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Nonprofits turn to cryptocurrency to help needy Venezuelans

AP — Andreina Cordero started the year skipping meals so her three kids could eat. Her husband, a construction worker, was out of a job. And the family’s savings had been devastated by the nation’s hyperinflation, limiting Cordero’s children to a diet of rice, beans, pasta and fried corn patties. Read More

How cryptocurrency scams work

By Nir Kshetri, University of North Carolina – Greensboro Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in… Read More

FCA Warns of Sharp Rise in Online Trading Scams Linked to Crypto, Forex

Reports of investment scams linked to crypto-assets and foreign currency trades have nearly tripled over the past year compared to the previous 12-month period, two UK organizations said Tuesday. Investors in the online trading schemes lost £27 million over the year, with average losses for individuals totaling £14,600, according to… Read More

21st May 2019

Banks to invest around $50 million in digital cash settlement project – sources

Several of the world’s largest banks are in the process of investing around $50 million to create a digital cash system using blockchain technology to settle financial transactions, according to people familiar with the plans. The previously disclosed project, known as the “utility settlement coin,” was first proposed by Swiss… Read More

21st May 2019

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

By Iwa Salami, University of East London The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since the birth of cryptocurrencies through… Read More

15th May 2019

Citing Rise in Serious Crime, UK Agency Seeks 50 Percent Budget Increase

Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More

10th May 2019

Binance hackers shift stolen bitcoin, identity still unclear: researchers

Hackers who stole bitcoin worth over $40 million from the major Binance cryptocurrency exchange have moved the tainted coins to a number of digital wallets, researchers said on Thursday, potentially throwing up clues to those behind the heist. Binance, one of the world’s biggest exchanges, said on Wednesday that hackers… Read More

9th May 2019

U.S. indicts operators of ‘dark web’ drug referral service

U.S. prosecutors have filed money laundering charges against two Israelis who allegedly made millions of dollars operating a website connecting customers to sellers of fentanyl, heroin, guns and other illegal goods, the Justice Department said on Wednesday. It said Tal Prihar, an Israeli living in Brazil, and Michael Phan, an… Read More

8th May 2019

Virtual Assets Are Here To Stay, But Are AML Professionals Up to Speed?

For many in the anti-money laundering (AML) compliance sector, cryptocurrencies remain an enigma better avoided than addressed. In some corners, it can sometimes seem like compliance staff have assessed crypto-related products and services wholesale and ended up with the oversimplified conclusion of ‘cryptocurrencies: bad.’ Yet it’s apparent by now that virtual… Read More

1st May 2019

Cryptocurrency thefts, fraud hit $1.2 bln in Q1 – report

Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70 percent of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday. The value of losses from crime in the digital currency sector in… Read More

29th April 2019

Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks: research

The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups. The Gaza-based Izz el-Deen al-Qassam Brigades, which is proscribed by the United States and the European… Read More

24th April 2019

Japan probes two cryptocurrency exchanges after management changes: sources

Japan’s financial regulator raided two cryptocurrency exchanges last week to investigate their internal oversight, including customer protection and anti-money laundering measures, two sources familiar with the matter said on Tuesday. The Financial Services Agency (FSA) is pushing to ensure the security of virtual currencies as Japan aims to leverage the… Read More

22nd April 2019

Big corporates back crypto ‘plumbing’ despite currency caution

Major finance and tech firms are pouring money into startups building technology to develop the crypto market, even though they’re steering clear of the volatile currencies themselves. Venture capital investments in crypto and blockchain startups that included funds from corporates have raced to $850 million so far this year, data… Read More

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