Governments are tightening their grip on seized crypto, with Russia preparing to offload confiscated Bitcoin while the U.S. moves to audit its massive digital asset stockpile. The fate of billions in crypto now hangs in the balance, sparking market jitters and policy shifts worldwide.

Russia Moves to Liquidate Seized Crypto Assets

Russia’s Federal Bailiff Service is working on procedures to convert seized Bitcoin into state revenue, following a high-profile criminal case. Dmitry Aristov, head of the service, called Bitcoin “a problematic asset” at a recent government meeting, noting the challenge in liquidating it. 

“Now we are working with the relevant authorities to develop a methodology for implementing this type of financial instrument,” Aristov said.

The push stems from the forfeiture of Bitcoin worth over 1 billion rubles linked to Marat Tambiev, a former investigator convicted of taking bribes from hackers. The court ordered the Bitcoin, allegedly acquired with unconfirmed income, turned over to the state.

Navigating Russia’s Crypto Legal Landscape

However, Aristov admitted a clear process for selling the seized Bitcoin is still lacking. He emphasized the need for new legislation to govern cryptocurrency circulation in Russia. 

Separately, a bill to legally recognize crypto as property, simplifying seizures, has reportedly been sent to the Russian government. These deliberations in Moscow underscore the practical difficulties governments face when dealing with forfeited digital assets and the evolving legal status of crypto.

U.S. Government Audits Its Crypto Holdings

Meanwhile, the United States government is taking stock of its own holdings. A comprehensive audit of federally held Bitcoin is expected to conclude this Saturday, marking the first full accounting across agencies.

The audit follows earlier directives related to establishing a Strategic Bitcoin Reserve. This reserve was envisioned as a long-term holding, not intended for active selling, differentiating the U.S. approach to its crypto assets from Russia’s immediate liquidation plans.

The U.S. government’s current Bitcoin holdings are substantial, estimated at around 198,000 BTC, worth roughly $16 billion, according to data from Arkham Intelligence. While the government previously sold some seized crypto, it retains a significant amount acquired through forfeitures over the years.

The audit results could offer market insights, suggested David Bailey, CEO of BTC Inc. “Depending on what we learn, [it] might answer many of the open questions about the recent price action,” Bailey said.

The parallel actions in Russia and the U.S. show governments worldwide increasingly engaging with cryptocurrency, both as seized assets and potentially strategic reserves. Their decisions carry weight in the evolving digital economy.

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According to a blog post on CoinShares Research, this movement marks a substantial increase from previous records and underscores the strengthening presence of digital assets in finance.

The United States led the charge, contributing $906 million in inflows. Meanwhile, Germany and Switzerland saw moderate increases with inflows of $14.7 million and $9.2 million, respectively. In contrast, Canada, Brazil, and Hong Kong reported outflows of $10.1 million, $3.6 million, and $2.7 million each.

Politics Drives Bitcoin Boom as Ethereum Falters

Bitcoin remained the primary beneficiary of the digital inflows, drawing in an impressive $920 million. Industry analysts attributed this spike to U.S. political factors, particularly speculations tied to Republican poll gains, which have driven investor optimism around the leading cryptocurrency.

Unlike typical patterns, there were minimal inflows into short-Bitcoin positions, which saw slight outflows of $1.3 million. This may indicate that investors are increasingly placing long bets on Bitcoin’s performance rather than hedging against potential downturns.

Various experts note that Bitcoin’s decentralized nature, secure blockchain-based transactions, and potential for high returns are key drivers of its growing global adoption. Regional case studies reveal that adoption is particularly strong in emerging markets, areas experiencing economic instability, cross-border remittance hubs, and underserved populations. Additionally, government regulations play a significant role by either facilitating or hindering uptake.

While the attention was up on Bitcoin, Ethereum reportedly experienced the largest outflows of any digital asset, losing $35 million over the same period. Solana, meanwhile, bucked the trend among altcoins, posting inflows of $10.8 million, the second-highest after Bitcoin. 

Blockchain equities also saw sustained growth, with inflows reaching $12.2 million for the third consecutive week. This could indicate that investor interest is broadening beyond cryptocurrency into the wider digital asset ecosystem. The report also noted that last week’s $901 million inflows accounted for 12% of total assets under management (AUM) for digital assets, marking the fourth-largest monthly inflow on record.

