The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new regulations that could restrict crypto mixers, citing them as a “class of transactions of primary money laundering concern.” The agency believes that actors such as Hamas, ISIS, and the DPRK frequently abuse coin mixers for illicit activities. The lack of transparency in crypto mixing […]
Recent estimates of crypto funding for terrorist organizations like Hamas and the Palestinian Islamic Jihad (PIJ) may have been exaggerated, according to blockchain analysis firm Chainalysis. In a blog post, the company argues that some analyses have mistakenly attributed all transactions sent to crypto service providers as terror financing. Chainalysis estimates that the actual amount […]
New York State Attorney General Letitia James has filed a lawsuit against three major cryptocurrency firms, Gemini, Genesis, and Digital Currency Group (DCG), accusing them of defrauding more than 230,000 investors. The lawsuit alleges that the companies attempted to conceal $1.1 billion in losses and repeatedly lied to their investors. The investigation found that Gemini […]
Former FTX CEO Sam “SBF” Bankman-Fried is currently on trial in New York, and new details have emerged regarding the commingling of funds between FTX and Alameda Research. Testimony from FTX’s former general counsel, Can Sun, revealed that he was unaware of the exchange’s commingling of funds with Alameda. Sun learned that Alameda had bypassed […]
The United States Treasury Department is reportedly planning to expand its sanctions to designate cryptocurrency mixers as money-laundering hubs following Hamas’s attack on Israel. Deputy Treasury Secretary Wally Adeyemo stated that this move is aimed at combating digital assets being exploited by state-affiliated cyber actors, cyber criminals, and terrorist groups. The concerns surrounding terrorist organizations […]
The Federal Deposit Insurance Corporation (FDIC) is under pressure to address the risks associated with cryptocurrencies. The Office of the Inspector General has issued a report urging the FDIC to assess and prepare for the challenges posed by the evolving crypto landscape. The report emphasizes the need for a comprehensive risk assessment and outlines recommendations […]
United States-based crypto advocacy organizations are criticizing Senator Elizabeth Warren and other lawmakers for their claims about the connection between terrorist group Hamas and cryptocurrency financing. Warren and over 100 lawmakers signed a letter calling for action to curb illicit crypto activity used to fund Hamas and the Palestinian Islamic Jihad. In an op-ed, Warren […]
New York Attorney General Letitia James has filed a lawsuit against cryptocurrency industry players Gemini Trust, Genesis Global Capital, and Digital Currency Group (DCG). The legal action revolves around Gemini Earn, a joint venture between Genesis and Gemini that promised high returns on cryptocurrency deposits. However, James alleges that these returns were based on misleading […]
South Korean authorities have expressed concerns about SUI Network, citing discrepancies in the circulating supply of their token and potential fraud. The government audit revealed that the token’s value has plummeted by over 91% since its launch in May, leading regulators to suspect undisclosed self-interests by the SUI Foundation. Lawmakers, including Min Byung-deok, believe that […]
