Category Archives: Cryptocurrency
Are Muslim-owned accounts being singled out by big banks ?
MIAMI – Two days before a trip back to the Middle East to visit elderly parents this summer, Rami Abboud was interrupted by an assistant. Bank of America was calling and needed information. The well-connected Miami businessman waved off the call, yet the assistant returned. The bank threatened to close his account if he… Read More »
Bitcoin and Cryptocurrency Litigation
Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies have like anonymity and easy international transactions, people are enticed by the fact that it can become a good investment. Apart from trading bitcoins for cash, you can also use bitcoins to buy gift cards, book flights,… Read More »
Arizona man sentenced for misusing $1.1 million in cryptocurrency
A man from Phoenix has been sentenced for misappropriating more than $1 million worth of cryptocurrencies, the first prosecution in Chicago of the cryptocurrency trading industry. Prosecutors say 24-year-old Joseph Kim worked as a trader at Consolidated Trading, LLC in Chicago, where he traded Bitcoin and Litecoin. Authorities say over two months in the fall… Read More »
Hacked, scammed and on your own: navigating cryptocurrency ‘wild west’
When Peggy and Marco Lachmann-Anke learned in January that hackers cracked a 40-character password and cleaned out their cryptocurrency wallet, they did not go to the police or alert the tokens’ issuer, the Berlin-based technology group IOTA.They bought more coins. The Cyprus-based German couple, who describe themselves as financial educators, figured they had no… Read More »
Congressman: ‘Prohibit US Persons From Buying Or Mining Cryptocurrencies’; Crypto World Erupts
In his opening remarks at the Subcommittee on Monetary Policy and Trade (Committee on Financial Services) Hearing: ‘The Future of Money: Digital Currency’ on July 18, 2018, Congressman Brad Sherman (D-CA) called for the prohibition of both buying and mining cryptocurrencies (crypto) for all US citizens. With this statement, he turned over the cryptocurrency… Read More »
Crypto Crime In 2018 By The Numbers
One of cryptocurrency’s biggest selling points up to this point has been its anonymous nature, but that anonymity has given cryptos a bit of a nefarious reputation. While the cryptocurrency market has been subject to a wave of new regulations in 2018, a new report from CipherTrace indicates cryptocurrency-related criminal activity has exploded as… Read More »
IRS-CI Joins International Effort To Fight Tax, Cryptocurrency And Financial Crimes
Realizing that more work is needed to combat global crimes, leaders of tax enforcement authorities from five nations announced that they have created a united operational alliance, the Joint Chiefs of Global Tax Enforcement, known as the J5. The J5 consists of criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and… Read More »
Crypto Crime Is a Focus of Trump’s New Task Force on Consumer Fraud
In forming a new task force to protect consumers from fraud, the Trump administration made clear that one of the greatest threats to the public is just emerging: red-hot markets for crypto coins. The inclusion of virtual tokens — along with traditional crimes like money laundering and investment schemes targeting the elderly — as… Read More »
IRS Teams Up With Other Nations To Attack Cryptocurrency Tax Crimes
The IRS and four other countries have created a task force to investigate cryptocurrency crime, including tax fraud and money laundering. U.S. tax authorities will work with those from Australia, Canada, the U.K. and the Netherlands to counter “the growing threat” from cryptocurrencies. Known as the Joint Chiefs of Tax Enforcement, or J5, the… Read More »