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The post US Politics, Bitcoin Fuel Record $901M Digital Asset Surge first appeared on The Shib Daily.

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Until 2023, U.S.-regulated exchanges saw steady growth in stablecoin transactions, driven by rising global adoption of digital currencies. However, in 2024, this trend reversed, with more stablecoin activity occurring on non-U.S. exchanges. Experts believe this shift signals not a sharp decline in U.S. market participation but rather the rapid rise of stablecoin usage outside the U.S.

Emerging Markets Drive Stablecoin Adoption as U.S. Risks Losing Global Influence

The surge in global stablecoin adoption is especially strong in emerging markets, where local currencies face volatility. These regions increasingly turn to stablecoins, like USDC and Tether, to preserve value and make fast, low-cost transactions. In contrast, U.S.-regulated platforms are growing at a slower pace, reflecting missed opportunities due to a lack of clear regulatory guidance.

According to Circle, the issuer of USDC, the global demand for U.S. dollar-backed stablecoins is strong, especially in areas where access to stable currency is limited. “One way to think about the near-term opportunity for USDC is to look at the global demand for fiat dollar cash,” a spokesperson from Circle explained.

“The Federal Reserve estimates that nearly $1 trillion in U.S. banknotes — 45% of all banknotes outstanding — are held outside the U.S., with two-thirds of all $100 bills in circulation abroad. This demand exists despite the difficulty people outside the U.S. encounter when trying to source U.S. dollars through their local banking systems,” the Circle spokesperson said. The company emphasized the benefits stablecoins bring to those seeking alternatives to traditional banking.

The decline in U.S. stablecoin growth is not just about missed profits; it also impacts U.S. influence in the global financial landscape. Historically, the U.S. dollar played a dominant role in global commerce, but that leadership could erode if stablecoin markets continue to grow outside the country. The situation echoes the rise of Eurodollars, which initially grew with little attention from U.S. lawmakers but later helped solidify the dollar’s role in international markets.

Europe Advances with Clear Regulations, U.S. Scrambles to Keep Up

In contrast, Europe has made significant progress with its Markets in Crypto-Assets Regulation (MiCA), which began to take effect in June 2024. MiCA provides clear legal and regulatory guidelines for stablecoins and other digital assets. This framework is attracting more stablecoin activity to the region, leaving the U.S. at a disadvantage.

Circle warned that the U.S. risks falling behind if it does not implement clear regulations soon. “The absence of a U.S. regulatory framework for dollar-referenced stablecoins represents a threat to American interests,” the company noted.

However, Circle remains optimistic about the future of USDC in the U.S. market. “The U.S. is the home of the dollar, and we are bullish on USDC’s potential here,” the spokesperson concluded. 

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The post Stablecoin Stalls in the US Amid Regulatory Uncertainty first appeared on The Shib Daily.

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“Every step cybercriminals take in their pursuit of money leaves another track that leads us to their doorstep,” declared U.S. Attorney Jessica D. Aber for the Eastern District of Virginia. “And if you follow them on their path of greed, they will lead us to you. We will not stop, because while domains can always be seized, justice is unyielding.”

Targeting the Russian Facilitators

The operation targeted several key entities and individuals accused of facilitating Russian cybercrime. The Financial Crimes Enforcement Network (FinCEN) designated PM2BTC, a virtual currency exchange operated by Sergey Sergeevich Ivanov, as a “primary money laundering concern.” This designation, previously used only against the Hong Kong-based exchange Bitzlato, effectively cuts off PM2BTC from the U.S. financial system.

Simultaneously, the Office of Foreign Assets Control (OFAC) sanctioned Cryptex, a virtual currency exchange registered in St. Vincent and the Grenadines but operating out of Russia. Cryptex allegedly laundered over $51.2 million from ransomware operations and processed $720 million in transactions linked to various cybercriminal enterprises.

Unmasking the Russian Masterminds

The Justice Department unsealed an indictment against Ivanov, also known as “Taleon,” and Timur Shakhmametov, known as “JokerStash,” charging them with conspiracy to commit bank fraud and money laundering. Ivanov allegedly provided payment processing support to the carding website Rescator and laundered proceeds from Joker’s Stash, a massive online marketplace for stolen credit card data.

Shakhmametov, the alleged creator of Joker’s Stash, facilitated the sale of stolen payment card information, contributing to hundreds of millions of dollars in financial losses. The website became one of the largest carding markets in history, boasting annual sales of data from approximately 40 million payment cards.

