Laundering

The post Tornado Cash Creator Faces 5-Year Jail Over $1.2B Money Laundering Case appeared first on Coinpedia Fintech News The crypto world and the legal world have been closely tied together lately. Now, a Dutch court has found Alexey Pertsev, the creator of the innovative crypto platform Tornado Cash, guilty of laundering an eye-popping $1.2 billion in illicit funds. Pertsev, a 31-year-old Russian national, now faces a hefty five-year prison sentence after the verdict was delivered on May 14. Behind…

The US Justice Department has indicted Maximilien de Hoop Cartier for his alleged involvement in laundering proceeds from drug trafficking using Tether (USDT). The indictment discloses how Cartier would use shell companies to defraud financial institutions into believing he was a software and technology company.  The US Justice Department (DoJ) has arrested Maximilien de Hoop Cartier, a direct heir to the Cartier jewelry empire, on charges of money laundering and conspiracy. The arrest comes after allegations surfaced of Cartier’s involvement…

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 laundering transactions, and previously unidentified illegal wallets upon utilizing a deep learning model. The firm said that findings are already being used to improve its…

The post UK Treasury Report: Crypto Identified as High-Risk for Money Laundering 2022-2023 appeared first on Coinpedia Fintech News A.U.K. Treasury report ranked crypto, alongside retail and wholesale banking, and wealth management, as the three highest-risk sectors for money laundering during 2022-2023. The Financial Conduct Authority’s risk assessments on 238 firms concurred with the outcome. Since 2020, the FCA has regulated crypto firms to comply with anti-money laundering rules. In fact, the U.K. has been fighting crypto crime by appointing…

United States prosecutors have alleged that two co-founders developed a crypto mining service called Samourai Wallet that conducted unlawful transactions worth $2 billion. The co-founders each face charges of money laundering and unlicensed money transmitting business, with the former carrying a maximum prison sentence of 20 years. Samourai Wallet Allegedly a ‘Safe Haven’ for Criminals According to a press release by the U.S. Attorney’s Office of the Southern District of New York, executives of Samourai Wallet CEO Keonne Rodriguez and…

The post U.S. DOJ Cracks Down on Samourai Wallet for Alleged Money Laundering appeared first on Coinpedia Fintech News Samourai Wallet developers released a beta version in 2024 allowing atomic swaps of bitcoin/monero. This new feature streamlined secure swaps between BTC and XMR using the Tor network. This release came amidst government scrutiny of privacy coins and exchanges delisting them.  In October, FinCEN proposed new rules for crypto-mixing services. This was done to reduce money laundering risks. Also, starting from…

The post Binance Executive Remains Detained in Nigeria Amid Money Laundering Allegations appeared first on Coinpedia Fintech News Binance’s legal troubles never end, as one of their executives is still imprisoned in Nigeria. Binance ‘s new CEO, Richard Teng, ceases his efforts to negotiate with the Nigerian authorities to set Tigran Gambaryan, a Binance executive, from prison.  Binance Exec Still Behind Bars Gambaryan, the head of financial crime compliance at Binance, along with Nadeem Anjarwalla, who has fled the jurisdiction,…

The post KuCoin And Founders Face Up To 10 Years In Prison For Violating U.S. Anti-Money Laundering Laws appeared first on Coinpedia Fintech News KuCoin, one of the world’s largest crypto trading platforms, along with its founders Chun Gan (also known as “Michael”) and Ke Tang (also known as “Eric”), have been criminally charged by US regulators. The charges arose from allegations of operating without the proper licensure and failing to adhere to the Bank Secrecy Act, particularly concerning anti-money…

The Dutch authorities have indicted Tornado Cash founder Alexey Pertsev for allegedly laundering $1.2 billion in cryptocurrency.  Did Pertsev Launder $1.2B? Dutch authorities have leveled serious accusations against Alexey Pertsev, the developer behind Tornado Cash, a prominent crypto mixer. Pertsev stands accused of involvement in laundering up to $1.2 billion in crypto assets, implicating him in a series of illicit transactions. His lawyer, Keith Cheng, contends that the prosecution's allegations lack specificity regarding Pertsev's purported criminal acts.  He stated,  “Prosecutors…