Category Archives: Cryptocurrency
Cryptocurrency: Top 3 Meme Coins To Watch This Weekend – Watcher Guru
The cryptocurrency realm has always been a hub of creativity, speculation, and at times, whimsical endeavors. Lately, a specific category of digital assets has seized the attention of investors and internet users alike meme coins. These digital tokens, often recognized for their lighthearted branding and dedicated online communities, provide a distinctive mix of entertainment, camaraderie, and, occasionally, significant financial returns. As the weekend approaches, lets delve into three meme coins that are currently causing ripples in the cryptocurrency landscape.
In the midst of the myriad meme coins emerging in the cryptocurrency ecosystem, Dogwifhat, situated within the Solana blockchain, has been gaining notable traction. Presently valued at $3.21, WIF has observed a remarkable surge of 37.3% in the past week alone. This swift ascent has propelled it to the summit of Solanas meme coin rankings, surpassing even established players like Dogecoin (DOGE) and Shiba Inu (SHIB).
With a market capitalization of $7.1 billion and a robust 24-hour trading volume of $2 billion, Dogwifhat serves as evidence of the escalating interest in meme coins within the Solana ecosystem. Its recent performance, marked by an 887% increase in a month, underscores its appeal to digital asset investors seeking lucrative opportunities.
Emerging as a direct competitor to the iconic Dogecoin, Shiba Inu has established itself as a formidable contender in the meme coin arena. Beyond its endearing canine mascot, SHIB sets itself apart by fostering a decentralized ecosystem and garnering support from an enthusiastic community of supporters.
Trading at $0.00003125 with a notable 7% daily surge, Shiba Inu has witnessed a consistent upward trend. It boasts a nearly 30% increase throughout the week. Its unwavering commitment to innovation and community involvement positions SHIB as a meme coin deserving of attention, challenging the supremacy of its canine counterpart.
Also Read: Bonk, dogwifhat, and Pepe Surge Could Dogecoin20 Explode Next?
Ranked second among Solana meme coins by market capitalization, Bonk has been quietly accumulating followers with its impressive growth trajectory. With an astonishing surge of 2,907% in the past year and a commendable 69% increase in the last 30 days, Bonks rise in the meme coin arena has been nothing short of extraordinary.
Currently, Bonk commands a total market capitalization of $1.46 billion, supported by a 6.8% surge in the last 24 hours. Despite being 51% below its all-time high set on March 4, Bonks bullish potential remains evident. It is fueled by continuous market inflows and investor interest.
Also Read: DogWifHat Claims Top 3 Memecoin Spot: Can WIF Breach $3 Next?
In conclusion, as the cryptocurrency landscape continues to evolve, meme coins stand out as a distinctive and vibrant segment. They are driven by humor, community spirit, and the allure of potential financial gains. While the inherent volatility and speculative nature of these assets necessitate caution, the weekend presents an opportunity for investors to closely monitor promising projects such as Dogwifhat, Shiba Inu, and Bonk. Whether its the appeal of a playful mascot or the promise of innovation, meme coins continue to captivate audiences, offering an exhilarating journey through the ever-expanding crypto universe.
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Cryptocurrency: Top 3 Meme Coins To Watch This Weekend - Watcher Guru
Cryptocurrency: Three Coins You Must Have Before Bitcoin Halving – Watcher Guru
As the highly anticipated Bitcoin halving event approaches, cryptocurrency investors and enthusiasts are eagerly seeking opportunities to maximize their potential gains.
While Bitcoin remains the undisputed king of cryptocurrencies, there are other coins that have the potential to deliver significant returns during this crucial period. I
In this article, we will explore three cryptocurrencies that you should consider adding to your portfolio before the Bitcoin halving: Bitcoin (BTC), Solana (SOL), and Shiba Inu (SHIB).
Also read: How High Can Ethereum (ETH) Rise In April?
Bitcoin is a must-have for any investor during the halving period. As the pioneer of blockchain technology, Bitcoin has established itself as a store of value and a hedge against traditional financial systems.
With a current price of $69,883.44 and a 2.14% drop in the last 24 hours, Bitcoin boasts an impressive market capitalization of $1,374,456,029,885, solidifying its position as the largest cryptocurrency by market cap. The 24-hour trading volume for BTC stands at $35,096,718,820, indicating strong liquidity and market interest.
As the halving event approaches, Bitcoin is expected to experience increased demand and potentially significant price appreciation. Historical data suggests that Bitcoin tends to rally in the months leading up to and following the halving, making it a crucial asset to hold in your portfolio.
