All news with #money laundering tag

Samourai Cryptomixer Founders Sent to Prison in U.S. Case

🔒 The founders of the Samourai Wallet crypto-mixing service, CEO Keonne Rodriguez and CTO William Lonergan Hill, were sentenced after pleading guilty to operating an unlicensed money-transmitting business and laundering funds. Rodriguez received five years and Hill four years in prison, plus fines and three years of supervised release. Authorities seized servers and domains, removed the mobile app, and secured forfeiture of $237,832,360.55 linked to illicit transactions.

California Man Pleads Guilty in $25M Crypto Laundering

🔒 Kunal Mehta, a 45-year-old from Irvine, has pleaded guilty to laundering at least $25 million connected to a wider $230 million cryptocurrency theft. Court documents say Mehta served as a money launderer for a transnational ring that used social engineering between October 2023 and March 2025 to access victims' crypto accounts. Prosecutors allege he created multiple shell companies in 2024, routed wire transfers into bank accounts designed to appear legitimate, and typically charged a 10% fee for converting stolen crypto to cash. Investigators say the group employed mixers, peel chains, pass-through wallets, VPNs, and conversions to Monero, though operational mistakes helped link laundered funds back to the theft.

U.S. Launches Strike Force Against Chinese Crypto Scams

🚨The U.S. Department of Justice, U.S. Attorney's Office, FBI and Secret Service have created the Scam Center Strike Force to disrupt Chinese-operated cryptocurrency scam networks that reportedly steal nearly $10 billion from Americans annually. The team focuses on tracing illicit funds, seizing cryptocurrency and coordinating international partners to dismantle scam infrastructure based in Southeast Asia. Authorities say many operations run from criminal compounds where workers are victims of trafficking. More than $401 million in crypto has already been seized and additional forfeiture actions are underway.

Bitcoin Queen Sentenced to Nearly 12 Years for £5.5B Scam

🔒 Zhimin Qian, dubbed the "Bitcoin Queen," was sentenced in London to 11 years and eight months after a seven-year Met Police investigation found she laundered proceeds from a £5.5 billion cryptocurrency investment scheme that defrauded more than 128,000 victims in China between 2014 and 2017. Investigators seized 61,000 Bitcoin — now valued at roughly £5.5 billion — marking the largest crypto seizure in UK history. Two associates received prison terms and authorities confiscated additional assets including wallets, encrypted devices, cash, and gold.

Europol Busts Credit Card Fraud Rings Across 193 Countries

🔎 International authorities dismantled three large credit card fraud and money‑laundering networks in a coordinated November 4 operation, Operation Chargeback, resulting in 18 arrests and the seizure of assets worth over EUR 35 million. Investigators say the rings exploited four major German payment service providers to process and launder at least EUR 300 million in fraudulent charges that affected more than 4.3 million cardholders worldwide. The schemes generated about 19 million fake online subscriptions by using stolen card data and low, recurring charges to evade detection.

Europol, Eurojust Bust €600M Crypto Fraud Network Globally

🔎 Europol and Eurojust led a coordinated sweep from October 27–29 across Cyprus, Spain, and Germany that resulted in nine arrests tied to a cryptocurrency money‑laundering network accused of defrauding victims of €600 million (~$688 million). Authorities executed searches and seized €800,000 ($918,000) in bank funds, €415,000 ($476,000) in cryptocurrencies, and €300,000 ($344,000) in cash. Investigators say the group created dozens of fake crypto investment platforms and lured victims via social media ads, cold calls, fake news articles, and fraudulent celebrity testimonials. The scheme laundered proceeds using blockchain techniques and was disrupted after victim complaints spurred a cross‑border investigation.

European Police Bust International Crypto Investment Scam

🔍An international cryptocurrency investment and money‑laundering network has been dismantled in Europe after coordinated operations by French, Belgian and Cypriot authorities. Nine suspects were arrested across Cyprus, Germany and Spain between October 27 and 30, and investigators seized roughly €1.6m in cash, bank funds, crypto wallets and luxury items. French prosecutors say the group ran dozens of fake trading platforms and used social media, phone calls and sponsored fake news to target hundreds of victims, laundering at least $700m in crypto proceeds.