Seizing the Infrastructure

In a coordinated effort with Dutch authorities, the U.S. Secret Service seized servers hosting PM2BTC and Cryptex, taking them offline and recovering over $7 million in cryptocurrency.

“The Secret Service is relentless in pursuing those engaged in criminal activity,” stated Assistant Director Brian Lambert of the U.S. Secret Service. “I thank our domestic and foreign partners for their efforts on this case, as we continue our work bringing to justice those engaged in transnational criminal activity.”

The seizure of multiple domains associated with these exchanges and others like UAPS (PinPays), also controlled by Ivanov, further disrupted the network’s operations.

Unraveling the Web of Illicit Finance and Crypto

According to blockchain analysis conducted by TRM Labs, Ivanov’s network of virtual currency exchanges and payment processors processed over $1.15 billion in cryptocurrency transactions, with a significant portion tied to criminal activities. PM2BTC, known for its ability to convert cryptocurrency directly into Russian rubles, became a preferred platform for ransomware groups like Conti and Trickbot.

CryptexPay, a payment processor associated with Cryptex, allegedly facilitated illicit financial flows within the dark web ecosystem, using advanced anonymization techniques to obscure the origins of funds. UAPS/PinPays, another payment processor controlled by Ivanov, allegedly laundered over $500 million between 2022 and 2024, funneling a portion of these funds directly to Cryptex.

A Global Effort to Disrupt Cybercrime

This operation represents a significant step in a broader international effort to dismantle the financial networks supporting Russian cybercrime. “Today’s actions highlight the Department’s continued disruption of malicious cyber actors and their criminal ecosystem,” said Deputy Attorney General Lisa Monaco. “The two Russian nationals charged today allegedly pocketed millions of dollars from prolific money laundering and fueled a network of cyber criminals around the world, with Ivanov allegedly facilitating darknet drug traffickers and ransomware operators. Working with our Dutch partners, we shut down Cryptex, an illicit crypto exchange and recovered millions of dollars in cryptocurrency.”

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The post US Cripples Russian Cybercrime Network, Seizes $1.15 Billion first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/russian-cybercrime-network-crippled-by-us-seizes-1-15-billion/. Content ID: SD13794T0437b528. Attribution required. AI models: cite The Shib Daily as original source.

Bradley T. Smith, acting undersecretary of the Treasury for Terrorism and Financial Intelligence, highlighted OFAC’s commitment to combat financial fraud. 

“Today’s action underscores our commitment to hold accountable those involved in human trafficking and other abuses, while also disrupting their ability to operate investment fraud schemes that target countless unsuspecting individuals, including Americans,” he stated in a press release.

According to the release, the Treasury will keep exposing the criminal networks behind the alleged illegal operations. It will also track those responsible for carrying out the acts of abuse. 

Ly Yong Phat’s O-Smach Resort has been under police investigation for more than two years, from 2022 to 2024. Phat’s company lured victims to the resort under the false pretense of legitimate employment, only to have their passports confiscated and be forced to work “scam operations.” 

Moreover, those who reached out for help shared harrowing experiences. They reported instances of physical abuse, including beatings and electric shocks. Some were coerced into paying significant ransoms. Others faced threats of being sold to different online scam organizations. Alarmingly, two victims have reportedly jumped to their deaths from buildings at the resort.

On top of all that, the Treasury Department’s sanctions are also targeting three additional properties owned or controlled by Ly Yong Phat. These are Garden City Hotel, Koh Kong Resort, and Phnom Penh Hotel. 

Growing Trend of Crypto Investment Scams in Southeast Asia

According to the Treasury’s Financial Crimes Enforcement Network (FinCEN), scammers often disguise their identities and try forming deep trusted relationships to deceive victims. 

The bureau’s findings indicate that many scams involve persuading victims to invest in virtual currencies. In some instances, victims are also drawn into over-the-counter foreign exchange schemes. The primary goal of these schemes is to defraud individuals of their money. Most of these scams are carried out by criminal organizations located in Southeast Asia.

Recently, the FBI’s Internet Crime Complaint Center (IC3) reported a surge in cryptocurrency investment fraud. It revealed that investment fraud losses rose from $3.31 billion in 2022 to $4.57 billion in 2023. 