Also read: Ripple Analyst Predicts When XRP Will Hit Cycle Top
Solana, a high-performance blockchain platform designed to scale with the demands of decentralized applications (dApps) and decentralized finance (DeFi), has emerged as a strong contender in the crypto space.
Currently trading at $187.10, SOL has seen a 4.64% drop in the last 24 hours. Solanas market capitalization stands at $83,135,807,821, ranking it as the 5th largest cryptocurrency. The 24-hour trading volume for SOL is $3,327,496,343, indicating significant market activity and interest in the platform.
As the crypto market gears up for the Bitcoin halving, Solanas unique features and growing adoption make it a promising investment opportunity.
Also read: How High Can Solana (SOL) Rise in April 2024?
Shiba Inu, the beloved meme coin that started as a lighthearted joke, has proven its staying power in the cryptocurrency market. With a dedicated community, Shiba Inu has the potential to ride the wave of the upcoming Bitcoin halving.
Currently priced at $0.00003064, SHIB has experienced a 3.43% increase in the last 24 hours. Shiba Inus market capitalization stands at $18,058,381,928, securing its position as the 11th largest cryptocurrency. The 24-hour trading volume for SHIB is an impressive $2,174,031,126, demonstrating strong market interest and liquidity.
Also read: Shiba Inu: Machine Learning AI Predicts SHIBs Price for March 31
As the crypto market anticipates the potential surge surrounding the Bitcoin halving, Shiba Inus popularity and growing adoption could fuel its price appreciation.
Investors and enthusiasts have a unique opportunity to potentially profit from the market surge as the Bitcoin halving approaches.
However, it is crucial to remember that the cryptocurrency market is highly volatile and subject to rapid fluctuations. As with any investment, it is essential to conduct thorough research, understand the risks involved, and make informed decisions based on your individual financial goals and risk tolerance.
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Cryptocurrency: Three Coins You Must Have Before Bitcoin Halving - Watcher Guru
FTX Creditors: Bankruptcy Could Have Revived Business – PYMNTS.com
Earlier this year, bankrupt cryptocurrency firmFTXcalled off plans toresurrect its exchange.
And that was amissed opportunity, some of the companys creditors told The Wall Street Journal in a report published Thursday (March 27).
They are responsible for destroying billions of dollars in value, said Arush Sehgal, one of those creditors. They had a thriving business that was the No. 2 exchange in the world, and all they had to do was turn it back on. But they failed to do so.
As the report notes, former customers of FTX say that the companys plan to repay them falls short, because they will receive the cash value for their crypto set to November 2022 standards, when the exchange went under.
But since then, bitcoin has ballooned in value,hitting record levels. Supporters of a relaunched FTX, the WSJ report said, argue that customers should receive shares in a new version of the exchange to help offset their losses.
FTX CEO John J. Ray III, who has overseen the company since its bankruptcy filing, told the WSJ his team carried out an extensive effort to find a buyer for the exchange or partners to merge with, but never received adequate proposals.
In each case, no serious investor was willing to give us material value when weighed against costs, delays and other factors, Ray said. We did not even receive a meaningful bid for any intellectual property because the code was obsolete and the brand synonymous with fraud.
That fraud was carried out by Rays predecessor, Sam Bankman-Fried, who is scheduled to be sentenced this week following hisconvictionin November 2023.
In avictim impact statementfiled last week, Ray argued that the one-time cryptocurrency wunderkinds statements that his former customers will be repaid in full is false.
Customers still will never be in the same position they would have been had they not crossed paths with Mr. Bankman-Fried and his so-called brand of altruism, Ray wrote.
Bankman-Fried faces decades in prison at his sentencing, with the prosecution asking Judge Lewis Kaplan to hand down asentence of 40 to 50 years.
In a recent court filing last week, prosecutors argued that Bankman-Fried showed unmatched greed and hubris in using customer funds for risky investments and personal expenditures.
In response, Bankman-Frieds attorneys countered that the proposed sentencing is based on a distorted narrative and amedieval view of punishment.
The defense team has already suggested a sentence of no more than six and a half years, and said in court last week that Bankman-Fried is not a super-villain.
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FTX Creditors: Bankruptcy Could Have Revived Business - PYMNTS.com
Cryptocurrency Analysts Caution Investors on Volatility – Crypto Times
The Cryptocurrency Analysts Warn Investors about Pumping Too Much Money into Cryptocurrency and Urges for Responsible Allocation. Katherine Dowling, an analyst at Bitwise Asset Management, states an over-the-horizon example that may become less true over time if recline continues.
