A new law enabling the National Crime Agency and police to seize, freeze, and destroy crypto assets is now in effect in the UK. Under this law, police can seize crypto from suspects without needing to make an arrest first. Additionally, victims have the right to request the release of funds held in crypto accounts […]
Bitcoin News
CardanoGPT (CGI) Token Skyrockets Amid AI Crypto Frenzy, Urging Investors to Seize the Opportunity
PRESS RELEASE. In an electrifying surge that has captured the attention of the cryptocurrency world, CardanoGPT (CGI) witnessed a remarkable 40% increase in value within just 24 hours, following the unveiling of OpenAI’s groundbreaking Sora and a significant profit jump for Nvidia, a company that produces chips that most AI companies use. This surge positions […]
Bitcoin News
UK Police Seize 61,000 Bitcoins From Huge Chinese Investment Fraud
The U.K. Metropolitan Police have reportedly seized more than 61,000 bitcoins from a massive Chinese investment fraud. A British citizen is accused of laundering bitcoin for a Chinese fugitive who allegedly stole roughly .4 billion from more than 128,000 investors.
British Police Seize Over 61,000 Bitcoins
The U.K. Metropolitan Police have seized more than 61,000 bitcoins from a massive investment fraud in China, marking one of the largest cryptocurrency seizures globally, the Financial Times reported Tuesday.
The bitcoin seizure information was disclosed during a trial of 42-year-old Jian Wen, who is accused of laundering bitcoin for her former employer, Zhimin Qian (also known as Yadi Zhang), an alleged fugitive from China. Wen moved to the U.K. in 2007 from China and became a British citizen in 2018.
At the start of the trial at Southwark Crown Court on Monday, the prosecution informed the jury that the seized BTC originated from an investment fraud conducted by Zhang in China between 2014 and 2017. The U.K. police seized four separate devices containing more than 61,000 bitcoins from a safety deposit box and a residence shared by Wen and Zhang in 2018. The seized bitcoin was valued at nearly .8 billion in July 2021 when the police recovered the coins. It has appreciated to .6 billion, based on today’s price of ,049 per BTC.
Zhang allegedly stole .4 billion from over 128,000 investors and converted the money into BTC. Prosecutors say she entered London in 2017 using a false identity, but has since fled the U.K. and remains at large.
While pleading not guilty to involvement in the underlying fraud, Wen is accused of knowingly aiding the conversion of Zhang’s bitcoin into cash, jewelry, luxury items, and property. Gillian Jones KC, counsel for the Crown Prosecution Service, was quoted by the Financial Times as saying:
Ms. Wen had been trusted not only with copies of the passwords and passphrases to access the laptops [containing the bitcoin] but with access to where the laptops were being stored.
This week, the Saxony state police in Germany also revealed that around 50,000 bitcoins have been seized in a case they described as “the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date.”
What do you think about the U.K. police seizing 61,000 bitcoins from a massive fraud in China? Let us know in the comments section below.
New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser
A residential property in Wellington, New Zealand and more than 2,000 belonging to an adviser of Onecoin mastermind Ruja Ignatova was recently seized by the police. Detective Inspector Christiaan Barnard said his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand.
Property Purchased by Third Party
The police in New Zealand have reportedly seized a residential property and more than 2,000 in cash, both of which allegedly belonged to Frank Schneider, the fugitive adviser to the Onecoin mastermind Ruja Ignatova. According to the police, the seized assets might be proceeds of a global Ponzi scheme.
A report in The Post states that Schneider, a Luxembourg national, may have purchased the residential property through a third party. The money used to buy the property is thought to have been sent to the unnamed individual sometime between 2018 and 2020.
After his arrest by the French police in April 2021, Schneider reportedly spent seven months in prison before being released under house arrest. In August, while awaiting his extradition to the U.S., where he faced the prospect of 40 years in jail, he reportedly claimed in a podcast that he would not get a fair trial in that country.
