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British man cannot be extradited to US over fake cryptocurrency scheme, rules court

Economic Times

Economic Times · 1y ago

British man cannot be extradited to US over fake cryptocurrency scheme, rules court

A British man facing charges for his alleged involvement in a $4-billion cryptocurrency Ponzi scheme has won his battle against extradition to the US. Christopher Hamilton, indicted by a New York grand jury in 2019, will instead face prosecution in the UK. The judge ruled that most of the alleged money laundering took place in the UK and that British police and prosecutors should investigate the case. Hamilton's appeal against extradition was upheld, overturning the previous approval. His lawyers declined to comment while the Crown Prosecution Service is considering the judgment.

Related News

Crypto mogul Do Kwon pleads not guilty in first US court appearance

Economic Times

Economic Times · 8m ago

Crypto mogul Do Kwon pleads not guilty in first US court appearance

South Korean cryptocurrency mogul Do Hyeong Kwon pleaded not guilty to charges in a US court after being extradited from Montenegro. The charges involve conspiracy and fraud related to deceiving investors into investing in Terraform Labs, which he co-founded. Despite claims of offering reliable financial technologies, authorities allege a $40 billion crash of the company's cryptocurrency harmed investors worldwide. Kwon's plea addresses multiple fraud charges, including commodities and securities fraud, with a money laundering charge added.

Crypto scheme OneCoin's cofounder Karl Greenwood sent to 20 years in jail for fraud

Economic Times

Economic Times · 2y ago

Crypto scheme OneCoin's cofounder Karl Greenwood sent to 20 years in jail for fraud

Karl Sebastian Greenwood, co-founder of the cryptocurrency scheme OneCoin, has been sentenced to 20 years in prison in the US for his involvement in the multibillion-dollar fraud. OneCoin fraudulently obtained $4 billion from millions of investors between 2014 and 2016. Greenwood's partner, Ruja Ignatova (aka the 'Cryptoqueen'), remains at large with a $100,000 reward for her arrest. Greenwood was arrested in Thailand in 2018 and extradited to the US. OneCoin was marketed as a "Bitcoin killer" but was entirely worthless, leaving investors with losses.

Indian pleads guilty in US for dark web drug enterprise, forfeits $ 150 million in cryptocurrency

Economic Times

Economic Times · 1y ago

Indian pleads guilty in US for dark web drug enterprise, forfeits $ 150 million in cryptocurrency

An Indian national extradited from the UK pleaded guilty to operating a global dark web enterprise selling dangerous drugs in the US. Banmeet Singh, from Uttarakhand, created vendor marketing sites on dark web marketplaces to sell controlled substances and used cryptocurrency for transactions. He shipped or arranged shipment of drugs from Europe to the US. Singh controlled distribution cells in multiple US states, Canada, Europe, and the Caribbean, and laundered millions of dollars worth of drug proceeds into cryptocurrency accounts. He faces a sentence of eight years in prison.

Counterfeit Cisco gear ended up in US military bases, used in combat operations

Arstechnica

Arstechnica · 1y ago

Counterfeit Cisco gear ended up in US military bases, used in combat operations

A Florida man, Onur Aksoy, has been sentenced to 78 months in prison for running a counterfeit scam that generated $100 million in revenue. He pleaded guilty to charges of trafficking in counterfeit goods, mail fraud, and wire fraud. Aksoy operated a scheme that involved selling fake computer networking devices, obtained from China and Hong Kong, through various online platforms. The devices, including counterfeit Cisco products, were purchased by the US military and put sensitive applications at risk. Aksoy has been ordered to pay $100 million in restitution to Cisco and additional fines.

Binance begins again with U.S. oversight. Will it survive?

Livemint

Livemint · 1y ago

Binance begins again with U.S. oversight. Will it survive?

The largest global cryptocurrency exchange, Binance, is facing significant challenges after its CEO was convicted of ignoring anti-money-laundering rules in the US. As part of a plea agreement, the firm agreed to pay over $4 billion in fines, be monitored by the government, and prevent US customers from using the platform. The new CEO, Richard Teng, a former regulator, believes the firm is in good shape, but users may be concerned about intrusive oversight and handing over their data to US authorities. Binance must also improve its money-laundering controls and convince regulators outside the US that it can continue operating.

US SEC dismisses lawsuit against Binance crypto exchange

Economic Times

Economic Times · 4m ago

US SEC dismisses lawsuit against Binance crypto exchange

The US Securities and Exchange Commission (SEC) voluntarily dismissed its lawsuit against Binance, the largest cryptocurrency exchange, marking a shift in regulatory approach under President Trump. This dismissal is with prejudice, meaning it cannot be pursued again, and reflects the administration's belief that innovation can't thrive under stringent regulation. Previously, Binance faced accusations of inflating trading volumes and violating securities laws. The change signals a potential softening in cryptocurrency regulation.

Nashville man arrested for running “laptop farm” to get jobs for North Koreans

Arstechnica

Arstechnica · 1y ago

Nashville man arrested for running “laptop farm” to get jobs for North Koreans

A Nashville man has been arrested for hosting laptops at his residences as part of a scheme to deceive US companies into hiring North Korean remote IT workers. The workers used stolen identity to appear as US citizens, which is strictly prohibited under federal sanctions. The scheme involved sending company-issued laptops to the man's residence, where he logged on, installed remote desktop applications, and accessed the victim companies' networks without authorization. The man charged fees to a foreign national for his services, with the funds being used to support North Korea's weapons program. The arrested man faces charges including wire fraud and conspiracy to cause the unlawful employment of aliens.

Rapido, other bike taxi services can't operate in K'taka, to be suspended in 6 weeks: HC

Inshorts · 5m ago

Rapido, other bike taxi services can't operate in K'taka, to be suspended in 6 weeks: HC

Karnataka High Court ruled that bike taxi services like Rapido cannot operate in Karnataka until state government notifies relevant guidelines and rules. The HC directed Karnataka government to ensure all bike taxis cease to operate within six weeks. Asking the government to frame rules in three months, HC said, "A person who denies change becomes the architect of decay."

Citing Hamas, the US Wants to Treat Crypto Anonymity Services as Suspected Money Launderers

Wired · 1y ago

Citing Hamas, the US Wants to Treat Crypto Anonymity Services as Suspected Money Launderers

On October 7, Hamas' attacks on Israel have led to the United States Department of the Treasury proposing new rules to crack down on cryptocurrency anonymity services. The rules would designate foreign cryptocurrency mixers as money laundering tools posing a national security threat, subjecting them to sanctions and regulations. This move could significantly impact cryptocurrency holders looking to cash out at US exchanges. While the rules were likely in development before the attacks, the Treasury links the push for policy change directly to the use of cryptocurrency by Hamas and other groups. The proposal is open for public comment and debate.

SC Stays Cheating Case Against Shaadi.com's Anupam Mittal

Inc42 · 3m ago

SC Stays Cheating Case Against Shaadi.com's Anupam Mittal

The Supreme Court has paused a criminal case against Anupam Mittal, founder of Shaadi.com. The case emerged from a complaint by a Hyderabad woman who alleged she was scammed by a man on the platform. Identified as Cherukuri Harsha, he allegedly used a fake profile with a politician’s image, posing as a groom. He deceived her into transferring over INR 10 lakh, citing false emergencies like frozen bank accounts, as reported by The Times of India.

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