Any CFP like Ivory Johnson, who deals in the allocation of investment portfolios, says that a minimum of 2-3% is the quantum to be allocated.
Such extreme volatility of cryptocurrencies warning investors to buy more slowly. Johnson, in his comparison of buyers and sellers, demonstrates the risk-reward ratio, showing how ones investments should be based on age, risk tolerance, and the status of the targets. Although young investors may be able to persevere with higher risk, old ones are rather advised to be on the alert.
Bitcoins recent new high with such a wide range summarizes the coins inconsistency. While regulative acceptance opens up access, the experts, however, point out the need to stay vigilant. Tactics like dollar-cost averaging and periodic rebalancing have high recommendations in shaping exposure to cryptocurrency volatility.
The Crypto Volatility Index, which is more volatile than the traditional indices, is still high, pointing toward further fluctuations. Dowling reminds us that cryptocurrencies are only sometimes applicable, as some risk investors are wise and take a closer look at the possible consequences.
Also read: Bitwise Exec. Cautions Against Overhyped Altcoin Valuations
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Cryptocurrency Analysts Caution Investors on Volatility - Crypto Times
Tether (USDT) Leads Cryptocurrencies in Illegal Transactions: TRM Labs – Milk Road
A recent report by blockchain analytics firm TRM Labs sheds light on the state of illicit activity within the cryptocurrency ecosystem in 2023. The report, titled The Illicit Crypto Economy, reveals that the total amount of illicit funds in the crypto space has decreased by 9% compared to 2022. However, criminals still managed to handle nearly $35 billion worth of cryptocurrencies throughout the year.
Key highlights:
Read more: Judge Allows SECs Lawsuit Against Coinbase To Proceed, Dismisses Exchanges Motion
According to TRM Labs, the decline in illicit activity can be attributed, in part, to increased regulatory pressure. The report notes that the United States alone tripled the number of cryptocurrency crime-linked entities and individuals subject to sanctions.
This crackdown appears to have had a significant impact on hackers linked to North Korea. These hackers made off with 30% less than they did in 2022. Overall, hack proceeds fell by more than 50%, from $3.7 billion in 2022 to $1.8 billion in 2023.
Despite the overall decrease in illicit activity, the report highlights that scams and frauds remained a significant issue. It accounted for nearly a third of all crypto crimes in 2023.
Read more: KuCoin Indicted For Alleged Multi-Billion Dollar Criminal Conspiracy
The report also delves into the sale of illicit drugs on darknet marketplaces, which grew from $1.3 billion in 2022 to $1.6 billion in 2023. Interestingly, while the volume of fentanyl and its precursor materials dropped by 150% between 2022 and 2023, vendor sales increased by over 97% year-on-year, from $16 million to $33 million.
When it comes to the distribution of illicit crypto volume across different blockchains, TRM Labs found that almost half (45%) of all illicit activity occurred on the TRON blockchain in 2023, up from 41% in 2022. With $19.3 billion, stablecoin Tether (USDT) had the largest share of illegal volume, ahead of Ethereum (24%) and Bitcoin (18%).
Vignesh Karunanidhi
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
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Tether (USDT) Leads Cryptocurrencies in Illegal Transactions: TRM Labs - Milk Road
Cryptocurrency: Top 3 Coins To Watch In April 2024 Under $1 – Watcher Guru
With Bitcoins (BTC) halving just around the corner, the cryptocurrency market seems primed for another breakout. The original crypto has reclaimed the $70k level and might witness another rally next month.
However, many new investors may want to start with something small. Hence, lets look at three crypto assets under $1 that could surge in April 2024.
Shiba Inu (SHIB):
Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. Moreover, analysts at CoinCodex anticipate the dog-themed crypto to hit a new all-time high in April. According to the platform, SHIB could delete a zero and rise to $0.0001 on Apr. 21, 2024. Changelly also paints a bullish picture for SHIB, predicting a price of $0.00009 on Apr. 21, 2024.
Also Read: Cryptocurrency: Top 3 Coins That Could Grow 10X in 2024
SHIB had a lackluster year in 2023, and the project seems to be turning the tide this year. The asset is one of the best cryptocurrencies to buy under $1.
Dogecoin (DOGE):
Dogecoin (DOGE) is another popular memecoin that could surge in April. The asset recently surpassed Cardano (ADA) as the 9th largest cryptocurrency by market cap.
