Banking and Finance

Europol: Criminals Laundering Billions Through Cryptocurrencies in Europe

Europol: Criminals Laundering Billions Through Cryptocurrencies in Europe

Europol director Rob Wainwright recently revealed to BBC’s Panorama that an estimated 3-4% of the £100 billion made through illegal means in Europe were being laundered through cryptocurrencies. Wainwright explained that the laundering process involved distributing the dirty money in smaller amounts to “mules” who then convert it back to cash and return it to the criminals. He added that there was no way for the authorities to freeze the virtual funds even if they do discover them. The Europol chief called on regulators and industry leaders to come together to address the issue, saying that the latter needed to […]

Mobile Apps a Culprit for Financial Website Glitches

Mobile Apps a Culprit for Financial Website Glitches

During the turbulent period which rocked global stock markets last week, technology analysts reported that smartphone apps were one of reasons behind glitches on financial websites. Kendra Thompson, an Accenture managing director, said that most financial systems were not built to handle requests from the rapidly increasing number of financial apps on mobile devices which users often use to check balances or watch market indexes. The problem is further compounded when users repeatedly refresh the website in instances of access issues. Chief strategist for financial services at Akamai Technologies Inc. even called the adoption of mobile finance apps as the […]

13 Suspected Infraud Members Charged

13 Suspected Infraud Members Charged

Earlier this week, authorities reported charging 13 individuals suspected to be involved with cyber-crime website known as The Infraud Organization. The dark web service deals with stolen financial credentials used for fraud and identity theft. The arrested suspects came from the US, France, Pakistan, Canada, Russia, Egypt, Italy, Macedonia, and Italy. According to acting assistant attorney general John Cronan of the Justice Department’s Criminal Division, the Infraud has already cost consumers, businesses, and financial institutions $530 million in losses. The site is also reported to have been engaged in trading of malware, stolen personal information and property, and maintaining a […]

Bangladesh to File Suit Against RCBC

Bangladesh to File Suit Against RCBC

The central bank of Bangladesh recently confirmed that it will be filing a lawsuit against Rizal Commercial Banking Corporation (RCBC) over the $81 million cyber heist which happened in 2016. Using fraudulent SWIFT orders, unidentified hackers funneled the money from Bangladesh Bank’s account at the New York Fed to RCBC, where the funds were then said to have been dispersed in Manila’s casino industry.   According to deputy governor Abu Hena Mohd, they will be filing a lawsuit in a New York court in 2-3 months and are asking the Federal Reserve Bank and SWIFT to join in the legal […]

Singapore Says No to Cryptocurrency Ban

Singapore Says No to Cryptocurrency Ban

Last Monday, Singapore deputy prime minister Tharman Shanmugaratnam said that the government had no plans of banning cryptocurrencies in its future regulatory plans. In response to questions by several MPs, the minister of the Monetary Authority of Singapore (MAS) confirmed that while they will be advising citizens of the risks involved in cryptocurrency trading, as well as subjecting intermediaries to anti-money laundering regulations, the government will be keeping a hands-off policy on the matter. It was noted that MAS managing director Ravi Menon also went on record last month and said that he hopes cryptocurrencies and their underlying technology would […]

British and US Banks to Ban Purchase of Cryptocurrencies Using Credit Cards

British and US Banks to Ban Purchase of Cryptocurrencies Using Credit Cards

Several banks in the US and UK have banned their clients from investing in cryptocurrencies using their credit cards. Lloyds Banking Group Plc (LLOY.L) and Virgin Money (VM.L) issued an official statement on the matter earlier this week and said that they are protecting their customers from potentially racking up huge amounts of debt due to the volatility of virtual currencies. The banks are reportedly following the lead of banking giants JP Morgan Chase & Co (JPM.N) and Citigroup (C.N). However, banks such as UK’s Barclays and Spain’s BBVA said that they will not be putting restrictions on such purchases. […]

Bee Token Investors Scammed Out of Almost $1 Million

Bee Token Investors Scammed Out of Almost $1 Million

Investors in the Bee Token ICO were reportedly scammed by fraudsters to the tune of $1 million in cryptocurrency using a simple email phishing scheme. The “home sharing” startup began raising funds on January 31 and ended February 2 after reaching a target hard cap of 5000 ETH. However, the company only discovered the phishing scheme after the ICO had launched and asked investors not to send Ethereum to any other addresses aside from official website and statements. Investigation into the matter revealed three wallet addresses connected to the fraud which contained around $1 million after the ICO had ended. […]

Security Flaw in Ledger Hardware Wallet Identified

Security Flaw in Ledger Hardware Wallet Identified

Ledger, a cryptocurrency wallet manufacturer, recently published a report in which it warned its customers of a security flaw which affects all of its devices. The company tweeted last Saturday that all hardware wallets were found to be susceptible to man-in-the-middle attacks in which an attacker can redirect the funds to his address if a user generates a bitcoin wallet address using a computer affected by malware. Ledger advised customers to use an undocumented feature in their hardware wallets where they can confirm if the address is correct by clicking on the monitor button at the bottom left of the […]

Japanese Teen Arrested for Wallet Password-Stealing Malware

Japanese Teen Arrested for Wallet Password-Stealing Malware

A 17-year old boy was recently arrested by the Japanese police for being suspected as the author of a malware that steals the private keys of cryptocurrency wallets. The teen reportedly embedded the malware in the market data viewer app that he created. One of the places the app was distributed was on the Monacoin forum, which is regarded as “the first Japanese cryptocurrency”. A user said that around 170 Monacoins worth roughly around $500 was stolen from his wallet after he downloaded and installed the app. When questioned by the police, the teen simply said in his defense that […]

Bitcoin Falls as Experts Warn Impending Bubble Burst

Bitcoin Falls as Experts Warn Impending Bubble Burst

Bitcoin took a sharp fall this week down to $8000 as mounting concerns began to chip away at investor confidence in the future of the industry. Bitcoin’s value was almost halved from a record high of $19,511 last December 18, right after the launch of regulated futures in the US. The largest cryptocurrency continued its tumble, with experts blaming events such as global regulatory threats, million dollar cyber heists, price manipulation fears, and the recent banning of cryptocurrency ads on Facebook. A research analyst from Forextime Ltd. suggested that Bitcoin may be in trouble and that the price action indicate […]

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