Alleged Bitcoin Launderer and BTC-E Admin Likely to Stand Trial in U.S.

Alleged bitcoin launderer and BTC-e administrator Alexander Vinnik is likely to stand trial in the U.
Court Sentences Detroit Man For Trading Bitcoin Without Proper License

Court Sentences Detroit Man For Trading Bitcoin Without Proper License

A federal court has sentenced a Detroit man to a year and a day in prison and three years of supervised release for trading bitcoin without a money service license, according to the U.

Bitcoin Mining Marketplace NiceHash Hacked: $62 Million Stolen?

A hacker successfully breached cryptocurrency mining marketplace NiceHash, resulting in the theft of up to $62 million worth of bitcoins.

LocalBitcoins Traders Charged with Fraud for Selling Bitcoin to Thief in Kenya

Three Kenyan peer-to-peer bitcoin brokers have been charged with banking fraud in connection with trades they made through the LocalBitcoins trading platform. The case could set a troubling precedent for bitcoin traders in Kenya. As reported by regional media outlet Kenyan Wall Street, 10.

Japan’s Cryptocurrency Exchanges Report 170 Money-Laundering Cases Since April

Following new cryptocurrency regulations in April, Japanese police have pointed to 170 cases of money laundering via cryptocurrencies reported by exchange operators in six months between April and October. Japan’s National Police Agency (NPA) has compiled its first report on cryptocurrency laundering cases following revised laws in April that mandated cryptocurrency exchange operators to flag and report transactions suspected of money laundering. The regulations kicked in alongside new legislation that now sees bitcoin recognized as a legal method of payment in Japan.

Teenagers + Bitcoin = Drugs & Pyramid Schemes: Korea’s Prime Minister

South Korea’s prime minister is worried that the rising interest in cryptocurrencies like bitcoin could lead the country’s youth getting involved in drug dealing and pyramid schemes. South Korean prime minister Lee Nak-yon reportedly discussed the growing embrace of cryptocurrencies by younger generations at a cabinet meeting on Tuesday.

South Korean Police Bust $38 Million Bitcoin Ponzi Scam

Seven individuals in the South Korean province of Jeonbuk have been arrested for running a large-scale $38 million scam, alluring middle-aged investors into a ponzi scheme. The group targeted new investors in the cryptocurrency market that had no underlying knowledge or understanding of bitcoin or other cryptocurrencies. It promised investors to pay out 180 percent in profit on a regular basis, if they invest using bitcoin.

$31 Million Tether Hack Linked to 27,000 BTC in Previous Bitcoin Exchange Thefts

A wallet associated with this week’s $31 million Tether hack has been linked to previous bitcoin exchange thefts numbering in the tens of thousands of bitcoins. As CCN reported, the Tether development team revealed yesterday that its hot wallet had been hacked for $31 million in USDT, an Omni-based token that is pegged to the U.S. dollar at a one-to-one ratio.

Tether Claims $31 Million Theft of USD Token by Hacker, Flags it ‘Non-Redeemable’

The Tether Treasury wallet has been hacked, leading to the loss of $31 million in USDT, a crypto-token which pegs its value to the US dollar through an inflationary monetary policy. In an official announcement, the development team of Tether stated: “Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker.

$3.5 Million: Turkish Kidnapping Gang Targeting Bitcoin Holders Busted

According to Turkish newspaper Habertürk, police recently managed to capture a gang of five extortionists in Merter, a suburb west of Istanbul, one of the country’s biggest cities, making it the first time police carried out an operation in a bitcoin-related crime in Turkey. The extortionists, according to reports, managed to steal 450 bitcoins, worth about $3.

Alleged BTC-E Admin’s Extradition Hearing Postponed until December

As CCN previously reported, 38-year-old Russian national Alexander Vinnik was arrested in July while vacationing in Greece, in connection with alleged financial crimes committed while operating the now defunct bitcoin exchange BTC-e. Back in October, a three-judge panel approved a request to extradite him to the U.

Charges Filed: Day Trader Allegedly Used Bitcoin to Hide Fraudulent Proceeds

Joseph P. Willner, a 42-year-old resident of Ambler, Pennsylvania, was allegedly indicted on a four-count charge by a federal grand jury in the Eastern District of New York. The self-proclaimed day trader was charged with Conspiracy to Commit Wire Fraud, Conspiracy to Commit Securities Fraud and Computer Intrusion, Security Fraud and Conspiracy to Commit Money Laundering as contained in the court filings.

Bitcoin Price Gains Sees North Korean Hackers Ramp Up Attacks

South Korea’s internet security authority has pointed to an ‘alarming’ rise of malware attacks from North Korean hackers seeking bitcoin to fund Kim Jong Un’s regime. A new report by the Korea Internet & Security Agency (KISA), the authority responsible for maintaining and safeguarding the country’s internet space, has highlighted an increasing number of malware attacks led by hackers suspected to be from North Korea. As reported by Korean news agency Yonhap, the reported instances of malicious code between July-September of this year went up to 452 cases against 436 in the second quarter.

US Secret Service Agent Get 2 Extra Years for Silk Road Bitcoin Theft

A former U.S. Secret Service agent who was sentenced to 71 months in prison in 2015 for stealing thousands of dollars worth of bitcoin during an investigation into darknet marketplace Silk Road, has been sentenced to an additional two years in prison for another cryptocurrency theft. Shaun Bridges, 35, was sentenced by the U.S. District Court Judge Richard Seeborg in San Francisco yesterday, according to a sentencing memorandum prior to the Tuesday hearing.

