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Ransomware remained a prolific and growing threat in 2024, with?5,635 publicly reported attacks?— surpassing 5,223 in 2023. The financial demands of #ransomware actors have also reached unprecedented levels — highlighting the increasing boldness and sophistication of threat actors, who are leveraging advanced tools and techniques to maximize their extortion efforts. In our latest deep-dive into the findings of our ???????? ???????????? ?????????? ????????????, we take a look at the evolving landscape of ransomware and crypto-related crime — examining the shifting players in the ransomware space, the sectors targeted in recent attacks, and the role of international collaboration in disrupting ransomware actors. Read the piece here ???https://lnkd.in/esHTjatR

Earlier this month, the UK’s Financial Conduct Authority (FCA) secured a four-year prison sentence for Olumide Osunkoya, following his guilty plea to illegally operating a #cryptocurrency ATM network and additional charges of forgery, using false identity documents, and possessing criminal property. According to former FCA Cryptocurrency Technical Specialist Ben Braik-Scivyer, now at TRM Labs, ”The FCA has laid down a significant marker in disrupting illegal VASP operations in the United Kingdom. This, and their innovative collaboration with law enforcement in similar actions against illegal crypto ATMs in 2023 has made the UK cryptocurrency ecosystem safer.” Osunkoya applied for an FCA license in 2020 to operate his business, GidiPlus Ltd, but the application was denied in 2021 due to concerns over compliance and a lack of evidence on how the business would meet regulatory requirements. A UK judge upheld the decision following an appeal. Despite this, Osunkoya continued to operate a reduced ATM network, moving at least 11 ATMs from GidiPlus Ltd into convenience stores across the UK. Between December 2021 and September 2023, these ATMs processed over GBP 2.6 million in cryptocurrency transactions. According to the FCA, these transactions were conducted without customer due diligence or source-of-funds checks. The FCA, in coordination with UK police forces, visited 38 locations and disrupted 30 cryptocurrency ATMs in 2023. Osunkoya was found to have operated under a false identity while running his ATM network. The FCA reported that Osunkoya charged transaction markups between 30% and 60% on his machines. Following his conviction, the FCA has requested confiscation proceedings under the Proceeds of Crime Act 2022 to recover financial benefits gained from these operations. Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, stated, “This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection, and engage in criminal activity will face serious consequences.” According to TRM, in 2023, the percentage of illicit activity associated with crypto ATMs was about double that of the overall crypto economy. This surge is largely driven by #pigbutchering scams, where fraudsters exploit ATMs to collect victim funds, accounting for more than half of illicit ATM activity.

?????TRM is honored to be recognized as a Singapore Police Force (SPF) community partner! This week, TRM received the ?????????????????? ?????????????????????? ?????????? at SPF’s Alliance of Public PrivAte Cybercrime sTakeholders (APPACT) Appreciation Awards, presented by Acting Deputy Commissioner (Investigation and Intelligence) Weihan Zhang. APPACT was established by the SPF Cybercrime Command as a public-private platform for sharing information on cybercrime threats and trends. It includes partners from the social media, finance, internet service providers, telecom, cybersecurity, and #cryptocurrency sectors. In the fast-moving world of #crypto, public-private information sharing at speed and scale is critical. We are honored to be able to support APPACT’s important work in strengthening Singapore’s collective resilience against #cybercrime. We look forward to continuing our work with APPACT, and contributing to a safer and more secure digital ecosystem.

Welcome back to another ? Weekly Roundup? — and what a massive week it was for crypto policy and legal action. In this edition, TRM policy pros Ari Redbord, Angela Ang, and Isabella Chase take us through the latest developments you need to know: ??♂??The takedown of Garantex: A notorious crypto exchange’s role in illicit finance ???? Taiwan introduces cold wallet requirements for crypto custodians ?????TRM’s latest: Enhancing law enforcement’s role in expanding the US Strategic Bitcoin Reserve ???In big move, OCC provides crypto guidance and withdraws from controversial interagency statements ?????Europe’s policymakers keeping an eye on US crypto ?????Cayman Islands tightens crypto oversight Click in for their insights and analysis ??