Elon Musk, a vocal supporter of DOGE, recently said that Telsa may begin DOGE payment for their vehicles. If Tesla enables DOGE payments for its cars, the project may see a surge in adoption and price. There is also a lot of talk about DOGEs inclusion in Xs upcoming payment feature. The development may lead to a massive price spike for the original memecoin.
XRP:
Also Read: Cryptocurrency: Top 3 Coins To Watch For March-End 2024
Ripples XRP token has had a slow growth despite a market-wide rally earlier this year. The lackluster performance is likely due to Ripples ongoing lawsuit with the SEC (Securities and Exchange Commission). There is a possibility that the US high court will rule favorably for the fintech company, which may lead to a surge in XRPs price.
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Cryptocurrency: Top 3 Coins To Watch In April 2024 Under $1 - Watcher Guru
KuCoin, Execs Charged With Bank Secrecy Act and Unlicensed Money Transmission Offenses – Investopedia
Key Takeaways
Global cryptocurrency exchange KuCoin and two of its founders have been indicted on criminal charges of operating without a license for transmitting money and failing to establish an anti-money laundering (AML) program in accordance with the Bank Secrecy Act (BSA).
KuCoin is accused by the U.S. Attorney's Office for the Southern District of New York of neglecting to verify the identities of its customers adequately or to report any suspicious activities. The BSA mandates that financial platforms implement stringent measures for identifying their customers and reporting any transactions that could suggest criminal activities.
Other international crypto exchanges, such as Binance and BitMEX, have faced similar charges in the past.
KuCoin's founders, Chun Gan and Ke Tang, are alleged to have concealed their platform's significant engagement with U.S. traders. According to U.S. authorities Tuesday, this strategy allowed KuCoin to amass more than 30 million customers and billions of dollars in daily trades because it didn't follow the legal obligations in place for financial institutions operating within or targeting the U.S. market.
Overall, KuCoin is accused of facilitating the laundering of more than $5 billion in suspicious funds via deposits and $4 billion via withdrawals.
As [Tuesday's] Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoins platform," U.S. Attorney Damian Williams said in a statement. "Indeed, KuCoin allegedly took advantage of its sizeable U.S. customer base to become one of the worlds largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume."
The charges also underscore an allegedly deliberate attempt by KuCoin and its founders to operate outside of the global financial regulatory structure. By actively disguising the presence of its U.S. clientele and misleading investors about the geographic distribution of its customer base, KuCoin sought exemption from the stringent AML and Know Your Customer (KYC) requirements, the charges allege.
This evasion of legal duties was alleged to have continued until the company was confronted with a federal criminal investigation, after which it implemented a KYC process in July 2023albeit one that applied only to new customers, leaving a vast number of existing users, including those in the U.S., unverified, according to the indictment.
Last December, KuCoin reached a $22 million settlement over charges of operating an unregistered exchange from New York Attorney General Letitia James. Notably, that case referred to ether as a security, which has recently been disclosed as a new area of focus for the Securities and Exchange Commission (SEC).
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KuCoin, Execs Charged With Bank Secrecy Act and Unlicensed Money Transmission Offenses - Investopedia
Preparing for a Digital Battlefield: National Security and Cryptocurrency – The Cipher Brief
SPONSORED CONTENT The modern battlefield has seen a transformation in the visibility of military and intelligence operations. To be seen or not seen is often the differentiator between success and failure, driving operations into the shadows. Increasingly, the same is true for transnational crime, illicit payments, sanctions-busting and criminal activity.
From Russian ransomware gangs to North Korean hackers, threat actors have looked to cryptocurrencies for revenue generation, money laundering, sanctions evasion and other illicit activity. Many of these actors perceive blockchain-based transactions to be protected from the prying eyes of regulators or law enforcement; especially for cross-border transactions. However, the reality is quite the opposite. Public blockchain technology is designed to be a trusted method for transactions explicitly because every transaction is published and available to everyone on the blockchain. Law enforcement, counter-terrorism, counter threat-finance and national security agencies worldwide are able to harness the power of blockchain technology to track and trace the flow of funds in ways impossible in the traditional world.
As we move further into a world where conflict and competition are fought at least in part on blockchains, it is critical to understand how cybercriminals, sanction-violators and nation state actors use blockchains to move crypto-currencies and other digital assets.
The native properties of public blockchains data that is transparent, traceable and permanent enables government agencies to leverage blockchain intelligence to identify risks more readily and more effectively in order to take action against illicit actors. Not unlike conventional battlefield intelligence, the tools of blockchain intelligence capture threat activity, threat intent and threat vulnerabilities. Through this advantage, regulators, special operators, sanction-enforcers and law enforcers can disrupt threat actors on the digital battlefield.
