Altcoin News by Thebittimes.Com

A Maryland father and son receive federal prison sentences for their involvement in a dark web drug trafficking and Bitcoin laundering operation. In a case underscoring the complex challenges of digital crime, a father and son duo from Maryland have been sentence d for their roles in a sophisticated dark web drug trafficking operation and subsequent Bitcoin (BTC) laundering scheme. Joseph Farace, 72, received a 19-month federal prison sentence on Jan. 8 for assisting his son, Ryan Farace, 38, in laundering Bitcoin earned from illegal drug sales. Court documents reveal that from November 2013 to June 2017, Ryan Farace masterminded a lucrative dark web operation, generating over 9,138 Bitcoin by selling illegal substances. In 2020, from behind bars, Ryan Farace orchestrated the transfer of over 2,874 BTC to a foreign bank account, using a prison library book to communicate the recipient’s Bitcoin address to his father. Federal investigators, however, intercepted these operatio...

Poland has found a spy ring made up of 14 citizens from across Russia , Belarus, and Ukraine guilty of espionage after accepting crypto payments of up to $10,000 to derail trains and monitor military targets in support of Russia . According to the Agency French Press, a Polish court found the spy ring guilty of acts of espionage on Tuesday. The spies planned to derail supply trains en route to Ukraine while also monitoring military targets. Additionally, they were ordered to distribute Russian propaganda, burn homes, and beat people. “After examining the case… the court found all the defendants guilty of the crimes charged, and found some of them to be operating within an organized criminal group,” said judge Jaroslaw Kowalski. Russian spies earned $10K to derail critical trains to Ukraine The spy ring was partly made up of “two Ukrainian lawyers and a political scientist, a French language teacher, a pharmacy technician, (and) a software engineer....

A Malaysian man, aged 42, has become the latest victim of a crypto currency scam, losing nearly RM1 million (approximately $212,000) of his savings. According to Johor Baru South Police assistant commissioner Raub Selama, the victim , who has not been named, was enticed by a foreign individual who promised lucrative returns on crypto currency investments through a mobile application. The scam promised a 60% return within just 60 minutes and additional revenue from each investment transaction. Trusting the scheme, the victim proceeded to make 126 transactions, amounting to RM989,170, all under the guise of investing in Bitcoin. The realization of the scam dawned upon him only when he could not withdraw his funds and discovered his account on the app had been blocked. You might also like: Malaysia accuses Huobi of operating unregistered crypto exchange In a separate but equally alarming case, a 77-year-old Malaysian man was defrauded of RM207,900 (about $44,540) in a pho...

Australian police have arrested 28 people in a coordinated crackdown against one of Australia’s largest crime syndicates, which has allegedly moved AU$1.5 billion ($978 million) in cryptocurrency over the past year. The gang, which reportedly originates from Lebanon, has allegedly also moved AU$1 billion ($652 million) in drugs, firearms, and tobacco. New South Wales (NSW) police investigating the syndicate began arresting suspects on Sunday. Over the course of two days, 450 officers carried out 37 search warrants and made 24 arrests.  Police have so far seized 25 firearms, AU$2 million ($1.3 million) in Crypto currency , almost AU$1.5 million ($980,000) in cash, more than AU$3 million ($1.9 million) worth of luxury watches, a Lamborghini, and 60 dedicated encrypted criminal communications (DECCD). Police also seized two tonnes of illicit drugs and precursor drugs worth over AU$130 million ($85 million). The syndicate ’s demise was announced during a press event on Wedn...

A fake Skype app designed to drain Tether (USDT) being sent to Ethereum and Tron wallets has been flagged by security experts as being possibly linked to a Chinese phishing gang that previously utilized a fraudulent Binance app.   Blockchain security firm Slow Mist first discovered the fake app when it was approached by a victim who claimed his funds had been stolen.  Slow Mist analyzed the app and discovered its ability to detect Tron and Ethereum addresses in both incoming and outgoing messages before replacing them with an alternative address predetermined by the phishing gang.  It then hands over control of the victim’s phone to the gang and uploads files, photos, ID credentials, etc to their domain. A Tron address associated with the phishing gang has reportedly received 192,856 USDT through 110 separate transactions while a separate Ethereum address received 7,800 USDT over 10 different transactions. Chinese gang first impersonated Binance  Slow Mist also deduced th...

England and Wales have seen electricity thefts rise by 75% since 2012, in large part due to cannabis farms, cryptocurrency mining, and the cost-of-living crisis, a BBC analysis has found. Over 3,500 offences were reported in 2021 to 2022 — the highest its ever been. According to a spokesperson for the National Police Chiefs’ Council (NPCC) who spoke to the outlet, electricity theft poses “a growing problem.” “It is a concerning crime as it can put people’s safety at risk and support the activity of serious organised crime,” the spokesperson said. Electricity theft involves tampering with or bypassing meters to avoid paying for energy. While tempting, the risks can be deadly; exposed wires and bypassing fuse boxes increase the likelihood of fires and death. Using figures from 42 police forces across England and Wales, the BBC found that the past three years have surpassed records. However, while some forces saw sharp rises in electricity the...

Mark Scott, associated with the $4 billion OneCoin fraud as the chief legal officer, is set to be sentenced while U.S. District Judge Edgardo Ramos denied his request for trial . Scott was found guilty of laundering roughly $400 million in 2019. In addition, he made $50 million from the pyramid scheme created by the so-called Crypto Queen Ruja Ignatova, who is also on the FBI’s Ten Most Wanted list. However, according to Bloomberg, Scott claimed he wasn’t aware that OneCoin was a fraud. His lawyer , Arlo Devlin-Brown, added that an appeal for the judge’s ruling should be expected. Devlin-Brown wrote in an email that Konstantin Ignatov, Crypto Queen’s brother, perjured himself on the witness stand. You might also like: Who is Crypto Queen, the only woman on FBI’s most wanted list The Bloomberg report also revealed that Scott used the funds he made from the pyramid scheme to buy luxuries, including a yacht, homes in Cape Cod and Massachusetts, cars, and watches.  The chief...

A former TikTok influencer and crypto investor has pleaded guilty to wire fraud, aggravated identity theft, and money laundering, after using $1.2 million in illegally obtained COVID-19 relief loans to launder funds using crypto. He later gave away some of the illicit profits to his girlfriend. According to the US Attorney’s Office of Maryland, 31-year-old Denish Sahadevan — known as Danny Devan on TikTok — pleaded guilty in a federal court on Wednesday. The social media personality from Rockville, Maryland was known for offering investment advice on digital currencies and stocks via social media. Sahadevan also featured in a Business Insider article in which he shared his predictions and strategies for trading crypto in 2022.  However, two years earlier, he was creating fake tax forms and bank statements and applying for COVID-19 relief loans for his own financial gain . Sahadevan bought a mansion and crypto As per his plea agreement, Sahadevan used fake documents to...