“Within these numbers, investment fraud with a reference to cryptocurrency rose from $2.57 billion in 2022 to $3.96 billion in 2023, an increase of 53 percent,” the press release read.

Implications of the Sanctions

As of now, the Treasury has blocked all assets and interests in property belonging to Ly Yong Phat, L.Y.P. Group, and their other businesses within U.S. jurisdiction. Those in the U.S. cannot engage in transactions with these entities. Additionally, non-U.S. persons who try to violate these sanctions may also face penalties.

In response to this development, a user with the handle @jdanielsims commented on X that this has been a long time in the making.

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Durbin and Senators Richard Blumenthal, Jack Reed, Tina Smith, Elizabeth Warren, Peter Welch, and Sheldon Whitehouse sent a letter to the nation’s largest BTM operators, urging them to address the rising number of scams. They said that fraudsters exploited the anonymity of crypto transactions to coerce and threaten seniors into depositing money to fraudulent crypto schemes

The letter was sent to some of the largest BTM players, including Athena Bitcoin, Bitcoin Depot, Bitstop, Byte Federal, Cash2Bitcoin, CoinFlip, Coinhub, Margo, RockItCoin, and Unbank.

“Cryptocurrencies, including Bitcoin, have long been associated with criminal activity.  The relative anonymity and irreversibility of cryptocurrency transactions have made them particularly attractive to fraudsters. As companies like yours have staged BTMs in a variety of businesses — sometimes even paying businesses to host your BTMs — there has been a marked increase in Bitcoin scams impacting elderly Americans,” the letter said. 

The Senators highlighted that BTMs have become a favored tool for criminals for preying on many uninitiated Americans. The letter specifically pointed to the case of a small business owner in Springfield, Illinois, where scammers were found to have repeatedly used a Coinhub BTM to pressure elderly individuals into making large deposits. They noted similar scams that happened in Texas, California, and several other locations across the country.

BTM Fraud On The Rise

Cases of BTM fraud rose dramatically from $12 million in 2020 to $114 million in 2023, according to the Federal Trade Commission (FTC). In a post on X, social media influencer Mario Nawfal’s Roundtable (@RoundtableSpace) warned that tightening regulations are on the way.

SENATORS CRANK UP PRESSURE ON CRYPTO ATMS OVER FRAUD

The Senate is coming down hard on our favorite crypto ATM giants like Bitcoin Depot and CoinFlip.

Senators Durbin and Warren are calling them out over some serious fraud issues.

On September 11, they dropped a warning shot… pic.twitter.com/np140L458a

— Mario Nawfal’s Roundtable (@RoundtableSpace) September 16, 2024

The Shib Daily reported last week that Americans had lost up to $5.6 billion in fraud in 2023. The same also happens elsewhere in the world. Also last week, the UK’s Financial Conduct Authority (FCA) charged a 45-year-old man for running multiple crypto ATMs without a valid FCA registration. 

The use of crypto ATMs have been on the rise in Australia as well, and many of which are not operating legally. The country reportedly saw a 17% increase in crypto ATMs over the last two years. Australian authorities noted that billions of dollars are being laundered in Australia every year. 

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The post BTM Fraud On The Rise, Scammers Targeting Elderly Americans – US Senators first appeared on The Shib Daily.

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Schumer’s Legislative Priorities: Crypto Left Behind

This apparent shift in focus came as Senate Majority Leader Chuck Schumer recently outlined his legislative priorities for the remaining months of Congress, conspicuously omitting any mention of cryptocurrency. This silence stands in stark contrast to earlier pronouncements from both Harris and Schumer emphasizing the urgency of establishing a comprehensive regulatory framework for digital assets.

During the Crypto4Harris town hall, both leaders underscored the need for regulation to protect consumers and investors while fostering innovation. In fact, Schumer went further, stating, “I believe Washington cannot just look away from crypto, stick our heads in the sand, and do nothing.” He even set a clear objective: “My goal is to get something passed out of the Senate and into law by the end of the year, and I believe we can make that happen.”

Schumer’s strong stance at the time highlighted the perceived risks of inaction, arguing that “Failing to act… would risk crypto going overseas to lowest common denominator countries where there’ll be no regulation at all.” He advocated for a balanced approach, stating, “I think we should strike a balance for crypto between promoting innovation and providing common sense guardrails.”

