Crypto Crime

The United Kingdom National Police Chiefs' Council reportedly has officers trained for crypto enforcement in police forces throughout the region. Detective chief superintendent Andrew Gould revealed this during a discussion on the U.K. Economic Crime and Corporate Transparency Bill on Oct 25.  UK Officers Equipped to Handle Crypto Crime King Charles announced the aforementioned bill in May and by September it had made its way to Parliament. The policy seeks to eradicate “dirty money” within the nation. It also aims…

Coinberry – a Toronto-based cryptocurrency exchange – recently disclosed losing 120 BTC to customers in a lawsuit targeting the perpetrators.  One target of the lawsuit is Binance, an exchange that Coinberry alleges helped launder some of the stolen funds.  As reported by the Financial Post, the loss had never been revealed until Coinberry’s lawsuit was filed in June. The lawsuit explains that customers stole Bitcoin from Coinberry in 2020 by exploiting a software bug exploiting interac e-transfers.  Users could e-transfer…

Earlier this week, Netherlands’ financial watchdog the Fiscal Information and Investigation Service (FIOD) took a 29-year-old developer into custody. The FIOD carried out the arrest in Amsterdam due to suspicions of his involvement in money laundering operations using crypto mixer Tornado Cash. Tornado Cash Facilitating Crypto Crimes The arrest comes shortly after the US Department of Treasury announced sanctions against the privacy protocol. In a release, the Treasury cited Tornado Cash’s role in various crypto crimes since its inception in…

New York City prosecutors have levied first-of-a-kind NFT insider trading charges against a former OpenSea employee. Manhattan Attorney Damian Williams says it represents his commitment to stamping out both stock market and blockchain-related trading crimes. The charges are related to insider trading activities carried out by 31 y/o Nathaniel Chastain while working at OpenSea. According to Reuters, Chastain is accused of secretly buying 45 specific NFTs on 11 different occasions. When doing so, he was under confidential knowledge that the…

Working with the US department of homeland security, the Australian Police Force has arrested three men with ties to an ongoing statewide case of money laundering and drug importation using cryptocurrencies. Detainees Found With Cash and Narcotics As shown by a video released following the arrest, authorities arrested one of the 3 men, aged 34, on the fly. Using unmarked vehicles officers came up to a black car which they then searched. The video depicts the officers recovering a parcel…

The robber caused a stir when it started a hostage situation in an Amsterdam-based Apple store, before demanding more than 200 million euros in crypto.  Robber Takes Hostage, Demands Crypto Ransom An armed man, dressed in camouflage, reportedly took over an Apple store in Leidseplein and held one person at gunpoint. The armed man afterward gave an ultimatum of 200 million euros to be paid in crypto or the hostage's life. The suspect, only later identified by a local newspaper…

Chainalysis – a blockchain data platform – recently released its 2022 crypto crime report, and discovered an interesting pair of facts. While illicit crypto transactions are at record highs, their proportional share of blockchain activity is at an all-time low. This casts doubt on numerous politicians’ assertions that cryptocurrencies are only a haven for nefarious actors. Trends In Crypto Crime According to the firm’s report released on Monday, blockchain addresses deemed “illicit” received $14 billion worth of crypto in 2021.…

A new report published by the blockchain data platform Chainanalysis estimated crypto-based criminal activity at $14 billion in 2021. The Crypto Crime Report is a yearly analysis shared by the company to provide insight into the darker side of this industry. Blockchain users’ anonymity generally provides a safer payment network, but some exploit data encryption for malicious purposes. This article will highlight the primary evidence anticipated by Chainanalysis to the market, compared to past numbers. How do criminals exploit cryptocurrencies?…

Bitcoin's fast price appreciation has made it an attractive asset to investors but also criminals. Recently, the police arrested a man after the kidnapping of a schoolboy he knew had made significant money trading cryptocurrency. The case highlights the importance of keeping one's earnings to himself, especially one's digital assets. What Happened? As The Guardian reports, a gang of criminals in Bradford, UK, kidnapped the boy. Next, they demanded a $10,000 ransom payment from the boy's parents for his safe…