Cryptocurrency-related crimes have slowed down in 2020, but some sectors within the crypto industry have become a new hotbed for criminal activity, a new report says. Citing major crypto analytics firm CipherTrace, Reuters reported on Nov. 10 that total losses from crypto thefts, hacks and fraud dropped from $4.4 billion in 2019 to $1.8 billion over the first 10 months of 2020. CipherTrace CEO Dave Jevans said that the general decline of criminal activity in the crypto industry is a result of increased security measures: “What we have seen is that exchanges and other cryptocurrency players have implemented more security …

Blockchain technology can help countries like Kenya from losing billions of dollars to corruption, according to an official at the United Nations’ drugs and crime agency. David Robinson, the regional anti-corruption advisor at the UN’s Office on Drugs and Crime, believes that new technologies like blockchain will help Kenya combat government corruption and other economic crimes. According to Nation Media Group on Nov. 3, Robinson claimed that blockchain-based solutions can provide full traceability of transactions, protecting public registries from fraud and forgery. The official said: “Blockchain technology becomes attractive to the global community and international organizations because it is a …

An Italian airport staffer allegedly took advantage of the computer systems at his place of work in order to mine Ethereum (ETH). Employed at an airport located in the Italian city of Lamezia Terme, the staffer allegedly put mining malware onto the airport's computer systems, said a news brief today from Italian media outlet Rai News. The employee is said to have set up multiple mining rigs on site, taking advantage of the airport's backend systems in the process. Authorities eventually caught the culprit via security cam footage. Technical services provide Sacal Global Solutions oversees the technical framework for the …

There has been a hot political debate underway on who should take responsibility for countering North Korean hacks targeting South Korean cryptocurrency exchanges. Recently, South Korea's financial watchdog made it clear that they do not see this issue as any of their business. According to Fn News, the Financial Services Commission, or FSC, has replied to a written inquiry from the National Assembly’s Political Affairs Committee on October 23. The FSC says that they’re not responsible for the crypto stolen during attacks from hackers sponsored by the Kim Jong-un’s regime, such as Lazarus Group, on crypto exchanges. Per the report, …

The founder and operator of some of the first "mixing" services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges. The U.S. Treasury's Financial Crimes Enforcement Network, or FinCEN, announced on Monday a $60 million fine against Larry Dean Harmon, the man behind Helix and Coin Ninja. Harmon was arrested in February for operating a stable of tumblers, or mixers, that Washington, D.C. prosecutors allege constitute unregistered money services businesses. Those charges against him say he laundered over $300 million in Bitcoin. According to today's announcement, "FinCEN’s investigation has …

Latvia's Financial and Capital Market Commission has identified suspect transactions and attempted fraud in the domestic cryptocurrency space. In an official warning published on Monday, the FCMC urged investors to "be particularly vigilant, as cryptocurrencies operate in an infrastructure that is currently characterized by lower regulation than in the financial and capital markets." Within Latvia, the issuance and circulation of cryptocurrencies are mostly unregulated, with exceptions for certain types of investment services and contracts involving crypto that require a license from the FCMC. The regulator has shared several details of the "signs of fraud" it has identified within the domestic …

Law enforcement officials from around the world hav taken action against a major transnational money laundering operation involving cryptocurrency. On Oct. 15, Europol announced a successful operation across 16 countries that resulted in the arrest of 20 individuals suspected of working for the QQAAZZ criminal network. The organization is accused of laundering tens of millions of euros for top cybercriminals since 2016. The funds are allegedly transferred through international bank accounts, shell companies based in Poland and Bulgaria, and via cryptocurrency mixing services. Around 40 homes were searched across the United Kingdom, Spain, Italy, Latvia, and Bulgaria as part of …

The legal team for Reginald Fowler said the former minority owner of the Minnesota Vikings is open to a guilty plea regarding his involvement in Crypto Capital’s alleged shadow banking practices, provided forfeiture is not part of the deal. The company is a key player in the ongoing court case over Bitfinex’s failure to disclose the loss of $850 million in customer funds. The exchange claims the funds were deposited with Crypto Capital before being seized by government authorities in various countries. According to Law360, Fowler’s lawyers stated that a January plea deal with the U.S. government “blew up” because …

Belgium’s financial watchdog has reported scammers stole up to $12 million from investor in the country using fraudulent ads. In an Oct. 5 warning from the Financial Services and Markets Authority (FSMA), the watchdog estimated that investors in Belgium had lost at least 10 million euros — roughly $11.8 million at the time of writing — between May 2019 and September 2020 to fraudulent platforms, including those dealing with cryptocurrencies. The FSMA reported that such platforms scammed victims using fake advertisements on social media featuring pictures of celebrities, directing them to provide information to bad actors. “These platforms often use …

John McAfee’s recent detention in Spain caps off a few weeks where crypto news feeds have been dusted with reports of regulator enforcement actions and bans, arrests, and an exchange hack. Crypto news hasn’t looked like this in a while. The terrain of the crypto sector may once have been blighted by exit scams and cowboys, but the post-BlockFi, post-Grayscale crypto landscape is an entirely different beast. Does the recent spate of stories related to crime and legal proceedings suggest that the sector is being mopped up for a brighter future? Are regulators only now catching up? Or does it …

A delicatessen in the Canadian town of Kelowna, British Colombia has been severely damaged after two bumbling crooks attempted to steal a Bitcoin ATM installed in a store adjacent to it. At roughly 3am on October 7, the two suspects unsuccessfully attempted to steal the Bitcoin ATM located on the back wall of the neighbouring store. While attempting to flee empty-handed they backed their white GMC Sierra pick-up truck into L&D Meats and Deli and smashed its front wall. The chance they’ll be caught seems quite high, as local police noted that the thieves managed to leave their tailgate behind. …

In Sweden, cash in circulation represents only 1% of the country’s gross domestic product, and some experts predict the nation will go “totally cashless” by 2023. In China’s largest cities, over 90% of people use WeChat Pay and Alipay as their primary payment method, with cash a distant second. It may seem that the transition to a world without paper banknotes and metal coins is inevitable, but this week, a survey reminded us that reports of hard cash’s death may be greatly exaggerated. The study by Genesis Mining, titled “Perceptions and Understanding of Money 2020,” reports that 60% of Americans …