Money Laundering

Brazil announces tougher penalties for crypto money launderers.

Money launderers in Brazil who turn to digital currencies will face longer prison sentences and higher fines if a proposed bill gets through parliament. The proposed bill doubles the monetary penalty and prescribes over 16 years in maximum jail time for convicted offenders. Money laundering through cryptocurrencies has become a concern for many governments across countries in recent times, with some like China arresting over 1,000 this year for it. Brazil lawmakers proposed an amendment to financial laws to stop money laundering through crypto.  In Brazil, the Chamber of Deputies—the

Aren’t NFTs Just Expensive JPEGs?

No. NFTs are more than just the image, it’s ownership.Photo by DrawKit Illustrations on UnsplashNFTs might not always have a fair value. Art has been used for money laundering and other illegal practices for decades, and maybe NFTs are next. But besides that, NFTs are more than a way to avoid tax and they are definitely more than just an image file anyone could download for free. Source: https://towardsdev.com/arent-nfts-just-expensive-jpegs-f70928669cb2?source=rss-------8-----------------cryptocurrency

Helix’s Larry Harmon Guilty of Money Laundering

Larry Dean Harmon, a 38-year-old man who hails from Akron, Ohio, has pled guilty to cryptocurrency money laundering charges after years of running a platform known as Helix, a darknet bitcoin mixing company. Larry Harmon Will Have to Pay Back Quite a Bit of Money Harmon pled guilty in a federal court. As part of his plea, he is required by regulators to give up as many as 4,400 bitcoin units to the state government, which by today’s standards, are worth more than $200 million. Harmon will also be required

UK Police Seize USB Stick With Ethereum Worth $9.5 Million

British detectives have seized $22.25 million from operators of an international cryptocurrency scam. Among the items seized was a USB stick containing ethereum worth $9.5 million. The police are now attempting to contact the victims of this scam to return their funds. UK Police Seize Crypto in USB Stick The U.K.’s Greater Manchester Police announced Wednesday that its Economic Crime Unit has seized a USB stick containing “huge amounts of ethereum, the second largest crypto currency after bitcoin.” The USB stick was discovered after the police arrested a 23-year-old male

Why Sodinokibi shifted from using Bitcoin to Monero?

Table of Contents 5 / 5 ( 1 vote ) There is a common misconception that many have in regards to bitcoin; anonymity. Yes, bitcoin allows for far higher protection of privacy in comparison to other financial communication systems such as SWIFT, but that does not mean it provides complete protection from law enforcement authorities. Why did Sodinokibi shift to Monero from Bitcoin? While Bitcoin does NOT require ID verification, many services built around it, do need it. This means that in order to buy and sell bitcoins, you may

Bitcoin Cash, VeChain, Dogecoin Price Analysis: 22 September

The cryptocurrency market saw losses on Monday, as traditional stock markets plummeted sharply. This could be related to news reports that large banks were involved in money laundering transactions. Bitcoin Cash showed it might not register further losses in the near-term. VeChain flipped from bullish to bearish momentum over the weekend. Dogecoin continued to show bearishness.Bitcoin Cash [BCH]Source: BCH/USDT on TradingViewThough the price has stayed around $230 for the past two weeks, OBV showed that the asset was bought at a steady rate (purple).Another thing to note is that Monday’s

Community-Funded Bitcoin Awareness Campaign Unveiled in Hong Kong

Since 2012, the Bitcoin Association of Hong Kong has been one of the strongest local communities focused on Bitcoin, boasting a current membership of over 5,000 people. During the month of September, the organization will be using donations to buy advertising space that feature informative statements highlighting “the risks and merits of Bitcoin”. “The goal is mainly to kickstart a conversation around the merits of Bitcoin, especially in the context of the ongoing economic challenges,” explained Leo Weese, co-founder of the Bitcoin Association of Hong Kong. “I think the beauty of