As the crypto markets mature and institutional money flows into the space, technology to detect fraud and money laundering involving digital assets is more important than ever.
Cryptocurrencies promise a lot of security and privacy for the users, but reality is that cryptocurrency use often creates victims of different types of scams, such as digital theft, hacking, phishing and the major cryptocurrency scam – fraud. These frauds can exist in different forms – promising, but fraudulent, ICO’s that don’t inform their investors about the risks and might not have a physical address; cryptocurrency investment platforms that vanish after gathering enough money; and fraudulent cryptocurrency exchanges that utilize multiple tactics to cheat their users. Blockchain technologies are relatively new and the hype that surrounds them poached a lot of low-skilled investors into the field. This has become such a problem that, according to the latest news on cryptocurrency fraud, Twitter has even banned ICO-ads in order to protect its users from fraudulent schemes.
The operator of a Bulgarian crypto exchange has received a 10-year prison sentence for money laundering in connection with an Eastern European cybercrime syndicate.6177
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble.3873
How distributed ledger technologies can help law enforcement agencies to fight crime and money laundering.5178
Robert Farkas will face the lightest felony sentence possible for his role in Centra Tech's 2017 ICO.41517
More countries are allegedly involved in a major global Bitcoin ad scam.4239
Cryptocurrency platforms perform audits to ensure transparency, but it’s not a golden solution to solve all potential trust and security issues.4243
Alongside other actions, the CFTC was pleased with its seven enforcement actions in the crypto market.7701
AirBit Club's leadership has been gathered in New York City and will face charges for stealing "membership dues" to finance massive marketing events and lavish personal lifestyles.7009
The U.K.'s Financial Conduct Authority advised caution against phony actors.8237
The SEC is seeking a default judgment against three companies and four individuals for their roles in an allegedly fraudulent ICO that duped $9 million from 500 investors.5467
The SEC summarized its efforts on combating crypto misconduct as its chairman is set to step down by the end of this year.5075
A Ukrainian national has been sentenced to nine years in prison in what the IRS is describing as the United States’ “first Bitcoin case [with] a tax component.”26530
“The future is technology by blockchain,” says an Australian Liberal senator.8090
The U.S. government is seeking harsh sentencing for the founder of the company behind a fraudulent, celebrity-promoted initial coin offering from 2017.6422