To service the perpetually cash-starved regime of North Korea, hackers will continue their relentless onslaught on cryptocurrency - and all users of it - with state backing to industrialize their hacking and money laundering capabilities, experts warn.
This week, a KyberSwap hacker demanded total control, the U.S. Treasury called for additional tools to sanction crypto baddies, the Aerodrome and Velodrome DeFi platforms' front ends were hacked, a scam-as-a-service wallet drainer shut down, Indexed Finance thwarted hijacking attempts, and more.
The U.S. federal government Wednesday added cryptocurrency mixer Sinbad.io to a growing blacklist of virtual asset platforms under sanctions that prevent Americans from doing business with them. The FBI seized the Sinbad website in an international operation.
The world's largest cryptocurrency exchange will withdraw from the U.S. market after now-former chief executive officer Changpeng Zhao pleaded guilty to felony money laundering charges in a U.S. court and the company agreed to pay $4.3 billion into federal coffers.
Binance Chief Executive Changpeng Zhao will plead guilty to violating anti-money laundering statutes in U.S. federal court in a settlement ending an investigation into illicit transactions at the world's largest cryptocurrency exchange. The company will pay $4.3 billion in fines and forfeiture.
This week, Poloniex prepared to resume operations after a $100 million hack, a OneCoin executive pleaded guilty, the SEC reported an "impactful" crypto enforcement year, a bug put $2.1 billion at risk, $27 million was stolen, the Data Act vote happened in Europe, and China released an NFT theft law.
This week, the trial of the alleged Mango Markets hacker was delayed, Bitfinex reported a "minor" cybersecurity incident, the U.S. Securities and Exchange Commission sought summary judgement in the Terraform Labs case and the U.S. Department of Treasury designated a Russian money launderer.
The guilty verdicts returned by a jury against Sam Bankman-Fried confirmed that the one-time cryptocurrency wunderkind now stands as one of America's biggest fraudsters. His sentencing is scheduled for March 28, 2024. The statutory maximum sentences for his crimes total over 100 years in prison.
Every week, ISMG rounds up cybersecurity incidents in digital assets. This week, Sam Bankman-Fried testified in his U.S. criminal trial, the United Kingdom issued further crypto regulation, U.S. federal law enforcement arrested SafeMoon executives, and Onyx and Unibot each fell victim to a hack.
This week: Sam Bankman-Fried says he'll testify, FinCEN proposed recording crypto transactions involving mixers, a financial investigation firm used NFTs to track stolen funds, Atomic Wallet froze $2 million of $100 million in hacked funds and advocates challenged the US SEC's Binance lawsuit.
This week, Chainalysis busted crypto terrorist financing myths, the Sam Bankman-Fried trial continued, Stars Arena got back 90% of its stolen funds, an EU authority warned about DeFi risks, the U.S. FDIC said it would focus more on crypto, and California's governor approved crypto regulations.
Thousands of North Korean IT workers hid their identities to earn hundreds of millions of dollars in IT contract work from overseas companies to help finance the country's weapons development program, U.S. and South Korean agencies said. Officials said to watch for workers who are camera-shy.
In the latest weekly update, Ari Redbord, head of legal and government affairs at TRM Labs, joined ISMG editors to discuss: how Hamas is using crypto to finance operations, the latest illicit activities by North Korean actors, and how the trial of FTX's Sam Bankman-Fried could impact the industry.
This week: A crackdown on Hamas' cryptocurrency accounts, more revelations from the trial of Sam Bankman-Fried, Voyager Capital settles with the U.S. Federal Trade Commission - while former CEO Stephen Ehrlich does not - and Elliptic says hackers have cumulatively laundered $7 billion to date.
This week, the FTX hacker moved more than $100 million of funds as the trial of the company's former CEO begins; crypto losses in the third quarter of this year were $685.5 million; and the DOJ said that China uses crypto to hide funds and identities in its illicit drug operations.
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