Blockchain and the Battle Against Corruption & Fraud
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that...
Are we taking Anti-Money Laundering for granted?
Basel Institute reveals slow progress in AML Earlier this month the Basel Institute on Governance announced the release of the Basel Centre for Asset Recovery’s Basel Anti-Money Laundering Index for 2018 – the so-called “AML Index”. It is the seventh such report...
How Exchanges Are Using KYC Laws to Keep Your Crypto
Bitcoin is the world’s first successful attempt at creating a decentralized economic structure. At its core, is a belief that individuals deserve a sovereign currency. Many Bitcoin enthusiasts feel that these beliefs lie beyond the scope of know your...
On the Frontline: How Blockchain Forensics Fight Crypto Crimes
One of the first things that any crypto noob learns about Bitcoin is that it isn’t anonymous. The takedown of dark web marketplace Silk Road is one of cryptocurrencies most-referenced case studies illustrating this fact. It tells how law enforcement bodies...
Blockchain Remittance: The Future of International Money
Blockchain remittance firms are experiencing record growth thanks to an increase in global migration. As populations continue to migrate, the need to send money back to their home countries is growing. Blockchain remittance firms are providing this essential service...
Blockchain Fraud: New Policies and Technologies to Stop Crypto Criminals
Blockchain fraud continues to be a massive problem that has hindered the possibilities of new user adoption. Crypto criminals primarily participate in three types of fraud: tax evasion, money laundering, and terrorist funding schemes. Let’s take a look at each of...
What Is Cryptojacking? Protect Yourself from This Year’s Biggest Cyber Crime.
It sounds like an adrenaline-packed adventure sport. You can almost imagine telling your friends you went cryptojacking down a volcano whilst on vacation in Costa Rica. But no, sadly the only thing that will get high doing cryptojacking is your power bill. And...
Privacy Coins – What are they, how do they work and why are they needed
[learn_more caption="What is...
Why Is Cryptocurrency Associated with Criminal Activity?
Despite countless examples to the contrary, many people still toss cryptocurrency and criminal activity into the same bucket. But is this born out of ignorance or fact? We all fear the unknown. Perhaps it’s partially because, to the layman, digital currencies suddenly...
Dark Web: US Authorities Arrest 35 Individuals Engaged in Illicit Cryptocurrency Activities
Law enforcement agencies in the U.S. struck Dark Web vendors and confiscated illegal items worth over $23.6 million, according to a U.S. Department of Justice report dated June 26, 2018. The items included narcotics, 2,000 bitcoins, mining devices, $3.6 million in...
Russia Potentially Helped Venezuela Launch Petro to Dodge U.S. Sanctions
On March 19, 2018 Donald Trump issued a executive order banning Venezuelan President Nicolás Maduro’s oil-backed cryptocurrency, the petro. In case you missed it, Donald Trump’s formal statement notes, “in light of recent actions...
Money laundering in Russia and what we know!
Money laundering in Russia has its own characteristics. In the normal world money laundering is the transformation of "illicit money" into "clean money": criminals selling drugs to invest in real estate, in Russia it is different. There money laundering mostly means...
Europol Busts Cybercrime King Pin Responsible for Laundering €1bln with Cryptocurrency
€1bln in Stolen Bank Funds “Hidden” with Crypto A recent cybercrime bust has given civil authorities more fodder to feed the argument that popular cryptocurrencies attract criminal activity and money laundering. Earlier this week, Europol, the European Union’s leading...
Cryptocurrency – Enabler of Crime or Fake News?
Cryptocurrencies are in their embryonic stage and individuals will exploit this period to profit from them for both good and bad. But, that doesn’t make cryptocurrencies any more an enabler of crime than does fiat and digital currencies. Lets us not forget, in 1995...
Do We Really Need Cryptocurrency? – A Modern Exploration of Money
A number of leading businessmen and economists have questioned the need for cryptographic currencies over traditional fiat (paper) ones. Bitcoin, the first decentralized cryptocurrency, was largely created as a response to and rose to popularity as a result of the...
How is Blockchain Being Applied to Cybersecurity Right Now?
We’re getting pretty used to hearing about cool new projects using blockchain. From online marketplaces to green energy; every man, woman, and their respective dogs are busy leaping on the bandwagon. Future promises, flashy launches, impressive white papers… These...
CRYPTOCURRENCIES IN AFRICA: THE GHANAIAN SITUATION
Cryptocurrency use is still in its infancy. Cryptocurrencies have been in use around the world, especially in the developed world (Africa) ever since they came onto the scene after the end of the global financial crisis in 2009. In Europe, the US and industrialized...
Crypto Crimes: ICO Scams, Robbery, and Money Laundering
The rising popularity of cryptocurrency and blockchain technology has brought many benefits to the world; however, this hasn’t come without a few downsides. Along the way, we have also seen a rise in the number of cryptocurrency crimes. From kidnappings to money...
The Cryptoexchange Poloniex implements new KYC rules
Over the weekend, Circle-owned Poloniex exchange froze a slew of user accounts in the midst of implementing a new know your customer (KYC) verification process. Legacy account users, those whose accounts were verified under Poloniex’s old guidelines, reportedly...
Cryptocurrency: Currency of Choice for Money Laundering and Terrorist Financing?
Cryptocurrency is only used in on Darknet and by Criminals! I don’t know a topic that is more misunderstood than cryptocurrency. US regulators unofficially coined the umbrella term “virtual currency” to denote bitcoin and other...