?? TRM is a Platinum Sponsor of Blockworks’s Digital Asset Summit 2025 (DAS) in New York next week! We’re bringing the full force of TRM to DAS — ready to engage with the industry’s top minds and discuss how compliance and trust are shaping the future of #digitalassets. ?? Don’t miss our speaking session with Thomas A. (TRM’s Head of Compliance Advisory) on "Ensuring Trust in Digital Asset Markets." Tom works closely with banks, asset managers, fintechs, and regulators worldwide. He’ll be sharing insights on what’s top of mind for compliance leaders, where the industry is building, and how institutions can navigate risk while scaling adoption. ?? You can also catch us at our kiosk or book a 1:1 meeting or demo with our team here: https://lnkd.in/ePCg3uYV Peter B., Zachary Cohen, Thomas A., and Bill B. can’t wait to see you there! #DAS2025

???? Last week, TRM Labs took the stage at GFTN Forum Japan, diving into #stablecoin innovation, consumer protection, and digital asset privacy and security. Alongside industry leaders from Euroclear, MAS, Solana, and more, we explored: ?? ?????????????????????? ?????? ????????????????????: Balancing financial stability and innovation in cross-border payments ??? ???????????????? ????????????????????: How #blockchainintelligence is enhancing security and trust ?? ?????????????? ????. ????????????????????????: The role of zero-knowledge proofs and cryptographic advancements in compliance ?? Key takeaway: As blockchain adoption accelerates, the industry must strike the right balance between innovation, security, and regulatory compliance.

The SEC closed its investigation into Uniswap Labs. It dismissed its case against Coinbase. We are seeing sweeping changes in the legal and regulatory landscape. ???What does this all mean? On the latest episode of #TRMTalks, Ari Redbord sits down with Katherine Minarik (Chief Legal Officer at Uniswap Labs) for a front-row seat to one of the most important legal weeks in #crypto history. They break down: ?? Why the SEC reversed course on Uniswap Labs and Coinbase ?? The significance of the Second Circuit ruling on DeFi ?? How we can build real legal clarity for the industry This episode is essential for anyone navigating crypto law, compliance, and policy. ?? Listen now: https://lnkd.in/e-rsjKUp #BlockchainRegulation

The Massachusetts Attorney General's Office has delivered a significant impact on the fight against #crypto scams — distributing over USD 600,000 to affected victims, with additional funds pending. This outcome not only underscores the power of targeted intervention, but also highlights the effectiveness of leveraging #blockchainintelligence to protect vulnerable populations. “?????? ???????????? ???? ?????? ???????????????????????? ???????? ??????????. ???? ???????? ???? ???????????????? ???? ?????????? ???? ?????????????? ?????????? ???????????? ?????? ???????? ???????? ??????????.” – Assistant Attorney General Lilia V. DuBois Learn how the Massachusetts Attorney General fought for investment fraud victims and took down the Spirebit website — and how blockchain intelligence was used to help recover funds for victims — in our detailed case study. ?? https://lnkd.in/emgYf3KP

Last week, President Donald Trump signed an executive order establishing a ?????????????????? ?????????????? ??????????????. The goal is to leverage Bitcoin assets seized through criminal or civil asset forfeiture without imposing additional costs on taxpayers. The US government is among the largest sovereign holders of Bitcoin, with assets primarily acquired through law enforcement seizures of ill-gotten digital assets. In 2023 alone, US law enforcement agencies — including the Federal Bureau of Investigation (FBI), IRS Criminal Investigation, U.S. Secret Service, Drug Enforcement Administration, US Postal Inspector Service (USPIS), Homeland Security Investigations, and others — reported seizing and/or forfeiting over USD 3 billion in digital assets. The numbers are detailed in annual reports from the DOJ and the US Treasury Department. The Strategic Bitcoin Reserve was established to retain these assets as a national store of value, ensuring that cryptocurrency obtained through forfeiture is not prematurely liquidated. However, law enforcement agencies can further expand #Bitcoin holdings without additional taxpayer burden. By utilizing #blockchainintelligence tools and trained federal agents, this strategy maximizes efficiency, empowering federal law enforcement agencies to generate billions in seized funds while compensating victims and funding law enforcement initiatives. And by refining seizure protocols, improving legal asset management, strengthening blockchain intelligence capabilities, and leveraging public-private partnerships, law enforcement can significantly increase Bitcoin acquisitions while ensuring compliance with victim restitution and law enforcement funding mandates. In out latest blog post — hot off the press — we take a look at a detailed roadmap US law enforcement agencies can use to maximize Bitcoin retention by leveraging existing legal authorities, modernizing seizure strategies, and implementing operational improvements. ???Read it here: https://lnkd.in/ebMWmcj3