Based on a press launch printed this week by the U.S.
Division of Justice (DOJ), three people from Miami have been
arrested for his or her involvement in a scheme that used cryptocurrency
to defraud U.S. banks. Based on the indictment, the three
defendants used stolen identities to purchase greater than $four million in
cryptocurrency after which falsely claimed that the cryptocurrency
transactions had been unauthorized. This deceived U.S. banks and a
main cryptocurrency trade into reversing these transactions
and depositing the ill-gotten funds into the defendants’ financial institution
accounts. Based on the press launch, the defendants’
scheme resulted in U.S. banks processing greater than $four million in
fraudulent transaction reversals and the cryptocurrency trade
shedding greater than $3.5 million in cryptocurrency. The defendants
face a number of fees of fraud and conspiracy to commit fraud, and
face over 30 years in jail.

A number one blockchain analytics agency not too long ago launched its
midyear cryptocurrency crime replace. The report finds that regardless of
this yr’s downturn in cryptocurrency costs, illicit exercise
within the space is resilient. Amongst different issues, the examine discovered that
illicit buying and selling volumes are down 15 p.c yr over yr,
in contrast with a 36 p.c decline for official volumes. Whereas
scams and darknet exercise are down as in comparison with 2021, hacks of
exchanges and stolen funds buck the declining pattern, with $1.9
billion of cryptocurrency stolen in hacks of companies via July
2022, in comparison with just below $1.2 billion on the identical time in July
2021.

For extra data, please discuss with the next hyperlinks:

The content material of this text is meant to supply a basic
information to the subject material. Specialist recommendation must be sought
about your particular circumstances.