India’s Enforcement Directorate (ED) has cracked down on a cryptocurrency fraud ring targeting a foreign national. The accused persuaded the victim to transfer 0,000 to a cryptocurrency account set up using unauthorized remote access. The ED seized digital evidence, froze fixed deposits, and confiscated jewelry connected to the case. The investigation is still ongoing. ED […]
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FBI Busts Indian Citizen Group For $15 Million Crypto-To-Cash Money Laundering Scheme
In a recent crypto investigation, the US FBI successfully infiltrated a group of Indian citizens suspected of engaging in illicit activities involving the exchange of cryptocurrency for over million in cash.
The alleged transactions took place at various locations in Westchester County, with the group catering to customers seeking anonymity for their activities.
Crypto Crime Unveiled
According to recent reports, five out of the six suspects were apprehended on October 17 and subsequently charged in US District Court, White Plains.
The charges primarily revolve around operating an unlicensed money-transmitting business. The investigation unfolded with the assistance of law enforcement agents who monitored 80 “cash hand-offs”.
The FBI’s scrutiny began in April 2021 when they identified a suspect operating within the “dark web” criminal marketplaces.
Although the individual remains unnamed in the criminal complaint, they are believed to be a co-conspirator of the arrested local suspects. Notably, the suspect offered to ship cash to customers in exchange for cryptocurrency.
According to the complaint, the unidentified co-conspirator disclosed to an undercover officer in January that some of their customers were involved in drug sales, while their wealthier clients were hackers.
The co-conspirator claimed to have amassed approximately million over three years by exchanging cash for cryptocurrency.
In February, an individual responsible for mailing packages of cash on behalf of the co-conspirator was arrested. The complaint reveals that this individual had been receiving sacks of cash from various individuals, three times a week for 18 months, at a Westchester County post office. The cash bundles ranged from 0,000 to 0,000.
In a bid to receive leniency during sentencing, the aforementioned individual agreed to assist the FBI with their investigation. Over several months (from February 10 to September 27), they allegedly participated in 80 controlled cash pick-ups amounting to ,067,000.
One of the arrested individuals, Raju “Jay” Patel from Flushing Queens, played a significant role in the operation. The complaint alleges his involvement in 58 cash transfers totaling .8 million.
Raju would collect cash from various locations in George, Massachusetts, North Carolina, Pennsylvania, and South Carolina. Subsequently, Raju allegedly coordinated the transfers with the co-conspirator and the FBI’s confidential source.
On March 6, Raju allegedly arranged an exchange of 0,000 at a Tarrytown supermarket parking lot. Surveillance conducted by law enforcement agents captured Raju leaving his Queens apartment with an orange cloth bag, which he handed over to the FBI’s confidential source upon arrival in Tarrytown. The bag reportedly contained 9,715.
Illicit Cash Exchange
Similar exchanges took place at a parking lot in Port Chester, further implicating the suspects involved. On August 6, Shaileshkumar Goyani allegedly handed over a bag containing 4,000 to the FBI’s confidential source.
Apart from Goyani, the complaint identifies Brijeshkumar “Samir” Patel, Hirenkkumar Patel, Naineshkumar Patel, and Nileshkumar Patel as additional suspects in the case.
All the suspects are charged with operating an unlicensed money-transmitting business under New York and federal laws.
According to an affidavit by FBI agent Lawrence Lonergan, such unlicensed money-transmitting businesses operate as shadow banks, enabling funds to pass through without undergoing the scrutiny imposed by Congress on the United States financial system.
While the allegations against Goyani’s crypto fraud remain unproven, his defense attorney, Daniel A. Hochheiser, emphasizes that his client has not been indicted by a grand jury. Hochheiser further stated that if and when an indictment is issued, Goyani intends to enter a plea of not guilty.
Featured image from Shutterstock, chart from TradingView.com
Philippines Law Enforcement Busts Crypto Scam Center, Over 1,000 Human Trafficking Victims Rescued
Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals.
