for illegal purposes.”
Flipsider:
- Responding to the rising tensions in Ukraine, volunteer groups have been crowdfunding bitcoin to support the country’s military.
- NGOs and volunteer groups received more than $550,000 in 2021, and have already amassed $6,000 in 2022 as Russian troops occupy Ukraine’s borders.
Why You Should Care
The report represents a significant turn from last month’s proposed ban on all crypto activities, and eliminates the possibility of a repeat of China.
OpenSea Delists CryptoPunks v1, Sotheby’s to Auction 104 CryptoPunks
CyptoPunks v1 – a collection of 10,000 uniquely generated characters – has been delisted by the largest NFT marketplace in the space, OpenSea. The NFT platform delisted CryptoPunks v1 after being served a Digital Millennium Copyright Act takedown notice by Larva Labs, creator of the original CryptoPunks – one of the oldest NFT collections in the industry.
According to reports, the CryptoPunks v1 collection was created due to a smart contract bug through which Larva Labs attempted to create CryptoPunks v2, a sequel to the original set.
Sotheby’s, the auction house famous in the cryptoverse for Beeple’s $69 million NFT sale, has announced it will be auctioning off 104 NFTs from the original 2017 CryptoPunks collection. The collection will be sold as a single lot on February 23rd. The collection was originally purchased in the legendary “Punk Sweep” of July 2021.
Initially bought for $7 million in 2021 by anonymous collector “0x650d,” the auction, titled “Punk It!” is estimated by Sotheby’s to fetch between $20 million & $30 million.
Flipsider:
- Despite being delisted from OpenSea, CryptoPunks v1 recently debuted on competing for NFT platforms such as LooksRare.
Why You Should Care
The newest upcoming Sotheby’s auction is a true indication of just how much the digital art sector has grown since its inception.
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