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What is Blockchain Intelligence?
Also known as blockchain analytics, blockchain intelligence analyzes raw blockchain data in order to surface insights and risk indicators. It allows law enforcement and national security agencies unprecedented visibility into real-time financial flows. The nature of blockchain technology the open and distributed ledger upon which tokens can be sent means that each transaction is verified and logged in a shared, immutable record, along with the timestamp of the transaction and the addresses involved. This data can be used to understand connections between on-chain addresses, and can also be paired with off-chain intelligence to identify links to real-world entities. Illumination of financial flows through Blockchain Intelligence not only includes blockchain records, but sets the stage for expanded identification of threat actors who are hiding in plain sight.
State Actors, National Security Threats, and Cryptocurrencies; Deadly Combinations
The viability and value of blockchain intelligence can be readily seen in terrorist activity, sanctions-violations and law enforcement activities; but the blockchain ecosystem also harbors bigger prey. Increasingly, state actors have made use of blockchain technology for sanctions evasion, weapons proliferation, cybercrimes and other destabilizing activity. No nation state has attempted to exploit vulnerabilities within the crypto ecosystem as effectively as North Korea.
North Korea Continues to Attack the Crypto Ecosystem
Hackers tied to North Korea stole approximately USD 700 million in cryptocurrency in 2023, according to TRM Labs. North Korea was responsible for almost a third of all funds stolen in crypto attacks last year, despite a 20% reduction from the USD 850 million haul in 2022. Hacks perpetrated by North Korea were on average ten times as damaging as those perpetrated by other actors. Nearly USD 3 billion worth of crypto has been lost to North Korean threat actors since 2017.
OFAC has used sanctions to target cryptocurrency mixers and other services that North Korea has used to launder hacked funds. Cryptocurrency mixers are services that obfuscate transactional information, allowing users to obscure their connection to certain cryptocurrencies. While mixers are used for lawful purposes, North Korea has used them at scale to launder funds. However actions against mixers such as Tornado Cash and Sinbad demonstrate the ability of national security agencies to target the services used by North Korea to launder hacked and stolen funds.
For example, in March 2022, Lazarus Group struck the Ronin bridge, a service that allows users to move funds from one blockchain to another, stealing over $600 million in cryptocurrency that could potentially be used by North Korea for weapons proliferation and other destabilizing activity. What followed was OFAC using blockchain intelligence to trace the stolen funds sanctioning both the blockchain addresses to which the funds moved, and the mixing services that North Korea utilized to launder the proceeds including centralized bitcoin mixer blender.io and decentralized Ethereum mixer Tornado Cash. These rapid sanctions designations were only possible because of the transparent nature of public blockchains.
OFACs sanctioning of Tornado Cash succeeded in radically reducing usage of the service. According to TRM, the overall volume passing through Tornado Cash decreased by close to 85% post OFAC sanctions. Perhaps most importantly, North Korean hackers appear to have largely abandoned the service in favor of more traditional Bitcoin mixers. With nearly USD 1.5 billion stolen in the past two years alone, North Koreas hacking prowess demands continuous vigilance and innovation from business and governments.
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Terrorist groups have looked to crypto as one piece of financing puzzle
Particularly following the Hamas attacks on Israel in October 2023, the use of cryptocurrency by international terrorist groups has taken on renewed urgency among governments, policymakers and researchers. And while cash, hawala and even traditional money services remain the default tools for terrorism financing, TRM research found a growing interest in and use of crypto by terrorist groups and their supporters. Nevertheless, to date cryptocurrency use (especially as it relates to fundraising campaigns) appears to be primarily confined to small-scale transactions of under USD 100. Three-quarters of donations to terrorist fundraising campaigns were under USD 500, with around 40% at USD 100 or less.
While the overall volume remains relatively low, in recent years, terrorist groups and their supporters have used cryptocurrency more recently using the stablecoin Tether (USDT) on the TRON (TRX) blockchain to solicit donations and conduct cross-border payments. This includes ISIS and its affiliates in multiple countries around the world, as well as Iranian-backed groups like Hamas and Palestinian Islamic Jihad (PIJ), which have received hundreds of thousands of dollars in cryptocurrency over the past few years.
However, in 2023 Hamas and or sympathetic fundraising campaigns received only modest amounts of crypto, possibly due to the successful targeting of these accounts by Israeli authorities and private sector agencies. Indeed, Hamas announced last year that it would no longer accept cryptocurrency donations.
