BlockChain News #4

Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces…

The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ).

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Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in…

PRESS RELEASE. November 2021, leading Crypto service comparison site – Cryptowisser, announces its annual Crypto exchange graveyard. The list serves as the only existing extensive database for “dead” cryptocurrency exchanges. Over the last year many exchanges have been victim to regulatory regulations, hacking, and a highly competitive growing market.

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US ‘Kidnapped’ Russian Crypto Businessman Denis Dubnikov, Lawyer Says

U.S. law enforcement agents have “kidnapped” crypto entrepreneur Denis Dubnikov in Mexico, before transferring him to the Netherlands where he was arrested, his lawyer told Russian media. Dubnikov is suspected of money laundering and faces up to 20 years in prison if extradited to the United States.

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Bank of England Governor Warns Crypto Is Providing Means of Payment…

  

Bank of England Governor Andrew Bailey has warned that crypto assets are providing another means of payment for people who want to conduct criminal activity.

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US Treasury Sanctions 2nd Cryptocurrency Exchange, DOJ Seizes $6.1…

The U.S. Treasury Department has sanctioned a second cryptocurrency exchange “for facilitating financial transactions for ransomware actors.” Two ransomware operators have also been sanctioned and $6.1 million in funds were seized.

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Onecoin’s $18.2M London Penthouse: Trial in Germany Reveals ‘Crypto…

The Onecoin Ponzi scheme is still making headlines as reports from a trial in Germany revealed the missing ‘Cryptoqueen,’ Ruja Ignatova, purchased a London penthouse worth $18.2 million with proceeds from the Onecoin operation. The Münster court’s findings stem from the trial against Martin Breidenbach, Ignatova’s German attorney, who is being accused of money laundering.

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Venezuelan Authorities Seize More Than 100 Miners From Clandestine…

Venezuelan authorities seized over a hundred mining machines in a residential area of a central state. According to reports, the mining farm was operating illegally without permits that the national cryptocurrency watchdog, Sunacrip, requires for these operations.

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UK Police Seize Bitcoin Worth $2.8 Million From Teen Operating Scam…

  

British police have seized bitcoin worth almost $3 million from a teenager who set up a fake website to scam consumers. “At the time they were worth £200,000. They are now worth a little over £2 million.”

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International Operation Dark Huntor Seizes $31.6 Million in Cash an…

Operation Dark Huntor, a coordinated international effort on three continents to disrupt opioid trafficking on the darknet, has led to the arrests of 150 people. According to the Federal Bureau of Investigation (FBI), the operation has also resulted in the seizure of over $31.6 million in cash and cryptocurrencies.

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Russian Crypto Industry Association Slams Government for Doing ‘Not…

The main organization representing participants in the Russian crypto space has lambasted authorities in Moscow for not doing enough to regulate the industry. The criticism comes four years after President Putin directed institutions to legally define the status of digital financial technologies.

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Court Ruling Threatens 17 Crypto Exchanges in Russia

Another batch of Russian online crypto exchanges face closure following a recent decision by a regional court. Information published on their websites has been deemed illegal meaning the country’s telecom watchdog can block access to their platforms.

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FBI Works With Europol to Arrest Ransomware Gang, $1.3 Million in C…

A coordinated strike involving Europol, Interpol, and the U.S. Federal Bureau of Investigation (FBI) has led to the arrest of two “prolific” ransomware operators allegedly responsible for ransom demands of up to 70 million euros. In addition, $1.3 million in cryptocurrencies were seized.

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Canadian Bitcoin Mine Operator Facing $7 Million Fine for Setting U…

Link Global, a bitcoin mine operator in Canada, is facing a fine of up to $7 million for installing power plants to run its miners without government permission. The company installed several power plants without following legal procedures and alleges that, if the penalty is enforced, it will constitute a fatal blow to its finances.

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Coinbase Reveals Massive Hack of User Accounts: Over 6,000 Customer…

The Nasdaq-listed cryptocurrency exchange Coinbase has disclosed that at least 6,000 users were victims of a hacking campaign to gain unauthorized access to the accounts of Coinbase customers. The hackers also took advantage of a flaw in Coinbase’s SMS Account Recovery process to gain access to user accounts.

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Pnetwork Protocol Gets Hacked, Loses 277 Bitcoin on Binance Smart C…

  

Pnetwork, a multi-chain bridging protocol, announced it was hacked yesterday, losing 277 pbtc (its bridged version of bitcoin) on Binance Smart Chain. The protocol acknowledged that an attacker managed to exploit a bug in its codebase to take control of the stolen bitcoin.

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$30 Million Crypto Scheme’s Leader Pleads Guilty, Facing up to 20 Y…

The leader of a cryptocurrency scheme that swindled over $30 million from investors has pleaded guilty to fraud, the U.S. Department of Justice (DOJ) said. He now faces a maximum sentence of 20 years in prison.

