fraud

In a major crackdown, the FBI arrested three persons for allegedly orchestrating a complex $10 million bank fraud scheme. U.S. Attorney Damian Williams and FBI Assistant Director James Smith announced the arrests of the three persons identified as Zhong Shi Gao, Naifeng Xu and Fei Jiang...

In a final court hearing, Jay Y. Lee, the chief of Samsung Electronics (OTC:SSNLF), faces allegations of fraud and stock manipulation connected to an $8 billion merger. What Happened: As reported by Reuters, prosecutors have asked for a five-year prison sentence for Lee, related to a 2015 merger of...

A Chinese court near Chongqing sentenced 21 people for online fraud, CoinDesk reported. Two defendants with surnames Jiang and Zheng employed 19 other money mules used decentralized wallet Bitpie to move $307 million in Tether (USDT) to local P2P exchanges on virtual currency platforms for Renminbi...

The Electronic Investigation Team of the Criminal Bureau in Taiwan has nabbed an individual suspected of laundering a record $320 million through digital assets, making it the largest single case of crypto-related money laundering in Taiwan. What Happened: The suspect identified by the surname Qiu...

U.S. regulators paid $16 million to crypto whistleblowers this year as part of an effort to identify fraud and other illegal activities. As a result, the Commodity Futures Trading Commission (CFTC) plans to increase financial literacy, particularly related to crypto scams. “With the rise of...

New York Attorney General Letitia James filed a lawsuit against crypto companies Gemini Trust Company, Genesis Global Capital and Digital Currency Group, Inc. (DCG) for defrauding 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion. According...

Digital payments behemoth Visa (NYSE: V) invested in London-based payments platform Form3 through a commercial partnership. This will enable Visa clients to minimize fraud while sending and receiving real-time account-to-account payments with the help of Form3's fraud-detection...

Commodity Futures Trading Commission Commissioner (CFTC) Commissioner Christy Goldsmith Romero has suggested that regulators need to update their protection measures with technological advances. She goes on to add that the inability to do the same is likely to impact the crypto investors. Amid...

A NASA employee recently confessed to misusing COVID relief funds intended for small businesses by diverting them towards an illicit cannabis operation. What Happened: Armen Hovanesian, 32, made three fraudulent loan applications under the guise of business entities that he controlled. The...

The U.S. Department of Justice filed charges on Tuesday against Rep. George Santos, according to a report from CNN. Because the charges are still under seal, the exact nature is unknown, but the report speculates that it might stem from a pattern of false statements in Santos’s financial...

The latest edition of my interview series Crypto Opinion with Mike Ermolaev focused on the topic of security, featuring Michael Jabbara, the VP and Global Head of Fraud Services at Visa (NYSE: V).  From data breaches to cryptocurrencies, Michael shared Visa network-level insights on the...

SBI Crypto Co., a subsidiary of Japan's SBI Holdings Inc, has filed a lawsuit against Whinstone US, a data center based in Rockdale, Texas. The lawsuit accuses Whinstone of misrepresenting its readiness to host a large-scale Bitcoin (CRYPTO: BTC) mining operation and for causing millions of...

U.S. prosecutors and lawyers are allowing FTX founder and former CEO Sam Bankman-Fried access to a limited number of websites on a specially configured laptop. Among the approved sites are Amazon, the Wall Street Journal, the New York Times, Decrypt, CoinDesk, Netflix, Spotify, DoorDash, Uber Eats...

Bankrupt cryptocurrency exchange FTX has transferred a whopping $2.2 billion to its founder, Sam Bankman-Fried, and other key employees through various entities. The company's new management revealed that a total of $3.2 billion was paid to Bankman-Fried and his colleagues, according to a...

Three men in a car recently drove into a metal barricade outside the house of FTX co-founder Samuel Bankman-Fried's parents, according to court documents filed by lawyers. The lawyers wrote, “When the security guard on duty confronted them, the men said something to the effect of: ‘...