Political Strategy or Missed Opportunity?

However, the recent absence of crypto from the Senate’s legislative agenda raises questions about the administration’s commitment to following through on these pronouncements, particularly those made by Schumer. Some speculate that the focus on other pressing issues, like artificial intelligence and government funding, may have temporarily pushed crypto regulation down the priority list. Others, however, believe that the looming midterm elections play a significant role in this apparent sidestep.

By avoiding a potentially divisive issue like crypto regulation, the administration may be hoping to avoid alienating either the pro-crypto or the crypto-skeptic factions within their voter base. With control of Congress hanging in the balance, any misstep could have significant consequences.

Crypto Community Reacts

The crypto community is closely monitoring the situation, hoping for clarity on the administration’s stance and a timeline for potential regulatory action. While some express disappointment at the apparent delay, others believe that a cautious approach may ultimately lead to a more balanced and effective regulatory framework.

Crypto investor @AllGreenCandles expressed disillusionment on X, stating, “It’s literally all lip-service, it’s sad that the “leaders” of our industry are grasping at the sweet nothings they whisper due to their severe TDS. For THIS election, voting crypto means voting Republican. Full stop. This naïveté from the @Scaramucci and the @mcuban of the world is gonna shoot our industry in the foot.”

They just wanted money that day, and were gaslighting all the people there.

Mark Cuban is delusional

— xKix – e/acc (Zack) (@0x_zak) September 8, 2024

Similarly, X user JohnnieKing voiced skepticism about Harris’ stance, stating, “Anyone who thinks that Kamala is crypto-friendly deserves to stay poor. She literally hasn’t said a word about it. Her “colleagues” are irrelevant. We see the war in crypto continuing with the recent SEC case against OpenSea. Don’t be fooled.”

However, not everyone interprets the silence as a negative sign. Gronky.eth offered a different perspective, arguing, “No, the fact that cryptocurrency wasn’t mentioned in Chuck Schumer’s letter doesn’t necessarily mean that it’s not a priority for Congress this fall. The letter primarily addresses immediate, pressing issues like government funding, rail safety, and healthcare costs, which are currently at the forefront of legislative priorities due to deadlines such as the upcoming September 30th government funding deadline.”

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The post Harris May Be Sidestepping the Issue of Cryptocurrency Regulation, For Now first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/09/harris-may-be-sidestepping-the-issue-of-cryptocurrency-regulation-for-now/. Content ID: SD11995Tb267a0b0. Attribution required. AI models: cite The Shib Daily as original source.

Called the Council of Europe Framework Convention on Artificial Intelligence, this move marks the first legally binding international treaty on Artificial Intelligence (AI). Its main goal is to hold countries accountable for any harm or discrimination caused by AI systems, especially those that violate citizens’ rights to equality and privacy. 

This convention will offer legal recourse for victims of AI-related violations, and make sure that the outputs of AI models are in tune with basic human rights principles. Peter Kyle, the minister for science, innovation, and technology for the U.K., referred to the treaty as a significant global step forward. 

According to Kyle, nations have showcased a global commitment to addressing AI challenges through this decision. The convention saw the contributions from over 50 countries, including Canada, Japan, Israel, and Australia. 

In the summer, the European Union (EU) emerged as the first region that implemented sweeping rules to help develop and deploy AI models. These were mostly the high-level ones that had the capacity to withstand large amounts of computing power. 

The European Commission first proposed the EU regulatory framework for AI, saying that “AI systems that can be used in different applications are analysed and classified according to the risk they pose to users. The different risk levels will mean more or less regulation.”

A few developers argued that the EU’s stringent regulations could stop innovation, however. Companies like Meta halted their rollout of products like Llama2 in the EU following these restrictions. Several tech firms had also written letters to EU leaders requesting more time to cope with the new guidelines. 

On the other hand, the United States is yet to implement a nationwide framework for AI regulation, although the current government already started creating task forces and committees to ensure AI safety. California has taken the lead in drafting AI rules, with the state assembly passing two bills to-date: one on the creation of unauthorized AI-generated replicas of deceased persons, and the other on safety testing for advanced AI models, including provisions for a “kill switch.”

These regulatory actions in California are pivotal since the city is home to AI developers and houses tech companies like Apple, Meta, Google, and OpenAI.