This could be related to the successful targeting by US and Israeli authorities. Over the last few years, Israels National Bureau for Counter Terror Financing (NBCTF) has repeatedly targeted Hamas use of cryptocurrency, seizing dozens of cryptocurrency addresses with tens of millions of dollars in volume, controlled by entities affiliated with Hamas. For example, on October 10, 2023, the cyber branch of the Israel Polices Lahav 433 announced the seizure of cryptocurrency accounts belonging to Hamas and in July 2021, the NBCTF released a copy of an administrative seizure for Bitcoin, Dogecoin, TRON, and other cryptocurrency addresses controlled by agents of Hamas.
In December 2022, TRMs blockchain intelligence platform identified an address controlled by Shamil Hukumatov. Turkish authorities alleged that the Tajikistan national worked to recruit Tajiks to join the ISIS affiliate in Afghanistan, known as the Islamic State in Khurasan (ISKP or ISIS-K) and launch attacks against the Tajik government. TRM Labs notified Binance, the exchange used by the group to cash out some of their funds. Using know-your-customer (KYC) controls, Binances compliance and financial crime teams identified the person operating the account and alerted the local authorities. The information led to the arrest of two individuals in Tajikistan in April 2023. Turkish authorities arrested Hukumatov two months later.
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Darknet markets and non-compliant exchanges fuel Russias money laundering state
Russia has long been a haven for money launderers, ransomware gangs, and darknet markets. This activity has been facilitated by non-compliant cryptocurrency exchanges, OTC brokers, and networks of facilitators who move funds using cryptocurrencies and other methods for Russian elites in order to evade ever-expanding sanctions. However, law enforcement and national security agencies are targeting Russia-linked ransomware networks. For example, on February 20, 2024, the UKs National Crime Agency, the US Department of Justice, the FBI, and Europol announced the disruption of LockBit and the takedown of its associated website infrastructure. In addition, the US Treasury Departments Office of Foreign Assets Control (OFAC) designated two Russian nationals for their involvement as LockBit affiliates.
Through on-chain analysis, TRM estimates that addresses controlled by LockBit administrators and affiliates have received over GBP 160 million (USD 200 million) in bitcoin since 2022, of which over GBP 50 million (USD 63 million) are still unspent in multiple addresses on-chain.
Additionally, last year the U.S. Department of Justice and the U.S. Treasury Department announced a coordinated action against non-compliant Hong Kong-registered cryptocurrency exchange Bitzlato, for facilitating Russian illicit finance particularly, ransomware and darknet markets allowing Treasurys Financial Crimes Enforcement Network (FinCEN) to issue for the first time an order pursuant to section 9714(a) of the Combating Russian Money Laundering Act.
Treasurys strategy began to take shape in 2021 when it sanctioned Russia-based exchanges Suex, Chatex, followed by an action in 2022 against exchange Garantex for facilitating payments to Russian language darknet market Hydra.
Iran has turned to crypto to move funds in international trade
Even as both Iran and Russia have banned their residents from using cryptocurrencies for payments, these two governments have been working to establish crypto payments for foreign trade. Iran already announced its first official import order worth $10 million back in August 2022. Statements from Russias finance ministrys financial policy department had already confirmed that Russia is exploring how to use crypto for international payments.
Most recently, in the wake of the October 7 attacks on Israel there has been a focus on the way that Iran funds terrorism. In January 2024, U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) imposed sanctions on financial facilitators that have played key roles in funds transfers, including cryptocurrency transfers, from Irans Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) to Hamas and Palestinian Islamic Jihad (PIJ) in Gaza.
In addition, in February 2024, OFAC targeted individuals and entities involved in the government of Irans program to develop a Central Bank Digital Currency (CBDC).
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Treasury has effectively targeted crypto-denominated fentanyl sales
Following a multi-year boom, crypto-denominated fentanyl dropped by over 150% in 2023 according to TRM Labs.
Despite the slowdown in growth, total volumes still grew by over 80% over 2023 from USD 16 million to USD 29 million. Moreover, such crypto-denominated sales likely represent a fraction of the total market for fentanyl and fentanyl precursors, most of which continue to be traded using traditional currency.
The decrease in the growth rates appears to correlate with significant sanctions and enforcement events: the US Treasurys Office of Foreign Assets Control (OFAC) sanctioned 135 individuals and entities linked to fentanyl production and distribution across 12 designation events. That followed a steady increase in designation activity since 2018, with five individuals and entities designated in 2019, seven in 2020, 15 in 2021 and 17 in 2022 (see Sanctions section below).
