A&D Forensics Brief, March 31, 2023
A&D Forensics
Financial and Blockchain Intelligence Consulting, Blockchain Forensics, Crypto Investigations and Training Firm.
On Tuesday, 28th March, Members of the European Parliaments, MEPs approved new laws to strengthen European financial supervision. The new approved laws will help to fight against money laundering, terrorist financing, and evasion of sanctions in the EU financial markets.?
U.S. law enforcement seized 18 cryptocurrency ATMs in Texas, and Oklahoma purchased using fraudulent Covid-19 loans. Charles Riley Constant used the fraud proceeds to start a cryptocurrency ATM business and purchased $700,000 worth of Bitcoin. He has been arrested and charged. He faces a maximum sentence of 20 years in prison if convicted.
North Korea hacking group APT43 is heavily reliant on cryptocurrency, according to a Mandiant report. The group steals user credentials via phishing and uses crypto services to launder stolen funds. It primarily targets South Korea, the U.S., Japan, and Europe. APT43 has accumulated enough crypto to operate self-reliantly.
Economist Nouriel Roubini called the cryptocurrency market a "total criminal enterprise" due to market manipulation, citing the recent Binance lawsuit by the CFTC. Roubini has consistently criticized the industry, and the current case raises concerns about transparency and oversight. Despite this, the crypto industry continues to grow with investment and innovation opportunities.
SEC Chairman Gensler will clarify his approach to digital assets and rulemaking in a House hearing. The recent SEC crackdown on Coinbase and Kraken has faced criticism, and regulatory hostility risks capital flight from crypto companies. Industry experts warn that excessive enforcement could drive crypto firms away from the U.S.
Michael Alan Stollery, the CEO, and founder of Blockchain Infrastructure Services (TBIS)? was sentenced to 4 years in prison for a fraudulent cryptocurrency scheme to the tune of $21million. Investors are urged to exercise caution and do due diligence when investing in an unregulated cryptocurrency market.
SafeMoon, a DeFi project, was exploited for $8.9 million due to a token burn bug in its smart contract. The attacker used the bug to remove SFM tokens from the liquidity pool and wipe out the remaining WBNB. The attackers reached out for dialogue with the protocol, but the SafeMoon native token tanked 30% and is currently trading at $0.00018.
Elizabeth Warren has reintroduced the Digital Assets Anti-Money Laundering Act, which aims to impose strict regulations on cryptocurrency businesses, including the requirement for self-hosted wallets and platforms to submit personal user information to the government without a warrant or probable cause. Critics view the proposal as unreasonable and likely to harm the industry, driving businesses overseas and limiting consumer choice.
领英推荐
?On Monday, 25th March, the Commodity Futures Trading Commission (CFTC) lodged a lawsuit? against Binance, citing seven charges related to registration of derivatives exchange. This incident has triggered a deeper analysis of the charges by NLW, highlighting how they reflect not only a case against Binance but also an ongoing power struggle between the CFTC and the Securities and Exchange Commission (SEC) over regulatory jurisdiction.
A&D Forensics Set to Commence The Certified Cryptocurrency Compliance Specialist (3CS) Course on Monday, April 3rd, 2023.
The 3CS credentials equip students to adopt effective policies and prevent financial crimes using cryptocurrencies by leveraging on cryptocurrency compliance tools.
Learning Objectives
1. Review the fundamentals of blockchain technology and cryptocurrencies, what it is and how it functions.
2. Learn how cryptocurrencies are used on dark net market place.
3. Understand how to identify illicit activities on cryptocurrency.
4. Learn practical ways to prevent money laundering, terrorist financing and ransomware financing using cryptocurrency.
5. Practice real-world crypto compliance techniques and methods to mitigate financial crimes using cryptocurrencies.
6. Decipher and identify financial red flags within virtual assets service providers, OTC traders and cryptocurrency exchanges.
7. Learn about FATF, OFAC, MiCA and other crypto assets regulations and regulatory bodies.
Learn more here: https://adforensics.com.ng/3cs/