Organized Crime and Corruption Reporting Project: LockBit Gang Using Musk’s Internet Services, Laundering BitCoin in Hong Kong, China

Organized Crime and Corruption Reporting Project: LockBit Gang Using Musk’s Internet Services, Laundering BitCoin in Hong Kong, China. “A security strategist who spent months undercover on the darkweb published a report on Monday that offers insight into one of the world’s most notorious ransomware groups, claiming its members are using internet services owned by billionaire Elon Musk and laundering money through Hong Kong and China.”

US DOJ: Two Estonian Citizens Arrested in $575 Million Cryptocurrency Fraud and Money Laundering Scheme

US DOJ: Two Estonian Citizens Arrested in $575 Million Cryptocurrency Fraud and Money Laundering Scheme. “Two Estonian citizens were arrested in Tallinn, Estonia, yesterday on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy. The indictment was returned by a grand jury in the Western District of Washington on Oct. 27 and unsealed today.”

Wall Street Journal: NFTs Are Increasingly Targeted by Criminals, Report Says

Wall Street Journal: NFTs Are Increasingly Targeted by Criminals, Report Says. “Nonfungible tokens, or NFTs, are increasingly sought by criminals looking to either steal them or use them to launder illicit gains, a new report from blockchain analytics firm Elliptic said on Wednesday. More than $100 million worth of these blockchain-based assets were reported stolen in scams over the past year, according to the study. Over 4,600 NFTs were stolen in July, the most in any month since Elliptic began tracking the data in 2017, the report said.”

Ars Technica: Cryptocurrency flowing into “mixers” hits an all-time high. Wanna guess why?

Ars Technica: Cryptocurrency flowing into “mixers” hits an all-time high. Wanna guess why?. “Mixers, also known as tumblers, obfuscate cryptocurrency transactions by creating a disconnect between the funds a user deposits and the funds the user withdraws. To do this, mixers pool funds deposited by large numbers of users and randomly mix them. Each user can withdraw the entire amount deposited, minus a cut for the mixer, but because the coins come from this jumbled pool, it’s harder for blockchain investigators to track precisely where the money went.”

Bloomberg: EU reaches agreement on crypto regulation requiring personal data collection on every transfer

Bloomberg: EU reaches agreement on crypto regulation requiring personal data collection on every transfer. “The European Parliament and Council reached a provisional agreement to force crypto providers to provide identifying information on all digital asset transactions, despite an industry backlash. The so-called transfer of funds regulation, or TFR, seeks to strengthen anti-money-laundering requirements to ensure that crypto transfers can always be traced and suspicious transactions blocked.”

Department of Justice: Justice Department Announces First Director of National Cryptocurrency Enforcement Team

Department of Justice: Justice Department Announces First Director of National Cryptocurrency Enforcement Team . “The NCET was established to ensure the department meets the challenge posed by the criminal misuse of cryptocurrencies and digital assets, and comprises attorneys from across the department, including prosecutors with backgrounds in cryptocurrency, cybercrime, money laundering and forfeiture. The NCET will identify, investigate, support and pursue the department’s cases involving the criminal use of digital assets, with a particular focus on virtual currency exchanges, mixing and tumbling services, infrastructure providers, and other entities that are enabling the misuse of cryptocurrency and related technologies to commit or facilitate criminal activity.”

Daily Beast: Hipster Couple Charged in $4.5 Billion Crypto Heist Is Even Weirder Than You Think

Daily Beast: Hipster Couple Charged in $4.5 Billion Crypto Heist Is Even Weirder Than You Think. “Bitcoin. NFTs. A PPP loan. And a rapping tech entrepreneur. A New York City couple were arrested Tuesday morning by federal agents on charges of laundering some $4.5 billion stolen in a massive 2016 cryptocurrency exchange breach. As might be expected in 2022, the latest federal law enforcement takedown features the buzziest of buzz-worthy themes—as well as some pretty awful rap lyrics.”

Daily Sabah: 40 arrested in Twitch corruption probe in Turkey

Daily Sabah: 40 arrested in Twitch corruption probe in Turkey. “Demirören News Agency (DHA) reported that some suspects had collaborated with streamers who were aware that the bit payments were made using stolen credit cards and took their share. Bits cannot be converted to actual money but the scammers are accused of getting payment in actual money from streamers in exchange of huge troves of bits they sent. The scheme was allegedly used for money laundering by criminal groups.”

Boing Boing: Watch these money launderers use social media to recruit patsies

Boing Boing: Watch these money launderers use social media to recruit patsies. “…savvy criminals are using people’s desire to emulate the flashy lifestyles they see on social media to recruit gullible rubes into laundering their money. The criminals refer to these patsies as money mules, and, as you’d probably expect, the ‘job’ comes with a hefty risk for those who undertake it. In the video linked above, Vice provides a window into the world of social media money launderers.” I did a spot check and it looks like the video is fully-captioned. Unfortunately some of the dialogue in the video is captioned, so if you turn on CC over it, you have two blocks of text on top of each other.