Category: Economic & Financial Crime
Jun 12 2023
ChatGPT Predicts: 6 Things That Will Trigger the Next Bitcoin Bull Market
Bitcoin has undergone numerous ups and downs in its relatively short history, but only a few have been proclaimed as a full-on bull market. The latest one was back in late 2021 when the cryptocurrency skyrocketed to its ATH of $69,000. As bitcoin has recovered a lot of ground since its sub-$16,000 endeavor, the community …
Jun 12 2023
Binance Deliberates on Enabling Traders to Keep Collateral at Banks: Report
The move comes amidst growing calls from institutional digital-asset traders for a much-needed change after FTX’s dramatic collapse late last year that led to significant losses. Names of two potential intermediaries – Swiss-based FlowBank and Liechtenstein-based Bank Frick – have been mentioned, but details on further deliberations remained private. Both financial institutions have refrained from …
Jun 12 2023
Millions Stolen in UK Courier Fraud
Courier fraud is a ‘devastating crime’ that specifically targets older and vulnerable people, says City of London Police. In courier fraud scams, perpetrators pose as authority figures, including police officers and bank officials, to gain the trust of their victims. They employ high-pressure tactics to create a sense of urgency and force victims to comply …
Jun 12 2023
Over $35 Million Reportely Stolen From Atomic Wallet Users
The largest amount lost by a user in the Atomic Wallet hack was $7.95 million in Tether (USDT) on the Tron blockchain. Further investigation that the five biggest losses account for a whopping $17 million. In the latest update, ZachXBT, who had previously receiving numerous messages from the wallet users regarding their lost funds, estimated …
Mar 23 2023
Sierra Leone Busts a $200 Million Smart City Scam
Olufunmilade Adeyemi was arrested in Ghana and extradited to his native Nigeria to face justice for allegedly stealing tens of thousands of dollars in sales of fictitious property. He somehow slalomed his way out of the process and four years later miraculously appeared in Sierra Leone posing as Harvard-educated business visionary Professor Alex O Phillips. …
Mar 23 2023
Credit Suisse In Bed With Sanctioned Chinese Entities
The bank’s sale to USB comes shortly after it reported its largest annual loss since the 2008 financial crisis. Its Hong Kong-based arm, Credit Suisse Securities, invests in listed Chinese entities, some of which are state-owned. Data from the Hong Kong Stock Exchange reveals the bank’s investments in sanctioned entities and companies connected to sanctioned …
Mar 22 2023
Experts Warn of Political Interference After Thai Court Quashed Senator’s Arrest Warrant
Seven-page testimony from Royal Thai Police Lt Col Manapong Wongpiwat was made to a member of the Judicial Commission. It describes how he was allegedly pressed into revoking the arrest warrant he had requested for Senator Upakit Pachariyangkun. The director of the Criminal Court reportedly said he was under pressure from an unnamed person to …
Mar 22 2023
FDIC Denies That Potential Signature Buyers Must Give Up Crypto
Signature Bank was one of the two main banks providing financial services to crypto platforms. The bank was majorly invested in crypto, with over a quarter of all deposits coming from the industry. The news dealt a blow to many mainstays of the crypto industry, de-pegging Circle’s USDC and causing uncertainty for Coinbase and Paxos, …
Mar 22 2023
Tokenization Could Drive Efficiencies in Capital Markets: BlackRock CEO
Larry Fink, chief executive officer of the world’s largest asset management company BlackRock, believes tokenizing asset classes such as stocks and bonds could foster efficiency in capital markets. The CEO disclosed that fascinating developments are ongoing in the nascent industry beyond the hype and obsession with cryptocurrencies. Despite the of major crypto entities like FTX, …