Holly Danielle Adams, 34, from California, has pleaded guilty to charges of drug distribution conspiracy and money laundering via cryptocurrency mixers. This case stems from an investigation by the Northern California Illicit Digital Economy (NCIDE) Task Force, a federal team dedicated to combating all forms of illegal dark web and cryptocurrency activities in the Eastern […]
Bitcoin News
Indian Authority Busts Cryptocurrency Fraud Ring Targeting Foreign National
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 […]
Bitcoin News
Ukrainian Police Bust International Crypto Fraud Ring, 14 Arrested
Ukrainian authorities have dismantled a criminal ring defrauding citizens across Ukraine, Moldova, Kazakhstan, and the European Union through deceptive call centers promising lucrative cryptocurrency investments. The National Police of Ukraine detained 14 suspects, including the alleged organizers, and seized 12 luxury cars, 136 units of computer equipment, 951 SIM cards, 455 starter packs, and significant […]
Bitcoin News
Binance Aids Taiwan in Busting $6M Crypto Money Laundering Ring
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT0 million (approximately US million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […]
Bitcoin News
Binance Aids Taiwan in Busting $6M Crypto Money Laundering Ring
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT0 million (approximately US million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […]
Bitcoin News
Alarm Bells Ring For Dogecoin: Bearish Signal Points To 40% Crash
Crypto analyst Josh Olszewicz is once again warning of a looming Dogecoin price crash. The analysis hinges on the Ichimoku Cloud, a comprehensive indicator that provides information on support/resistance levels, momentum, and trend direction. Olszewicz’s analysis points to two specific technical phenomena on the 1-day (1D) chart of DOGE against the US dollar (DOGE/USD). Via X, he remarked “1D DOGE: bearish TK cross + bearish Kumo breakout.
Bearish Signals For Dogecoin
The bearish TK cross refers to the bearish crossover between the Tenkan-Sen (conversion line) and the Kijun-Sen (baseline) within the Ichimoku Cloud system.
The Tenkan-Sen, which is a faster-moving line typically calculated as the midpoint of the highest high and lowest low over the last nine periods, crossing below the Kijun-Sen, a slower line computed as the midpoint of the highest high and the lowest low over the past 26 periods, is considered a bearish signal.
It suggests that short-term prices are falling below the base level of prices over the last month, indicating potential further downward movement.
The Bearish Kumo breakout: The ‘Kumo’, which translates to ‘cloud’, is part of the Ichimoku Cloud indicator and is formed between two other lines: the Senkou Span A and the Senkou Span B. It represents a key area on the chart that can act as support or resistance.
In the context of Olszewicz’s analysis, a ‘bearish Kumo breakout’ implies that the price has broken through the cloud downwards. This breakout is seen as a confirmation of a bearish trend. The fact that the price is below the Kumo suggests that the overall market sentiment for DOGE is negative, with the Kumo now likely acting as resistance to any upward price movement.
The chart by Olszewicz shows DOGE trading at .15 with the cloud plotted behind the price action, appearing green above and red below the price lines. The cloud turning green represents a bullish future potential, but the price below both the cloud and the Tenkan-Sen/Kijun-Sen crossover indicates bearish current circumstances.
A 40% Price Crash Looming?
This gives weight to Olszewicz previous DOGE price analysis. As NewsBTC reported, the crypto analyst warned of a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart which could be validated soon.
The formation is characterized by two shoulders flanking a distinctive head, with the neckline at approximately .14 being pivotal. Should Dogecoin’s price break below this critical support, the prophecy of the H&S pattern would likely manifest, potentially triggering a sell-off towards the .10 to .09 region.
This target area aligns with the 1.618 and 2.0 Fibonacci extension levels, suggesting a price crash of around 40% from the neckline. While the pattern has not yet been confirmed, with the price still above the crucial .14 support level, its presence serves as a cautionary signal to the market.
The technical confluence of the bearish TK cross and the bearish Kumo breakout in Olszewicz’s recent analysis only reinforces the possible bearish scenario that lies ahead for Dogecoin. Market participants are recommended to keep a close watch on the .14 level, as a decisive break below could validate the bearish outlook and set the stage for the anticipated decline.
At press time, DOGE traded at .1413.
China’s State Administration of Foreign Exchange Cracks Down on $2.2 Billion Crypto Exchange Ring
The Chinese State Administration of Foreign Exchange (SAFE) has cracked down on an underground bank that used crypto to offer illegal exchange services. The operation, which had over 1,000 bank accounts and a presence in 17 provinces, moved over 15.8 billion yuan (.2 billion) to purchase crypto on exchanges overseas and provide yuan exchanging services.
Chinese State Administration of Foreign Exchange Discovers Ring Using Crypto to Circumvent Exchange Controls
The Chinese government has cracked down on an underground bank that used crypto to provide yuan exchange services to Chinese nationals. According to a post published in Wechat by the State Administration of Foreign Exchange (SAFE), the Qingdao police managed to identify more than 1,000 accounts belonging to a Chinese national identified as Jin, that served as funneling accounts for the exchange business of 15.8 billion yuan (.2 billion).
The exchange business had a presence in 17 provinces of the country, with more than 20 million transactions related to this ring. The accounts were connected to Li, a textile worker who acted as a broker for the purchase and sale of virtual currencies. The report reinforced that managing and exchanging cryptocurrency is illegal in China.
Xu Xiao, an inspector at the Qingdao Branch of the State Administration of Foreign Exchange, described how this process was carried out. He stated:
Underground banks purchase virtual currencies and then sell the virtual currencies through overseas trading platforms to obtain the foreign currency they need. This process completes the conversion of yuan and foreign currencies, which constitutes the illegal act of buying and selling foreign exchange.
