CRYPTOCURRENCY CRIME
Fake US officials, forged court orders and gold pick-ups: How a Hyderabad call centre targeted nearly 2 million citizens and stole Rs 261 crore
The Enforcement Directorate has uncovered a fake call centre syndicate that allegedly defrauded US citizens of millions. Investigators arrested seven individuals involved in this international money laundering operation. The syndicate impersonated US federal officials and pressured victims to pay money through various channels. Seized evidence includes forged documents and the personal information of numerous US nationals. The investigation continues to identify additional participants and trace the flow of illegal funds.
A family office with $36 billion took on $160 billion of exposure, and its founder got 18 years in prison
Sung Kook 'Bill' Hwang received an 18-year prison sentence for his involvement in the Archegos Capital Management collapse. The firm’s failure resulted in over $10 billion in losses for major banks. Prosecutors previously sought a 21-year sentence and over $12 billion in financial penalties from Hwang. During sentencing, the judge compared Hwang's actions to those of Sam Bankman-Fried from FTX.
'A trite provocation': North Korea denies involvement in $6 billion Binance hack, criticizes FBI probe
North Korea has rejected the claims of its involvement in the recent Binance cryptocurrency theft exceeding USD 6 billion. The FBI had accused North Korean hackers of orchestrating the heist, linking it to previous cyber incidents. Kim Yo Jong noted that the US has a history of making such accusations against North Korea.
Crypto cards enter RBI's radar as Indians use offshore wallets for everyday payments
Offshore crypto cards that allow Indian residents to spend digital assets on domestic purchases and withdraw cash have come under the scrutiny of the RBI and Financial Intelligence Unit. Several users have reported card deactivations in recent days, while authorities are understood to be examining potential violations of payment regulations and FEMA.
In 1907, gold and silver turned Rawhide, Nevada, into a town of 7,000; by 1910, only 500 remained after stock fraud, a major fire, and a flood wrecked the boom
In 1906, Rawhide, Nevada saw a surge in population, swelling to 7,000 residents after gold was discovered. However, by 1910, it faced a steep decline to about 500 inhabitants, driven by disasters like a severe fire in 1908 and flooding. Although the town was rich in gold and silver, scandals marred its image. Today, Rawhide is a sobering reminder of the fleeting glory of boomtowns.
North Korean hackers linked to crypto thefts among world's best, experts say
Blockchain investigation firms TRM Labs and Chainalysis attribute the heist to a North Korean hacking group known as "TraderTraitor," a name used in a 2022 joint warning from the FBI, CISA and US Treasury that described how hackers used malicious software and other tricks to target software developers and IT staff at cryptocurrency companies.
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Could Binance’s $6.3 billion hack trigger a crisis across crypto’s billionaire network as CZ turns to Elon Musk for support?
Binance's significant security breach has led to a public dispute between Changpeng Zhao and Elon Musk. Zhao is seeking Musk's support while trying to reassure Binance customers that their funds remain secure. The incident highlights Binance's investments in Musk's businesses, specifically with SpaceX. Binance aims to recover affected assets and restore normal operations following this crisis. Meanwhile, the situation has attracted the attention of cybersecurity investigators and cryptocurrency traders.
Bomb threats in Ahmedabad: Probe points to email accounts operated from Bangladesh, Pak
A probe into bomb threats sent to various locations in Ahmedabad revealed involvement from Bangladesh and Pakistan. The Cyber Crime Branch indicated that hacked email accounts were used in these incidents. The first case involved threats to schools and the Modi Stadium, referencing Khalistan and events featuring singer Diljit Dosanjh. A second case also targeted multiple locations with similar threats shortly afterwards.
US hits Bank of America with $1.2 billion fine, says it violated money laundering, sanctions laws
The US Treasury Department announced a $1.2 billion fine against Bank of America for violating anti-money laundering laws. This penalty marks the third-largest ever imposed by the department in its history. Alongside this fine, Bank of America settled for $11.6 million over sanctions violations related to various programs. The bank acknowledged willful violations of the Bank Secrecy Act, emphasizing its commitment to compliance.
As Thailand cracks down on foreigners, a tourist paradise reconsiders its welcome
Thailand is facing a growing backlash against foreign influence in its tourist hotspots, particularly southern islands such as Koh Phangan, Phuket and Koh Samui. Locals fear foreign investors and businesses are reshaping communities, driving up property prices and pushing residents out.
Are your Cryptocurrencies safe from cyber attacks? Over $350 million heist at Crypto exchange platform raises questions
Cryptocurrency heist: Last year, attackers stole $2.9 billion worth of crypto across nearly 150 different attacks, according to researchers at TRM Labs.
Google faces police questioning over 500,000 fake Gmail accounts used for bomb threats
Indian police will question Google regarding safeguards after dismantling a fake Gmail account network. This network sent over 500,000 hoax bomb threats to government offices across India. Authorities arrested two individuals involved in operating this extensive criminal operation since 2022. The investigation began after a bomb threat email targeted the Gujarat government before a summit. Police are examining how the criminals bypassed security measures, including two-factor authentication.
