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News on Medial
Indian pleads guilty in US for dark web drug enterprise, forfeits $ 150 million in cryptocurrency
Economic Times
·
1y ago
Medial
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.
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Tornado Cash cofounder Roman Storm pleads not guilty to laundering over $1 billion
Economic Times
·
1y ago
Medial
A co-founder of Tornado Cash, a cryptocurrency platform under US sanctions, pleaded not guilty to federal charges of facilitating over $1 billion in money laundering, including for a cybercrime group linked to North Korea. Roman Storm, a naturalized US citizen, entered his plea and was arrested on August 23, released on a $2 million bond. The US Treasury had previously banned Tornado Cash, alleging that it was used by North Korea's Lazarus Group to launder hacking proceeds. Another co-founder, Roman Semenov, was indicted but remains at large.
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Crypto mogul Do Kwon pleads not guilty in first US court appearance
Economic Times
·
7m ago
Medial
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.
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India's New Weapon Against Cybercrime in the Dark Web
Business Bytes
·
1y ago
Medial
India has launched the Cryptocurrency Intelligence and Analysis Tool (CIAT) to combat cybercrime in the dark web. CIAT will monitor the dark net, detect illegal activities, and identify cryptocurrency wallet addresses used in dark net transactions. It will also contribute to strengthening India's cybersecurity efforts and help develop regulations for cryptocurrency use in the country. However, concerns regarding privacy and government overreach must be addressed for a balanced approach to security and individual liberties.
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Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial
Economic Times
·
1y ago
Medial
Ryan Salame, a former top executive at cryptocurrency exchange FTX, has pleaded guilty to criminal charges related to a fraud case against FTX's founder, Sam Bankman-Fried. Salame admitted to making millions in political contributions at Bankman-Fried's direction, labeling them as loans from FTX's sister company, crypto hedge fund Alameda Research. He will pay a $6 million fine, over $5 million in restitution to FTX, forfeit two properties, and could face up to 10 years in federal prison. Salame is the fourth executive in Bankman-Fried's circle to admit to criminal conduct, putting pressure on Bankman-Fried ahead of his trial next month.
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Crypto firm pleads guilty to operating illegally in US
Economic Times
·
5m ago
Medial
An offshore crypto trading firm, OKX, pled guilty to illegally operating as an unlicensed money transmitting business in the U.S. and agreed to pay $504 million in fines. Despite marketing itself in the U.S., it failed to register with federal regulators, violating anti-money laundering laws. The company, overseen by Aux Cayes FinTech, claimed no customers were harmed. The plea comes amidst the SEC's regulatory pullback on the crypto industry, impacting firms like Robinhood and Coinbase.
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StealthMole raises $7M Series A for its AI-powered dark web intelligence platform
TechCrunch
·
1y ago
Medial
AI-powered dark web intelligence startup StealthMole has secured $7m in a series A funding round, which it will use to establish additional centres for research and development and support commercial uses of its technology, as well as aid geographical expansion. The Singapore-based firm tracks criminals using 255 billion data points, including information obtained from the dark web, deep web and leaked databases. The company, which has customers across 17 countries predominantly government and law enforcement agencies, was co-founded in 2022 by enterprise IT security expert Louis Hur and former South Korean military and intelligence adviser Simon Choi.
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US judge approves Binance's $4.3-billion guilty plea
Economic Times
·
1y ago
Medial
A US judge has accepted the $4.3 billion penalty and guilty plea from Binance, the world's largest cryptocurrency exchange, for violating federal anti-money laundering and sanctions laws. The plea includes a $1.81 billion criminal fine and $2.51 billion of forfeiture. Binance had failed to report over 100,000 suspicious transactions, supported the sale of child sexual abuse materials, and received significant ransomware proceeds. Binance has accepted responsibility and made progress in upgrading its protocols. Binance founder Changpeng Zhao has also pleaded guilty and is free on a $175 million bond, with conditions set for his sentencing in April.
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Relief in crypto world over Sam Bankman-Fried conviction
Economic Times
·
1y ago
Medial
Cryptocurrency enthusiasts are celebrating the conviction of Sam Bankman-Fried, hoping it will bring an end to the dark era of the industry. Bankman-Fried, known as "SBF," was found guilty of fraud, conspiracy, and money laundering for using customer funds to fuel risky investments. The verdict is seen as a positive step towards accountability in the industry, although some believe that the focus should now shift towards technology and values to avoid such frauds in the future.
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Founder of Binance, world’s largest crypto firm, sentenced to four months
Livemint
·
1y ago
Medial
Billionaire Changpeng Zhao, founder of Binance, the largest cryptocurrency exchange, has been sentenced to four months in jail and a $50 million fine for violating U.S. anti-money laundering laws. Zhao pleaded guilty to the charges in November and stepped down as CEO of Binance. The sentence marks the culmination of a multiyear investigation into the exchange and demonstrates how U.S. regulators are cracking down on the cryptocurrency industry. Binance also pleaded guilty to anti-money laundering violations, agreeing to pay fines of $4.3 billion and accept oversight by an independent monitor.
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Investor in company that took Trump Media public pleads guilty to insider trading
Reuters
·
1y ago
Medial
Gerald Shvartsman, an early investor in the company that took Donald Trump's media business public, has pleaded guilty to federal insider trading charges. Shvartsman, along with his brother and the chief investment officer of their venture capital firm, allegedly tipped others about the company's merger talks and illegally profited by $22 million. The company, Digital World Acquisition, later merged with Trump Media and has recently disclosed significant financial losses. Trump Media is also facing legal disputes with co-founders.
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