It is impossible to ascribe any one cause to the decreased crypto-related fentanyl sales in 2023: other events, such as indictments by the US Department of Justice (DOJ), may have also contributed to the trend. However, OFACs actions are likely to have disrupted supplies by increasing the risks of engaging with targeted precursor manufacturers. As illicit actors continue to use cryptocurrencies for the illicit trade of fentanyl, law enforcement and national security agencies can use blockchain intelligence for sanctions, arrests and other disruptions.
Conclusion
National security, sanctions enforcement, counter-criminal and counter-terrorism success increasingly requires the tools and techniques to operate in new and evolving domains. As more and more transactions occur on blockchains, we will continue to see criminal and state actors look to take advantage of the promise of cryptocurrencies. The ability to investigate, seize, and disrupt those transactions is critical.
As illicit actors and nation states take advantage of emerging technologies, leveraging blockchain intelligence allows us to see threat actors even on the digital battlefield.
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Preparing for a Digital Battlefield: National Security and Cryptocurrency - The Cipher Brief
Sam Bankman-Fried, billionaire before 30 and now a possible 100-year prison sentence at 32: The downfall of the cryptocurrency king – EL PAS USA
The second week of November 2022 was a bumpy one for Sam Bankman-Fried. The U.S. tycoon, who was 30 years old at the time, failed to raise funding for his two main businesses, cryptocurrency exchange platform FTX and investment fund Alameda Research. It was too late for him to get anyone to invest with him. His fortune, which on that Monday was estimated at $16 billion, completely evaporated on Friday, and his companies filed for bankruptcy. However, the week of his sensational fall may not have been the worst of his life. This week he faces the possibility of being sentenced to 110 years in prison.
Sam Bankman-Fried, or SBF as he is known, was convicted in November 2023 for utilizing money from users of his platform to fund various personal projects, but his sentence remains to be determined. On the one hand, SBF is up against a judge who no longer views him favorably after his attempts to manipulate witnesses throughout the trial. On the other, he remains hopeful that returning the more than $8 billion lost by the victims could reduce his sentence. The combination of factors shaping the case leaves considerable uncertainty as to the final verdict.
So, how long could he spend behind bars? The maximum sentence for the seven counts of fraud and conspiracy for which he was convicted amounts to more than a century. Yet, its enforcement is not usually the norm for this type of crime: most white-collar offenders whose sentences equate to the rest of their lives end up serving only part of them. One example is Elizabeth Holmes, who will only serve 11 of the 80 years she faced for fraud involving the startup Theranos, which promised blood tests with just a prick of the finger. If Bankman-Fried receives the maximum punishment, he would have the fifth-largest sentence for financial crimes in the U.S., behind Bernie Madoff, who ranks fourth after being sentenced to 150 years in 2009 for the largest Ponzi scheme in history.
The parallels with the Madoff case compromise Bankman-Frieds situation. At the sentencing of the formers case, Judge Denny Chin stressed the importance of a maximum penalty for crimes of this magnitude due to their symbolic significance: The message conveyed is that, in a society governed by law, those like Mr. Madoff will receive the punishment they deserve, in keeping with their moral culpability. The judge also underlined the deterrent role of the sentence: It is crucial to send a strong message to those contemplating similar acts that they will be caught and punished to the maximum extent of the law.
Bankman-Frieds fate rests entirely in the hands of the judge. The U.S. judicial system grants the magistrate absolute power to determine the sentence, constrained only by the maximum established for each offense. Whether or not he receives guidance from the defense, the Prosecutors Office and other stakeholders, the judge relies primarily on his or her own perception of the severity of the crime and the culpability of the defendant. There is also a good chance that the punishment given to SBF will not only serve as a sanction, but also as an example to deter others.
The former cryptocurrency guru has certainly not kept a low profile in the process. SBF was initially placed under house arrest during the trial, but this privilege was revoked when he was found to have repeatedly violated the terms of his probation. Suspicions of fund transfers to conceal assets, covert internet activities and improper communications landed him several warnings, until it was confirmed that he had leaked the personal diary of his ex-girlfriend and former CEO of Alameda Research, Caroline Ellison, a central witness in the case. The United States Department of Justice claimed that Bankman-Fried leaked the diary to discredit and intimidate Ellison, who confessed to feeling unfit to manage the Alameda fund in her writings. In addition, SBF provided false statements during his testimony and employed the customary strategy of answering I dont recall on more than 140 occasions to avoid incriminating himself when questioned by the prosecutor.
