British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown
Kiuyan Wong, 15 July 2021
Hong Kong authorities arrested four men for a suspected money-laundering syndicate involving HK$1.2 billion ($155 million) with virtual currency.
Operation “Coin Breaker” was launched on July 8, and the men aged between 24 and 33 have been arrested, according to a statement from Hong Kong Customs. The men opened various local bank accounts and made transactions through a virtual currency exchange trading platform, the statement said. The suspicious funds were processed via bank remittances and virtual currency from February 2020 through this May, according to officials. Continue reading “Article: British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown”
Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges
Jonathan Stempel, 23 February 2021
NEW YORK (Reuters) – The owner of the Tether cryptocurrency and Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing, New York Attorney General Letitia James said on Tuesday.
James said the civil settlement with Hong Kong-based iFinex Inc and related entities will also require them to halt trading activity with New Yorkers.
Bitfinex was accused of having sent the $850 million to Crypto Capital Corp, a payment processor believed to be in Panama, without telling clients, and after the funds went missing, draining at least $700 million from Tether’s reserves. Continue reading “Article: Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges”
Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say
DUNCAN RILEY, 13 June 2018
A new research paper has confirmed long-held suspicions that the Tether cryptocurrency was used by people linked to the Bitfinex exchange to drive up the price of bitcoin and other cryptocurrencies last year.
The paper, written by University of Texas Professor John Griffin, who is known for catching fraud in financial markets, and graduate student Amin Shams, details the direct relationship between the issuing of Tether during bitcoin price drops and how it was used to buy bitcoin on the drop, artificially creating demand and driving the price up. Continue reading “Article: Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say”