Cryptocurrency Scams
According to Philippines law enforcement, over 1,000 human trafficking victims were rescued following a recent raid on a compound in Mabalacat, approximately 90 kilometers northwest of the capital, Manila. According to officials, many of the trafficking victims came from Vietnam, China, Indonesia, the Philippines, Nepal, Malaysia, Myanmar, Thailand and Taiwan.
As per a VOA report, the trafficking victims were forced to perpetrate cryptocurrency scams during shifts that lasted up to 18 hours per day. Michelle Sabino, a member of the Philippine National Police Anti-Cybercrime Group, is quoted in the report explaining how the trafficking victims used social media platforms such as Facebook to lure unsuspecting individuals. The victims themselves were reportedly lured by the promise of employment.
“They were lured by social media posts promising good-paying jobs only to get trapped in these compounds that had armed guards to keep them from leaving,” Sabino explained.
The Indonesian Tip-Off
The Philippines law enforcement’s raid on the compound in Mabalacat on May 4 and 5 came after it reportedly received a tip from Indonesian officials who were inundated with pleas from trafficking victims’ families. According to the report, most of the trafficking victims are university-educated individuals with social media skills. The Global Anti-Scam Organization said the so-called online “fraud factories” are known to prefer employing English and Chinese-speaking individuals.
Meanwhile, the report also noted that while the fraud factories in the Philippines were generally thought to be located in remote areas, a recent hearing in the country’s legislature revealed that criminals are also setting them up in urban areas. While trafficking victims are sometimes given the opportunity to buy themselves out, many remain trapped because their families cannot afford the demanded fees.
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The Sky’s the Limit for Ripple’s XRP as Price Busts Past 2 Key Resistances
While XRP is up over 50% in the past 50 days, rallying from .17 to a local top of .29 in just over a months’ time, the cryptocurrency is still dramatically down from its all-time high above .00, set in early-2018.
In fact, at the current price of .278, XRP remains over 90% lower than its all-time high, which means that the asset has dramatically underperformed Bitcoin, down a mere 50% from its ,000 high.
Related Reading: Traders Expect Bitcoin Price to Explode Big in Next Week: Will It Happen?
Despite this dramatic discrepancy, technical analyses are suggesting that the top altcoin is on the verge of surging again, with prices recently printing strong signs on its long-term charts.
XRP Could Soon Explode Even Higher Than It Has
Prominent crypto trader Inmortal Technique recently shared the below chart, showing that XRP has over the past few days broken past two key long-term resistances simultaneously, boding extremely well for the bullish narrative.
The resistances in question are the downward resistance formed in September of 2018, which has constrained price action since, and a downtrend level that has stopped rallies over the past few months. It has also cleared smaller horizontal resistances around .25.
Not to mention, Brave New Coin’s Josh Olszewicz recently laid out a confluence of reasons why XRP could soon break higher.
Related Reading: Here’s Why a Politician Says U.S. Must Smarten Up on Crypto Regulation
Olszewicz cited three technical factors which largely imply that more gains can be had over the coming weeks and months:
XRP has broken above the Kumo band of the Ichimoku Cloud indicator, suggesting a bullish trend.
The 200-day exponential moving average has been passed by the price of the asset. The 200-day EMA is often seen as a key reversal point for many assets.
XRP is looking poised to invalidate a 700-day bearish pitchfork formation in the near future, meaning that there will be much less resistance and that the multi-year downtrend will have been broken.
While Inmortal did not share a price prediction alongside his observation that XRP has cleared key resistances, there are some that have.
Trader Posty recently shared one of his trade ideas for XRP in terms of its USD pairing. He noted that a likely scenario he sees playing out over the next couple of weeks is for the price of the altcoin to fall to around .25, which is in confluence with the 200-day moving average, then rally by 24% to a “key level of resistance on high time frames” at .315.
Olszewicz said that if XRP manages to break above .30, which is where the exists historical resistance according to Volume Profiles and a downtrend trend line, the cryptocurrency could rally 66% to .50 in the months following this event.
Related Reading: A Major Ethereum Signal Just Flashed. Last Time it Did, ETH Surged 400%
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