However, Bankman-Fried remains hopeful. For the final stages he hired star attorney Marc Mukasey to lead his defense. Mukasey previously defended Donald Trump in a case involving the legality of his candidacy, although his major success came when he succeeded in lowering the sentence from 11 years in prison to just four for Trevor Milton, the former CEO of Nikola. Milton, accused of misleading investors about the progress of his electric truck companys first prototype, went to the extent of producing a video in which he tilted the camera to simulate the operation of his vehicle, when in fact it was only rolling downhill.
Through a report with various sections titled Sam is not motivated by greed, Sams caring for individuals, and Sams philosophy and philanthropy, SBFs defense is seeking to sugarcoat its clients image and attribute many of the charges against him to mismanagement, rather than a deliberate scheme to divert funds, such as false statements to obtain a bank loan that is planned to be repaid. The reports final recommendation is that Bankman-Fried should serve from five years and three months to six and a half years in prison, arguing that a sentence that would allow Sam to quickly reintegrate into a productive role in society would be sufficient [...] to fulfill the objectives of the sentence.
SBF also has an ace up its sleeve. Some of his investments through FTX have performed well and through the efforts of the team handling the bankruptcy they may be able to offset all the losses incurred by the platforms users. Andrew Dietderich, the teams attorney, stated that the payment should not be regarded as a guarantee, but as an objective. There is still a great amount of work and risk ahead, but we believe the objective is within reach and we have a strategy to achieve it. Reimbursing account owners on the now-closed platform would help remedy the harm to victims and could be crucial to reducing the length of Bankman-Frieds sentence.
Nevertheless, this situation would not invalidate the prosecutors main argument: even if the effects can be mitigated, Bankman-Fried is still chiefly responsible for the fraud that sent FTX into bankruptcy. Although SBF may have argued that he simply failed to manage the business and that he did not orchestrate any illegal actions in his companies, his testimony was contradicted by all the others involved in the process. A striking example is the testimony provided by Caroline Ellison, who claimed that Bankman-Fried directly ordered user funds to be utilized to repay loans. His former flatmates, Adam Yedidia, Gary Wang (FTX co-founder) and family friend Nishad Singh also claimed that they worked under Bankman-Frieds orders.
The prosecutors office is seeking 40 to 50 years for Bankman-Fried. According to the prosecution, SBFs recent behavior has been characterized by unparalleled greed and arrogance, taking risks and repeatedly gambling with other peoples money. They believe that Bankman-Fried shows no remorse and that the severity of his crimes should not be ignored: Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes. After Novembers verdict, Damian Williams, U.S. Attorney for the Southern District of New York, stated that, the crypto industry might be new, but this kind of fraud, this kind of corruption, is as old as time.
Many legal experts anticipate that Bankman-Fried will be spending at least several decades behind bars. As attorney Mitchell Epner of Rottenberg Lipman Rich told Forbes, it would be surprising if SBF received less than 25 years in prison. Former federal prosecutor Paul Tuchmann also predicted that victim characteristics could lead to a higher sentence: A lot of the losses in this case were small investors, which really tends to create a greater pressure for a significant sentence, he told CNBC. The professor of Law at Columbia University, John Coffee, told The New York Times that judge Kaplan is known for being fair, but not overly lenient, and estimated a minimum sentence of 20 years, but he is not ruling out a sentence of up to 50 years.
Sam Bankman-Fried has a lot going against him. Even the time it took the jury to reach a verdict just four hours suggests that its members were completely convinced. The crimes for which he was convicted do not even afford the possibility of a life sentence, which would at least offer a more realistic chance of parole in the future in New York State. The former billionaire now faces possible death by incarceration, as the U.S. media describes it, at the hands of a judge with whom he developed the worst possible relationship. Facing the uncertainty of the final verdict, Bankman-Fried can only be sure of one thing: even if the sentence falls short of expectations, it will cost him too many years of his life.
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Brainedge: Revolutionizing Global Education with AI-Powered Language Translation and Cryptocurrency Rewards – CryptoPotato
[PRESS RELEASE Grand Cayman, Cayman Island, March 27th, 2024]
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Our mission at Brainedge is to empower learners by providing access to world-class education and rewarding their achievements, said Dr. Md Moniruzzaman, Co-Founder of Brainedge. We believe that by removing language barriers and incentivising learning, we can unlock the untapped potential of millions of learners around the globe. Education should have no boundaries, and with Brainedge, were making that a reality.
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Brainedge: Revolutionizing Global Education with AI-Powered Language Translation and Cryptocurrency Rewards - CryptoPotato