Schneider cited the cost of litigation as well as the so-called plea bargain system commonly employed by U.S. prosecutors. However, just a year after vowing to fight his extradition, Schneider disappeared even though he was wearing an ankle tag.
Onecoin Masterminds Are Not Hiding in New Zealand
Meanwhile, in his remarks following the New Zealand police’s seizure of the assets, Detective Inspector Christiaan Barnard, said:
The New Zealand Police will continue to work with our international partners to ensure that New Zealand’s financial system is not abused to hide illicit income.
The detective inspector added that his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand. According to the report, the New Zealand police are now seeking to forfeit the seized assets.
What are your thoughts on this story? Let us know what you think in the comments section below.
Report: Taiwan Law Enforcement Seize Over 320 Million USDT From Alleged Money Launderer
Taiwanese law enforcement recently revealed the seizure of more than 320 million USDT stablecoins from an alleged money launderer. The seizure has been described as Taiwan’s largest bust ever from a single individual.
Lamborghini and a Lexus Seized
Taiwan’s law enforcement recently said it nabbed the four individuals behind what is being described as the region’s “largest virtual currency money laundering syndicate.” In a statement, the region’s law enforcement bodies said one of those arrested who is only identified as Qiu is said to have laundered more than 320 million USDT stablecoins. Three more individuals were also arrested alongside Qiu, the statement added.
According to a local language report, the now-seized funds relate to an investment fraud case operated by Qiu which was uncovered back in October 2022. However, despite the unmasking fraud scheme, law enforcement agents did not immediately arrest Qiu who is said to have frequently travelled to Malaysia and other South East Asian countries.
However, it was upon his return to Taiwan in June 2023 that agents finally detained Qiu and his accomplices and seized their mobile phones. As stated in the report, officials only discovered the extent of Qiu’s money laundering activities after they examined the accused’s mobile phones. As per the report, the value of the virtual currency during the raid on Qiu is believed to be the highest amount ever seized from one individual.
Besides the virtual currency, Taiwanese law enforcement is reported to have recovered two vehicles, a Lamborghini URUS and a Lexus LM luxury from Qiu’s residence. Laptops, credit cards, drugs, and three expensive watches were also seized.
Meanwhile, prosecutors from the Taichung District Prosecutor’s Office are said to have set Qiu’s bail at just over ,000 and 0 for one of his accomplices.
What are your thoughts on this story? Let us know what you think in the comments section below.
New Law Expands Police Powers to Seize Crypto in UK
A new law that gives law enforcement agencies greater powers to seize, freeze, and recover crypto assets has entered into force in the U.K. The law introduces provisions for police to “seize crypto assets more easily and convert them into money before a forfeiture hearing has taken place,” the British government explained, adding: “In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.”
Economic Crime and Corporate Transparency Act 2023
The U.K. government announced Thursday that the Economic Crime and Corporate Transparency Act 2023, which aims to “fight fraud, counter corruption, and bolster legitimate business,” has received Royal Assent. After being introduced to Parliament in September 2022, the bill underwent a year of debate and amendments before receiving Royal Assent and becoming law.
The Economic Crime and Corporate Transparency Act introduces powers that will allow British authorities to “proactively target organized criminals and others seeking to abuse the U.K.’s open economy,” the announcement details, elaborating:
Law enforcement agencies will benefit from greater powers to seize, freeze and recover cryptoassets.
“The National Crime Agency (NCA) will additionally gain greater powers which compel businesses to hand over information which is suspected to be used for money laundering or terrorist financing,” the announcement adds. “Unnecessary reporting by businesses will also be reduced, enabling the private sector and law enforcement to focus their existing resources on tackling high value and priority activity.”
Graeme Biggar, Director General of the National Crime Agency, commented: “This act is long-awaited and welcome. For too long criminals and corrupt elites have abused U.K.”
The British government further stated: “New powers will additionally allow law enforcement to target illicit cryptoassets. The NCA’s National Assessment Centre estimates that over £1 billion of illicit cash was transferred overseas using cryptoassets in 2021.” The announcement continues:
The act has introduced provisions for police and the NCA to seize cryptoassets more easily and convert them into money before a forfeiture hearing has taken place. In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.