European Police Bust €600M Cryptocurrency Investment Fraud

🔎 European authorities arrested nine suspected money launderers tied to a crypto investment fraud ring that stole over €600 million from victims across multiple countries. The coordinated raids on October 27 and 29 in Cyprus, Spain and Germany were led by Eurojust from The Hague. Investigators seized €800,000 in bank accounts, €415,000 in cryptocurrencies and €300,000 in cash. The suspects allegedly used dozens of fake investment platforms and social engineering — including social media ads, cold calls, fake news and celebrity testimonials — to recruit victims and then laundered proceeds using blockchain tools.

Canada Fines Cryptomus $176M over AML Oversight in 2025

🔒 FINTRAC has imposed a $176,960,190 penalty on Xeltox Enterprises Ltd., the operator of Cryptomus, after finding widespread failures to file suspicious transaction reports tied to trafficking in child sexual abuse material, fraud, ransomware payments and sanctions evasion. Regulators said the payments platform enabled dozens of Russian‑focused exchanges and cybercrime‑facing services to move illicit proceeds. The action follows investigative reporting showing numerous money service businesses clustered at shared Canadian addresses that appear to be fronts.

UK Police Seize £5.5B in Bitcoin Linked to Fraud Scheme

💰 British authorities have seized £5.5 billion (about $7.39 billion) in cryptocurrency — approximately 61,000 Bitcoin — from the London home of Zhimin Qian (aka Yadi Zhang), who pleaded guilty to acquiring and possessing criminal property. The Metropolitan Police say the seizure, uncovered after a probe opened in 2018, is believed to be the largest such confiscation worldwide. Qian is accused of running a large-scale fraud in China from 2014–2017 that targeted more than 128,000 mostly older victims and converted proceeds into Bitcoin before fleeing to the U.K. A co-conspirator, Jian Wen, was previously jailed and ordered to repay millions.

Eurojust Arrests Five Over €100M Cryptocurrency Scam

🛑 Eurojust coordinated the arrest of five suspects tied to an elaborate online investment fraud that stole more than €100 million from over 100 victims across France, Germany, Italy and Spain. Searches and asset freezes were carried out in Spain, Portugal, Italy, Romania and Bulgaria, and investigators say funds were laundered via Lithuanian bank accounts. Victims were charged extra withdrawal fees before the platform disappeared.

European police dismantle crypto fraud ring, €100M loss

🚨 Five suspects were arrested in a cross-border crackdown on a cryptocurrency investment fraud ring that stole over €100 million from more than 100 victims. The operation, coordinated by Eurojust and supported by Europol, involved investigative teams from Spain, Portugal, Bulgaria, Italy, Lithuania and Romania and included searches and asset freezes. The scam, active since at least 2018, lured investors with promises of high returns and routed funds to bank accounts in Lithuania; victims were later asked to pay recovery fees before platforms went offline.

Avoid Becoming a Money Mule: Risks, Tactics, Prevention

⚠️ Money mules are individuals whose bank accounts are used to move or withdraw stolen funds, often without their knowledge. Scammers recruit mules through fake job offers, in-person pleas, or off-the-books work, promising small payments for receiving or forwarding transfers. Legal consequences can be severe — fines, prosecution, and imprisonment — even if you were unaware. Protect yourself by refusing unsolicited transfers, keeping bank details private, and insisting on formal contracts for any employment.

U.S. Sanctions Network Supporting North Korean IT Workers

🔒 The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two individuals and two companies tied to a North Korean IT worker network that embeds personnel in foreign firms using stolen or fabricated identities and "laptop farms" to disguise locations. Designations include Russian national Vitaliy Sergeyevich Andreyev and DPRK consular official Kim Ung Sun, plus Chinese front Shenyang Geumpungri Network Technology Co., Ltd and DPRK-linked Korea Sinjin Trading Corporation. Blockchain intelligence firm Chainalysis identified Andreyev’s Bitcoin wallet as a laundering conduit, tied to nearly $600,000 in conversions. The sanctions freeze U.S.-based assets, bar American persons from transacting with the designees, and signal heightened targeting of infrastructure and crypto facilitators who help the DPRK monetize overseas IT labor.