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TD Bank Makes History as First US Bank to Plead Guilty to Money Laundering Conspiracy

[Oct 14 1:30 AM] TD Bank, one of the largest financial institutions in the U.S., has agreed to pay a record $3 billion penalty, the largest ever under the Bank Secrecy Act, after pleading guilty to felony charges. The bank is the largest in U.S. history to plead…

Ohio’s New Crypto Fraud Unit Claims First Victory, Recovers $130K From Scam

[Oct 10 12:30 AM] The Ohio Bureau of Criminal Investigation’s new Electronic Fraud Investigations unit has recovered $130,000 from a cryptocurrency scam in its first victory. The unit was established to address the growing complexity of cyber financial crimes…

FBI seizes $6M from crypto scammers targeting US citizens

[Sep 28 3:20 AM] Tether says it aided in the recovery of the stolen crypto by freezing the scammers wallets, which the FBI then seized.  

Tether Helps Dutch and US Authorities Seize $7.8M in Crypto

[Sep 27 1:30 PM] Tether, the world’s largest stablecoin issuer, reportedly played a crucial role in a joint operation led by Dutch and U.S. law enforcement agencies to dismantle two cryptocurrency exchanges suspected of money laundering. The operation resulted in…

US Sentences Nigerian Darknet Fraud Leader to Five Years in Prison for $6M Scheme

[Sep 21 2:30 AM] A Nigerian national has been sentenced to five years in federal prison for his role in a massive darknet fraud scheme that intended to cause over $6 million in losses, according to the U.S. Department of Justice (DOJ). Using various online aliases…

FATF Urges India to Strengthen Virtual Asset Regulation

[Sep 21 1:30 AM] India has achieved a high level of technical compliance with Financial Action Task Force (FATF) standards, addressing illicit finance, money laundering, and terrorist financing. In a joint assessment with regional bodies, the FATF praised…

Man allegedly tries to ‘recover’ losses from BitConnect, kidnapping two

[Aug 19 2:10 AM] Indian authorities have arrested a man for allegedly kidnapping two employees of BitConnect creator Satish Kumbhani and extorting $125 million in crypto.

Binance Security Team Recovers $73 Million in Stolen Crypto Funds This Year

[Aug 9 3:10 AM] Crypto exchange Binance’s security team has recovered or frozen over $73 million in stolen user funds so far this year, surpassing the $55 million recovered in 2023. This achievement highlights the company’s commitment to improving…

Cyprus calls for collective crackdown against crypto terror financing

[Jul 10 5:40 AM] The alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime.

FCA busts suspects in $1.2B illegal crypto asset business

[Jun 21 2:44 AM] FCA arrests two suspects involved in a $1.2 billion illegal crypto asset exchange, highlighting the agency’s efforts to combat financial crime.

Former FTX Executive Ryan Salame Sentenced to 7.5 Years for Criminal Charges

[May 28 10:29 AM] Former FTX executive Ryan Salame was sentenced to seven and a half years in prison by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York after pleading guilty to criminal charges, including engaging in an unlawful…

Tornado Cash Dev Alexey Pertsev Sentenced to 64 Months in Prison

[May 14 6:47 AM] Alexey Pertsev, a developer for the Ethereum-based crypto mixer Tornado Cash, has been sentenced to 64 months in prison after a Dutch court found him guilty of money laundering charges on Tuesday.The judge stated that the platform was "intended for…

Nigerian officials proposed secret crypto settlement, claims Binance CEO

[May 7 3:33 AM] Binance CEO Richard Teng says the Nigerian government has set a dangerous precedent after inviting company executives to meetings before detaining them.

FBI busts $43M crypto and Las Vegas hospitality Ponzi scheme

[May 2 2:03 AM] The FBI arrested a New York resident for defrauding investors of at least $43 million in a multi-year Ponzi scheme that included a Las Vegas hospitality business and crypto trading operation.

Game Theory Of Financial Crime: Policy Takeaways From Bitcoin

[Jan 29 8:32 AM] Significant shifts are underway in the ecosystem of illicit actors using cryptocurrency. According to a 2023 report by TRM Labs, Bitcoin is no longer the asset of choice for criminals.The report states, “The multi-chain era has had a sweeping…

Majority of Americans Hesitant to Embrace Central Bank Digital Currency, Survey Finds

[Jun 13, 2023 5:30 AM] A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low…

South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders

[Apr 7, 2023 8:00 AM] According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors in South Korea believe that Kwon’s purported bitcoin stash…

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

[Mar 28, 2023 11:30 AM] Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government…

US regulator to seek feedback on DeFi's impact on financial crime

[Dec 8, 2022 12:30 AM] A “close look” is being taken at money laundering and terror financing laws by FinCEN as it asked banking sector players for feedback on DeFi’s crime risks.