What do you think about this new U.K. law that expands police powers to seize, freeze, and recover crypto assets? Let us know in the comments section below.
Report: Australian Police Seize Crypto Worth $1.5 Million From Dark Web Drug Dealer
The police in the Australian state of South Australia recently seized cryptocurrency worth .5 million from an alleged dark web drug dealer. Police also recovered a “large quantity” of the synthetic opioid nitazene as well as tens of thousands of dollars in cash.
‘Illicit Activity on a Dark Web Marketplace’
Police in South Australia, a state in the southern central part of Australia, recently seized cryptocurrency worth .5 million from an alleged dark web drug dealer. According to an ABC News report, law enforcement also confiscated a “large quantity” of drugs and electronic devices from an unnamed 25-year-old man.
Explaining how the operation against the alleged drug peddler was carried out, Adam Rice, the South Australian Detective Superintendent, said:
“The investigation identified illicit activity on a dark web marketplace, attributed that activity to a real-life person in South Australia, identified and traced cryptocurrency used in the offending and then ultimately led to a successful search and seizure operation.”
Among some of the drugs seized during the raid on a residential house and two storage units was a synthetic opioid known as nitazene. Authorities in the state are concerned the drug, which is highly toxic and has never been approved for human consumption, could be linked to two overdose cases in which one person died.
Meanwhile, the report also revealed that law enforcement officers also recovered tens of thousands in cash when they raided premises in Adelaide Hills.
What are your thoughts on this story? Let us know what you think in the comments section below.
US Authorities Seize Crypto Linked to Pig-Butchering Scam Held at Binance
U.S. authorities are seeking to recover cryptocurrencies linked to the popular pig-butchering crypto scam. “Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized,” the United States Attorney’s Office for the District of Massachusetts has revealed.
US Continues to Crack Down on Pig-Butchering Crypto Scam
The United States Attorney’s Office for the District of Massachusetts announced Tuesday that it has filed “a civil forfeiture action to recover cryptocurrency alleged to be the proceeds of a ‘pig-butchering’ fraud scheme targeting a Massachusetts resident and involved in money laundering.” The announcement details:
Specifically, the government seeks to forfeit 412,543.555 tether (USDT) and 100.896 Binance coin (BNB) seized from two accounts located at Binance.com, a cryptocurrency exchange and custodian.
The U.S. Attorney’s Office added: “Collectively, this cryptocurrency has a current estimated value of around 4,000.”
The announcement explains that an investigation began into a pig-butchering scheme targeting a Massachusetts resident in early 2023. “In a pig-butchering scheme, scammers obtain funds from victims using manipulative tactics. The scammer establishes a level of trust with a victim in online communications and then entices the victim into investing in a fraudulent cryptocurrency scheme. Often the victim is enticed to make additional payments, before realizing they are a victim of fraud,” the U.S. Attorney’s Office described.
The announcement adds:
Law enforcement was able to trace cryptocurrency involved in the fraud and money laundering to two Binance accounts, where it was seized.
“The complaint alleges that the defendant’s cryptocurrency is traceable to proceeds of wire fraud and was involved in money laundering. A civil forfeiture action allows third parties to assert claims to property, which must be resolved before the property can be forfeited to the United States and returned to victims,” the Attorney’s Office noted.
Several U.S. authorities have warned about the pig-butchering crypto scam. The Federal Bureau of Investigation (FBI) has issued multiple alerts about the growing prevalence and popularity of this scam across the country.
In September last year, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam. The order also froze the accounts allegedly holding cryptocurrencies belonging to the victims. In November last year, U.S. authorities seized seven domains used by a group of pig-butchering scammers. In April this year, the U.S. Department of Justice (DOJ) seized cryptocurrency worth 2 million linked to a pig-butchering crypto scheme.
Have you encountered the pig-butchering crypto scam? Let us know in the comments section below.
