South Korean authorities have arrested 215 individuals in connection with a massive cryptocurrency investment scam worth an estimated 325.6 billion won – around $232 million. The arrests, led by the Anti-Corruption and Economic Crime Investigation Unit of the Gyeonggi Southern Provincial Police, involve employees of a fraudulent investment consulting firm and its founder, who happens […]
Authorities have confirmed that the body of Kevin Mirshahi, a cryptocurrency influencer abducted in June, has been found in Montreal. A passerby discovered Mirshahi’s remains in Île-de-la-Visitation Park, located in the Ahuntsic-Cartierville district, on October 30. Mirshahi’s death has added to Montreal’s rising homicide count, bringing the city to its 32nd case this year. Kevin […]
Ukrainian crypto holder Viacheslav Leibov was robbed by a group of armed men in Phuket, Thailand, on November 8th. The incident led to a loss of 250,000 USDT and marks the latest in a series of security incidents involving crypto investors across major cities. Armed Robbery According to the report by Bangkok Post, the 23-year-old, […]
Binance revealed collaborating with the Delhi Police to take down a “sophisticated scam” orchestrated by a fraudulent entity known as “M/s Goldcoat Solar.” According to the press release shared with CryptoPotato, the crackdown resulted in several arrests and the confiscation of more than 100,000 USDT in crypto assets. Solar Scam Busted As part of the […]
The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia. It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime. UNODC Raises Alarm Over Crypto In its […]
Russia has sentenced Marat Tambiyev, a former mid-ranking investigator, to 16 years in jail after he was caught accepting a bribe of 1,032 bitcoins, which is currently worth around $65 million, from hackers he was investigating. The bribe originated from members of the Infraud Organization hacking group, which Tambiyev was tasked with probing while working […]
In the debate over illicit finance, cryptocurrencies often bear the brunt of criticism despite cash being the preferred tool for criminals. A new report published by Homeland Security Investigations (HSI) Supervisory Special Agent Robert Whitaker and the Crypto ISAC states that regulated crypto platforms offer valuable support to law enforcement, utilizing blockchain’s transparency to combat […]
In a landmark case in Scotland, £110,000 (worth approximately $144,384) has been seized from 29-year-old John Ross Rennie. This marks the first time that proceeds of crime legislation have been used to confiscate cryptocurrency as physical cash. This case was settled at the High Court in Edinburgh. Violent Robbery Rennie of Cambuslang was convicted of […]
On Aug. 15, crypto compliance and research firm Chainalysis released the first part of its 2024 crypto crime report. The firm revealed that aggregate illicit activity on-chain has dropped by 19.6% year-to-date, down from $20.9 billion to $16.7 billion. It added that this demonstrates “that legitimate activity is growing more quickly than illicit activity.” Part […]
Blockchain analytics company Elliptic said that its researchers have made progress in leveraging artificial intelligence (AI) to detect money laundering in Bitcoin. A recent paper detailing this research was co-authored with researchers from the MIT-IBM Watson AI Lab. Elliptic revealed a successful identification of illicit proceeds deposited at a cryptocurrency exchange, new patterns of money […]
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