money laundering Archives

Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering

11Nov

By RBNo Comments

News

Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering

For assisting money laundering crimes between 2011 and 2021, the 36-year-old creator of the Bitcoin Fog cryptocurrency mixer was given a 12-year, 6-month prison sentence. In early March, Roman Sterlingov, a dual citizen of Sweden and Russia, entered a guilty plea to accusations of money laundering and running an unregistered money-transmitting firm. Bitcoin Fog, according to the U.S. Department of Justice (DoJ), is the longest-running cryptocurrency mixer on the darknet, enabling criminals to hide the source of their cryptocurrency profits read more about Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering. Get up to date on the latest cybersecurity news and enhance your knowledge of cybersecurity with our thorough coverage of the dangers, breaches, and ...

Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

2May

By RBNo Comments

News

Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

Clusters linked to illegal activity and money laundering have been found through forensic examination of a graph dataset containing transactions on the Bitcoin blockchain. This includes the discovery of criminal proceeds transferred to a cryptocurrency exchange and wallets affiliated with a Russian darknet market that were previously unidentified. The results were produced by Elliptic in association with the MIT-IBM Watson AI Lab. The co-authors wrote in a report shared with The Hacker News that the 26 GB dataset, nicknamed Elliptic2, is a huge graph dataset featuring 122K annotated subgraphs of Bitcoin clusters within a background graph consisting of 49M node clusters and 196M edge transactions. Elliptic2 expands upon the Elliptic Data Set (also known as Elliptic1), a public tra...

Belarusian National Linked to BTC-e Faces 25 Years for $4 Billion Crypto Money Laundering

6Feb

By RBNo Comments

News

Belarusian National Linked to BTC-e Faces 25 Years for $4 Billion Crypto Money Laundering

An individual, 42 years of age, who is national of Belarus and Cyprus and is purportedly associated with the bankrupt cryptocurrency exchange BTC-e, is being charged with money laundering and running an unregistered money services firm. After being detained in Latvia on December 21, 2023, Aliaksandr Klimenka was extradited to the United States and is presently being held under detention. He can spend up to 25 years in prison if found guilty. After another important member, Alexander Vinnik was apprehended in Greece in late July 2017, law enforcement officials confiscated BTC-e, which had been in operation since 2011. It is purported that the exchange received deposits amounting to more than $4 billion, with Vinnik allegedly using several online exchanges read more Belarusian Nati...

Final Three Sentenced in £70m Money Laundering Case

14Mar

By RBNo Comments

Risk, Security

Final Three Sentenced in £70m Money Laundering Case

Following the sentencing of its final three members after a five-year investigation, UK law enforcement officials said on Friday that they had broken up a significant money laundering gang. At Kingston Crown Court in west London, Aurimas Bielskis, 41, Vitalijs Slapkins-Slapkovs, 34, and Nedas Kiviliauskas, 34, received sentences. Each of Bielskis and Slapkins-Slapkovs received a sentence of 22 months in prison with a two-year suspension. Also, Bielskis completed 250 hours of volunteer work. Kivilauskas was given a sentence of 23 months with a two-year suspension and 350 hours of community service read more Final Three Sentenced in £70m Money Laundering Case. Stay informed with the best cybersecurity news and raise your cybersecurity awareness with our comprehensive coverage of th...