27 gangsters brought to India from abroad by Haryana Police: DGP Ajay Singhal
Haryana Police have successfully deported or extradited twenty-seven gangsters from abroad. The Special Task Force has intensified its actions against organised crime networks. They are actively tracing wanted criminals hiding in foreign countries using intelligence. The police have also facilitated the detention of twelve more gangsters abroad. Efforts continue to curb illicit money flows and coordinate with neighboring states.
GFF 2026: Fintech industry should step up investments to counter risks from emerging tech, says FATF vice-president
Fintech firms must increase investments to combat new technological threats. Emerging technologies like AI pose significant risks to India's economic progress. The FATF vice-president highlighted the need for proactive risk management strategies. Industry leaders need to understand and address these evolving challenges promptly. Timely action is crucial to safeguard the nation's growth trajectory.
22-year-old school dropout steals Rs 23,45,67,77,750 in crypto, buys 30 cars, custom Porsches, Lamborghinis and Ferraris, and a watch worth about Rs 20 crore
A Singaporean man admitted his role in a cryptocurrency racketeering operation. This enterprise allegedly stole and laundered over $245 million in digital assets. Social engineering tactics were used to target cryptocurrency holders for theft. The stolen funds were used for luxury purchases like cars and mansions. Lam faces up to twenty years in prison for his involvement.
Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft
In a bold social engineering heist, young con artists pilfered over $240 million in bitcoin, leading to an extravagant month of luxury splurges, complete with stylish mansions. The FBI has arrested Malone Lam, alleged leader of the gang, alongside 17 others, underscoring a disturbing trend of cryptocurrency frauds reported to them. With rising criminal activity, law enforcement is intensifying efforts to prosecute these offenders and reclaim the misappropriated assets.
UK doubles penalties for sanctions breaches to squeeze Russia
Britain has doubled penalties for sanctions breaches, increasing the maximum fine to 100 percent. The UK Treasury stated this action aims to pressure Russia's war economy and its supporters. A nationwide alert targets the Kremlin-backed A7 network for routing funds and evading restrictions. This move supports the private sector in bearing down on sanctions evasion efforts. Britain previously targeted Russian cryptocurrency platforms and banks to bypass sanctions.
Assam man with China links held for Rs 1,071 crore cyber fraud across 1,090 cases
Gujarat CID arrested a man from Assam for orchestrating 1,090 cybercrimes. These frauds amounted to over Rs 1,071 crore and involved China-based criminals. The accused masterminded transferring funds into numerous bank accounts across India. He then converted these illicit funds into cryptocurrencies for transfer to China. This arrest also helped prevent ten other digital arrest cases through counselling.
Nancy Guthrie’s kidnappers may be hired by crypto hackers; new ‘wrench attack’ theory could finally offer a breakthrough in the case
Nancy Guthrie update: A former FBI agent believes Nancy Guthrie's disappearance may be linked to a violent cryptocurrency crime. This theory, known as a 'wrench attack', involves physical intimidation to gain access to digital assets. While the theory fits some aspects, a retired detective suggests the case might not be a typical wrench attack.
Crypto, stablecoins being used to fund drug, gold smuggling racket: DRI report
Smugglers are increasingly using cryptocurrencies for illegal payments and to move crime proceeds. Stablecoins like USDT are now replacing traditional hawala networks. This trend, particularly in drug and gold smuggling, poses challenges for law enforcement. Advanced tools and global cooperation are needed to combat this evolving digital crime.
Illegal trading platform rakes in Rs 800 crore in India in just nine months
The ED is probing OctaFX for Rs 800 crore in alleged proceeds of crime from India, laundered via cryptocurrencies and fake service imports. This investigation reveals a broader pattern of cross-border financial frauds, leading to Indians losing over Rs 22,800 crore in 2024 through similar illicit schemes.
Crypto ransom attack payments hit record $1 billion in 2023: report
Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022.
How crypto helps Latin America's drug cartels do business
Drug cartels and crime gangs in Latin America have taken up virtual currencies to launder money, receive payments and sell drugs on the darknet because law enforcement authorities are finding it harder to detect the deals, researchers and officials say.
Crypto crime hits record $20 billion in 2022, report says
The United States also imposed sanctions last year on cryptocurrency mixing services Blender and Tornado Cash, which it said were being used by hackers, including from North Korea, to launder billions of dollars worth of proceeds from their cyber crimes.
ED investigating 7 cases of cryptocurrency usage in money laundering, attaches Rs 135 crore
Law enforcement agencies have flagged usage of cryptocurrency by cybercriminals and cases investigated by the ED under the Prevention of Money Laundering Act (PMLA)reveals that the accused have laundered proceeds of crime (PoC) through the virtual currency, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha.
White House weighs broader oversight of cryptocurrency market
The oversight could include an executive order, Bloomberg News reported on Thursday. The spokeswoman did not comment on whether an executive order will be part of such oversight. Ransom software works by encrypting victims' data. Typically hackers will offer the victim a key in return for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.
US Justice Dept launches new initiatives on cryptocurrencies, contractor hacks
The group will include a mix of anti-money laundering and cybersecurity experts.
Chinese banks promise to step up cryptocurrency ban
China's biggest banks have promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.
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