Pastor Sentenced to Five Years for Aiding An Illegal Bitcoin Exchange

A New Jersey pastor has been sentenced to five years in prison after being found guilty of attempting to aid an illegal bitcoin exchange evade scrutiny from banks and regulators. Trevon Gross, 47, was sentenced on Monday by U.S. District Judge Alison Nathan in Manhattan, reports Reuters. He was also ordered to pay a $12,000 fine.

This Trojan Malware Stole $160,000 in Bitcoin From Victim’s Wallets

A new CryptoShuffler Trojan has been discovered that steals cryptocurrency from wallets by replacing the address with its own in the clipboard of the device, reported Kaspersky Lab, which discovered the malware. Fraudsters using CryptoShuffler Trojan have already stolen 23 BTC, worth around $140,000, from wallets.

Arkansas Sheriff Mines Bitcoin In Cyber Crime Prevention Initiative

The county sheriff in Bentonville, Ark. is mining bitcoin as part of a program to prevent cyber crime, according to the Northwest Arkansas Democrat Gazette. Detectives interviewed about the initiative did not give a lot of details about the program, but said the sheriff is using bitcoin for undercover operations.

LocalBitcoins Trader Charged for Running Unlicensed Bitcoin Exchange

n indictment published by Detroit TV news service WD-IV reveals that a 52-year-old Michigan man, Bradley Anthony Stetkiw, was recently charged with running an unlicensed money transmitting business after selling nearly $150,000 worth of bitcoin between 2013 and 2015, out of which over $56,000 were to law enforcement agents. The indictment reveals that Stetkiw went by the name “SaltandPepper” on peer-to-peer exchange LocalBitcoins and that he had a number of positive reviews on his profile.
BTC-e Users’ Funds Stuck in Limbo as Exchange Blames Third Party

BTC-e Users’ Funds Stuck in Limbo as Exchange Blames Third Party

Earlier this year, popular cryptocurrency exchange BTC-e was taken down by authorities, following the arrest of 38-year-old Russian national Alexander Vinnik in Greece, for allegedly laundering $4 billion of ill-gotten bitcoins. Vinnik was seen as a “BTC-e operator” and his legal future is now thrown into turmoil.

Bitcoin Exchange Operator Sentenced to 16 Months in Prison for Money Laundering

A 39-year-old software engineer was arrested for his role in an illegal bitcoin exchange that was allegedly being used to launder funds for a global hacking ring responsible for high-profile attacks. The man, Yuri Lebedev, came to the U.S. from the Ukraine seeking the American dream, but was recently sentenced to 16 months in prison. Through the exchange, Coin.

Law Firms Are Opening Bitcoin Wallets to Prepare for Data Breaches

Rather than waiting until it’s too late, law firms are opening up bitcoin wallets to pay ransoms in case their data is stolen, according to a cybersecurity expert. John Sweeney, president of IT and cybersecurity advisors LogicForce, said that law firms are taking proactive steps rather than reactive steps. However, while he doesn’t necessarily agree with paying ransoms, he said that it ‘makes sense’ to be prepared, reports Business Insider.

Plexcoin ICO Organizer Held in Contempt by Quebec Superior Court

PlexCoin ICO organizer Dominic Lacroix has been found in contempt of court in Quebec for violating a ruling that barred Lacroix and his associated companies from holding an initial coin offering in Quebec or soliciting investors from the Canadian province. The Autorité des marchés financiers (AMF), Quebec’s chief financial regulator, announced in a statement that the Quebec Superior Court — the province’s highest trial court — had found Dominic Lacroix and an associated company, DL Innov inc, in contempt for violating an earlier court order related to the PlexCoin ICO.
Japanese Police Arrest Ripple Exchange Operator for Fraud

Japanese Police Arrest Ripple Exchange Operator for Fraud

Tokyo police have arrested the head of a Ripple exchange and trading platform for allegedly swindling an investor amid a wider investigation of a sweeping fraud. According to multiple regional reports, Tokyo police are holding 31-year-old Yuki Takenaka, the operator and manager of Ripple Trade Japan – an exchange enabling trading of Ripple’s virtual currency XRP.

Alleged Bitcoin Launderer BTC-E Admin’s Legal Future Thrown Into Turmoil

A Greek court approved Russia’s extradition request for alleged BTC-e operator and bitcoin launderer Alexander Vinnik, throwing his judicial future into question. As CCN has reported, Vinnik — a 37-year-old Russian national — was arrested in July while vacationing in Greece in connection with alleged financial crimes he committed while operating bitcoin exchange BTC-e.

Jamaican Police Target Human Traffickers Operating with Bitcoin

According to a recent report, police in Jamaica is currently refining a strategy to go after human traffickers using cryptocurrencies in an attempt to hide their transactions, according to the Deputy Superintendent of Police Carl Berry, who stated that these criminals are increasingly turning to cryptocurrencies. Carl Berry, while speaking at a two-day Anti-Money Laundering/ Counter-Terrorism financing conference in New Kingston, told bankers that the illicit proceeds of the human trafficking business were finding their way into the banking system, and asked them to collaborate with law enforcement to track the money.