Hungarian Authorities Seize Crypto Worth $1M in Tax Fraud Case
Hungarian authorities have seized cryptocurrency worth over million from a criminal organization in a value-added tax (VAT) fraud case. The authorities raided 28 locations, arrested three suspects, and seized various assets tied to the group. The seized cryptocurrencies were transferred to the wallet controlled by the Hungarian tax authority.
Crypto Seized in Tax Fraud Case
The National Tax and Customs Administration of Hungary (NAV) announced Wednesday that it has seized cryptocurrency from a criminal organization that evaded paying three billion Hungarian forints (.2 million) in value-added tax (VAT).
NAV commandos, the Merkur Deployment Unit, and the investigators of the Western Transdanubian Criminal Directorate simultaneously raided 28 locations, arrested the suspects, and seized their illegally acquired assets and cryptocurrency worth nearly 420 million forints (.15 million). Without providing specific details, the NAV stated that the seized cryptocurrencies were transferred to a specially created crypto wallet that it controls.
The tax authority explained that members of the criminal organization acquired smartphones, tablets, solar panels, and other electronic devices from several countries in the European Union. They avoided paying VAT after importing the products by setting up shell companies that changed every couple of months, the NAV described, adding that this allowed the fraudsters to sell electronic devices to various wholesalers and resellers at favorable prices.
“By selling information communication devices imported from the EU through a fictitious invoicing chain, more than HUF 3 billion in VAT was saved,” the Hungarian tax authority stated (translated by Google). The NAV added that some of the criminal proceeds were used to invest in cryptocurrency.
In addition to cryptocurrency, solar panels, associated inverters, cars, cash, real estate, and bank accounts worth more than half a billion forints were seized. According to the NAV, three members of the criminal organization have been taken into custody.
What do you think about the Hungarian tax authority seizing cryptocurrency in this tax fraud case? Let us know in the comments section below.
Report: Swiss Authorities Seize $26 Million in Cryptocurrency Linked to Terraform Labs and Do Kwon
Law enforcement officials in Switzerland reportedly seized approximately million in bitcoin and other cryptocurrencies, believed to be linked to Terraform Labs and its co-founder, Do Kwon. Local media in South Korea revealed that the funds were confiscated from Sygnum, a crypto bank based in Zurich. The U.S. Securities and Exchange Commission is said to have played a significant role in this operation.
Crypto Assets Worth Million Reportedly Confiscated in Switzerland, Tied to Terraform Labs and Co-Founder
Digital Asset, a South Korean news publication, has reported the seizure of approximately million in cryptocurrency assets from an account linked to Terraform Labs and Do Kwon. The funds were held at Sygnum, a crypto bank based in Switzerland, and Swiss law enforcement authorities froze the assets following a request from the U.S. Securities and Exchange Commission (SEC).
In late April, reports surfaced regarding Kwon’s purported funds held at Sygnum Bank, with prosecutors in Seoul claiming that Terraform Labs and Kwon retained 0 million in crypto assets. Further allegations suggested that Kwon, or “someone under his direction,” transferred million, leaving investigators in Seoul unable to trace the funds. Digital Asset, a news outlet, reveals that the frozen assets are reportedly associated with Kwon, Chang-joon Han (CEO of Chai), and Nicholas Platias (researcher at Terraform Labs).
In the meantime, Kwon has been found guilty of employing counterfeit travel documents and identification in Montenegro, resulting in a four-month prison sentence. During his time there, law enforcement agencies from the United States and South Korea are diligently working towards establishing an extradition agreement with Montenegro, aiming to bring Kwon back to face prosecution in either the U.S. or Seoul. Simultaneously, the developers behind the struggling Terra Classic ecosystem, which experienced a collapse in May 2022, are making efforts to resurrect the blockchain ecosystem and its native cryptocurrency, LUNC.
What are your thoughts on the ongoing developments surrounding the seizure of cryptocurrency assets tied to Terraform Labs and Do Kwon? Share your thoughts and opinions about this subject in the comments section below.