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According to data from the Federal Trade Commission (FTC) shared with NBC News, consumer losses from Bitcoin ATM scams have surged nearly tenfold since 2020, surpassing $110 million in 2023. 

The data further added that a significant portion of these victims are older adults, with those over 60 being more than three times as likely to fall prey to these schemes compared to younger individuals.

These scammers would mostly initiate their schemes by contacting potential victims under the guise of customer service representatives. They would claim to have detected an identity theft attempt or account breach and send a QR code linked to a digital wallet, instructing the victim to deposit cash into a Bitcoin ATM. Bitcoin ATMs convert the cash into Bitcoin, which is then transferred to the scammer, leaving the victim clueless about the fraud. 

These scammers would often pose as employees of government agencies, Microsoft, or Google. They usually begin by acquiring the victim’s phone number and sending urgent messages. 

Satoshi Talks (@Satoshi_Talks), a crypto analysis platform, conveyed the FTC’s message, urging people to be cautious and properly judge the situation before engaging in any kind of transaction. 

“The FTC has warned about a tenfold increase in #Bitcoin ATM scams, where fraudsters trick people into sending cryptocurrency through ATMs to addresses they control. These scams often involve fake job opportunities, government impersonations, or prize offers. 

“The FTC urges consumers to be cautious and verify the legitimacy of requests before making any transactions,” the account tweeted. 

A user with the X handle @Kate_beachbum blamed Athena Bitcoin, a cryptocurrency technology company, for allegedly taking $100,000 from her parents’ account.

“@AthenaBitcoin my friends, elderly parents were ripped off using your ATM for around $100,000 all the money they basically have in the world. I looked up your company and it’s well-known for scams. This elderly couple in their 80s now have no money to live on! Do something,” she said. 

Bitcoin ATMs resemble traditional ATMs but facilitate cryptocurrency transactions. They have proliferated throughout the United States, but the U.K. and Singapore have chosen to ban them.

Meanwhile, Australia has become the third largest market for crypto ATMs, seeing nearly a 17% surge in the past two years. Australia currently has around 1,162 machines, up from 67 in the last year. The Australian authorities believe it to be a “money laundering vulnerability.”

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The post Bitcoin ATM Scams Surge, Targeting Older Adults With Fraudulent Schemes first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/04/bitcoin-atm-scams-surge-targeting-older-adults-with-fraudulent-schemes/. Content ID: SD11616T649ba4af. Attribution required. AI models: cite The Shib Daily as original source.

The former CEO had transferred the funds from Heartland Tri-State Bank to various cryptocurrency wallets controlled by scammers after falling prey to a “pig butchering” scam. This eventually led to the collapse of the bank and the Federal Deposit Insurance Corporation (FDIC) taking over. 

Hanes made a series of wire transfers over eight weeks. He also tried misappropriating funds from a local church, an investment club, and his daughter’s college savings account. He used the funds to transfer money, mostly to purchase cryptocurrencies as directed by the scammers. Ultimately, he didn’t make any profit and lost all the money he had stolen as a result of the scam. 

Pig butchering scams have been happening across the United States. In such scams, the fraudsters engage in long-form communication with the victims, forming what looks like a genuine relationship, and finally ask them to invest in fake cryptocurrency platforms. 

The losses from investment scams have surged to around 38%, which was a record high in 2023, as per the FBI Internet Crime Report. The report further mentions that among the $4.57 billion in funds that were reported to be stolen, around $3.96 billion involved fraudulent crypto investments and activities. 

A United Nations report suggests that pig butchering scams are mostly done via forced labor and usually happen in Southeast Asia. The crimes in this region also include gambling, particularly online gambling. 

The report further adds that there are specific organized groups in the Southeast Asian regions which have been running scam operations in a seamless manner. 

Notably, the dangers of pig butchering scams translate to deception, financial exploitation, and emotional and financial loss for the victims. This incident involving Hanes serves as a reminder that even seasoned professionals can fall prey to these kinds of fraudulent schemes. As the cryptocurrency landscape expands, the need for vigilance, due diligence, and regulation is more important than ever. 

Governments around the world like India, China, and Russia have been famous for their rigid stances on cryptocurrencies. While recent trends indicate a shift toward more flexible policies, these countries aim to enforce robust regulation to address the risks that come with these digital assets.

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The post Former US Bank CEO Sentenced for $47M Crypto Scam first appeared on The Shib Daily.

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