Also, this kind of exchange must be carried out at state-designated places. SAFE authorities warned against being involved in this kind of illegal trade, even when the exchange rates and “convenience” incentivize this route over conducting legal exchanges.
Huang Hui, Deputy Director of SAFE’s Management and Inspection Department, remarked that it will continue to work with other state institutions to crack down on illegal exchange businesses such as underground banks, and facilitate the usage of legal channels for these operations.
What do you think about SAFE’s recent crackdown? Tell us in the comments section below.
Ring in 2024 with a special holiday deposit bonus from PrimeXBT
This holiday season, leading multi-asset trading platform PrimeXBT is spreading cheer with an exclusive 20% deposit bonus for all clients. From 11 December 2023 through 11 January 2024, traders who fund their accounts will receive a 20% matched bonus up to ,000.
Another year ahead for the award-winning platform
PrimeXBT is kicking off the New Year by giving back to its loyal user base after another year of platform innovations and award-winning service. The company has earned praise within the trading industry for its robust and customisable Crypto derivatives infrastructure matched with ultra-low trading fees.
By blending institutional-grade functionality with an intuitive interface, PrimeXBT enables traders of all backgrounds to capitalise on fluctuating Crypto and Global Markets. The platform offers up to 200:1 leverage across a suite of assets including Crypto perpetual swaps, Forex, Commodities, and Stock Indices.
Copy Trading through its built-in Covesting module provides another standout service – allowing beginner traders to automatically mirror seasoned professionals based on transparent track records exceeding over 2000% in net gains.
A very happy holiday bonus – up to 20%
As the holiday season kicks off, PrimeXBT extends its market-leading services through a generous 20% deposit bonus campaign. The company is no stranger to giving back, having run similar promotions in the past.
However, this year PrimeXBT is welcoming both existing and new clients to participate with deposits as low as 0, and bonuses worth up to ,000. Traders simply fund their account as normal during the 11 December to 11 January eligibility period, and PrimeXBT will credit all users an extra 20% of their deposited amount.
For example, a ,000 deposit will earn a 0 bonus, or a ,500 deposit will earn you a full 0!
PrimeXBT sets the stage for an exciting 2024
With innovative products and a dedication to its users, PrimeXBT has established itself as an industry leader in trading platforms. The 20% holiday deposit bonus signifies its commitment to providing value as it heads into another promising year.
2023 saw PrimeXBT roll out new features like an adjustable leverage system, order book implementation, and expanded altcoin assets. If this year is any indication, 2024 will unlock even more capabilities catering to pro traders and newcomers alike.
As adoption of Cryptocurrencies accelerates globally, traders need robust tools to thrive in this complex landscape. PrimeXBT delivers through integrated modules spanning Crypto derivatives, Forex, Global Markets, and Copy Trading. Its award-winning platform empowers users to trade like professionals regardless of current skill.
The holiday bonus kickstarts what is sure to be another standout year.
Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department
Bitcoin is a potentially world-changing financial technology, designed by the mysterious Satoshi Nakamoto. But Bitcoin also brought with it the birth of blockchain – distributed ledger technology that may not be world-changing, but certainly can redefine and improve upon certain industries.
The technology makes tracing transactions especially simple, but cryptography keeps the account owner’s personal identity private. But thanks to crypto exchanges being required to follow global regulations around know your customer and anti-money laundering policies, combining the traceability of Bitcoin transactions with the KYC at a crypto exchange helped the United States Department of Justice take down one of the dark web’s most extensive child porn rings.
United States Department of Justice Takes Down Dark Web Child Porn Site
This week, the United States Department of Justice announced the seizure of a dark web platform for child pornography called Welcome to Video. Over 337 alleged suspects from 38 different countries have been arrested, charged with their involvement in the ring. The sting also resulted in 23 children from being rescued in relation to the website.
Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime
The site was in operation from mid-2015 to late 2018 when it was seized by law enforcement. It had featured well over a quarter of a million videos depicting explicit situations with underage individuals, and the DoJ said that users of the platform had downloaded over 8 terabytes worth of child pornography.
The site included a message warning users to under no circumstances “upload adult porn” and charged users as much as 0 in Bitcoin – or roughly 0.044 BTC at today’s prices.
Bitcoin and Crypto Exchanges Assist Law Enforcement With Tracking Down Criminals
But it was that same Bitcoin used to subscribe that led investigators to the website’s administrator. The DoJ claims that since Bitcoin obfuscates personal details behind cryptographic addresses, Bitcoin itself didn’t lead them to the suspect. Instead, the DoJ worked with Chainalysis to tie the Bitcoin transactions via its blockchain ledger back to a wallet owned by Jong Woo Son that was hosted at a US-based cryptocurrency exchange.
The DoJ was able to glean information from the crypto exchange and tracked the funds the admin had cashed out to their bank account, solidifying the lead. In all, the website received over 3,000 worth of Bitcoin, according to a press release from the DoJ.
Related Reading | Former DoJ Prosecutor Turned Crypto VC: Bitcoin Helped Fight Crime
Bitcoin is often demonized due to its involvement in criminal activities, but very often Bitcoin and the blockchain technology it is built on has helped to solve the crimes these criminals are committing using the cryptocurrency. Even a former DoJ prosecutor turned venture capitalist has spoken out on how Bitcoin has been helpful in tracking down criminals – not in creating them.
Regardless of Bitcoin’s involvement, as US Attorney Jessie K. Liu puts it, “children around the world are safe because of the actions taken by the US and foreign law enforcement to prosecute this case.”
The post Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department appeared first on NewsBTC.
US Authorities Analyze Bitcoin Transactions to Shut Down Child Porn Ring
n U.S. law enforcement agencies mapped out the server of the largest child porn site by tracing Bitcoin transactionsn
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