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Kim Kardashian Called out by UK Regulator for Pumping Crypto Token…

Kim Kardashian has been singled out by the U.K.’s Financial Conduct Authority (FCA) for pumping a crypto token that could put investors at risk. With 250 million Instagram followers, the FCA chairman said that Kardashian’s cryptocurrency promotion “may have been the financial promotion with the single biggest audience reach in history.”

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Mastermind of Zimbabwean Bitcoin Pyramid Scheme Vanishes With $6 Mi…

Reports from Zimbabwe suggest that an individual by the name of Martin Mhlanga, who is the mastermind behind the Cryptoshares bitcoin pyramid scheme, has disappeared along with over $6 million in investor funds. In addition to Mhlanga’s disappearance, the individuals thought to be managing Cryptoshares’ social media channels have similarly vanished.

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Bitcoin Law Critic Arrested in El Salvador Without Warrant

A vocal critic of the upcoming bitcoin law in El Salvador, Mario Gomez, was briefly detained Wednesday. According to reports, he was arrested without a warrant.

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SEC Wins Judgment Against Actor Steven Seagal After He Ignores Cour…

The U.S. Securities and Exchange Commission (SEC) has won a judgment against Steven Seagal after the famous actor failed to pay the agreed sum to settle the crypto fraud case he was involved in. Seagal, now living in Russia, has been ignoring the SEC’s attempts to contact him.

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Man Sentenced to 8 Years in Prison for Stealing Nearly $7 Million o…

Afek Zard, a resident of Israel, has been sentenced to eight years in prison for embezzling a large sum of cryptocurrency that belonged to a friend of his. The man, who refused to cooperate with the investigation, will have to pay a hefty fine as well.

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UK Police Seize USB Stick With Ethereum Worth $9.5 Million

British detectives have seized $22.25 million from operators of an international cryptocurrency scam. Among the items seized was a USB stick containing ethereum worth $9.5 million. The police are now attempting to contact the victims of this scam to return their funds.

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Poly Network Hacker Returns $4.7M in Funds — Attacker Asks Devs to…

  

On Tuesday, the decentralized finance (defi) project Poly Network was hacked for over $600 million in digital assets. The attack was the largest defi hack to date eclipsing all of 2021’s defi hacks combined. The very next day, however, the hacker started to send funds back to the Poly Network team as the project’s official Twitter account says it received $4.7 million so far.

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Brazilian Court Sell $1.1 Million in Bitcoin Seized by Federal Police

A Brazilian federal court ordered the sale of a bitcoin stash worth $1.1 million. The sale was conducted by the largest regulated exchange in the country, Mercado Bitcoin. The Federal Police seized the bitcoin sold from Tradergroup, a company that allegedly was operating as a Ponzi scheme, under the facade of being a cryptocurrency investment company.

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Tesla CEO Elon Musk Opposes 'Hasty' Cryptocurrency Regulation

  

Tesla CEO Elon Musk says there is no crisis that compels hasty cryptocurrency regulation. He agrees with Coinbase CEO Brian Armstrong that the U.S. government should not pick winners or losers in cryptocurrency innovation.

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US Government Has Seized Cryptocurrencies Worth $1.2 Billion So Far…

The U.S. government has seized cryptocurrencies worth $1.2 billion so far this year, according to an Internal Revenue Service director. This is a significant increase from $137 million in crypto seized the previous year.

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India Reportedly Investigating Binance in Chinese Money Laundering…

Indian authorities are reportedly investigating cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case that raked in more than 10 billion rupees ($134 million).

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Former Ethereum Developer Virgil Griffith Arrested for Signing Into…

According to reports stemming from investigative journalist Matthew Russell Lee, from Inner City Press, former Ethereum developer Virgil Griffith has violated the terms of his bail and has been taken into custody. According to the reports, the U.S. Attorney’s Office revoked Griffith’s bond because he allegedly tried to access the crypto exchange Coinbase.

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Malaysia Flattens Seized Bitcoin Mining Rigs With Steamroller — Ove…

Over 1,000 bitcoin mining machines have been totally destroyed in Malaysia after they were seized for illegally mining the cryptocurrency using stolen electricity. The mining machines, worth about $1.26 million, were steamrolled in the Malaysian city of Miri and eight people have been arrested so far.

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FBI Warns Digital Currency Exchanges and Crypto Owners of Possible…

The U.S. Federal Bureau of Investigation (FBI) issued an industry-wide warning about possible attacks on exchanges and crypto holders this week. The institution declared that there are threats actively tracking virtual asset platforms in order to take hold of these assets, causing financial losses in the process.

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