Bitcoin

Tornado Cash

<h4><strong>The British authorities have handed a six-year sentence to a hospitality worker from Hendon, north London. </strong></h4> 
<p>Jian Wen was found guilty of money laundering relating to $2.5 billion in Bitcoin. The 42-year-old was previously convicted of converting fiat cash to cryptocurrencies, expensive jewelry, and real estate. <a href="https://www.reuters.com/world/uk/woman-jailed-laundering-bitcoin-uk-64-bln-china-fraud-2024-05-24/" target="_blank" rel="noopener">Sources</a> claim that Wen’s sudden lifestyle sparked concerns about her source of wealth.</p> 
<h5><strong>Luxury Lifestyle and Sudden Wealth Raise Suspicions in Bitcoin Case</strong></h5> 
<p>Wen’s massive shift in lifestyle saw her move to a six-bedroom luxury home in North London in 2017. The mansion was said to have cost over $20,000 a month. Before that, she lived in a modest flat above a Chinese restaurant. The police conducted a follow-up investigation after this significant change, looking through hundreds of digital files. Authorities traced Wen’s newfound wealth to illegal Bitcoin.</p> 
<p>Wen’s case is one of the biggest of its kind in the UK. It bears huge similarities with the 2016 hack on Bitfinex, which saw over $2 billion worth of <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener">BTC</a> wiped from the exchange. As with Wen, authorities were able to catch the criminals while trying to convert their stolen funds into cash.</p> 
<p><img decoding="async" class="wp-image-141862 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/05/cxbvcngmjlk-233x300.jpg" alt="" width="360" height="464" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/05/cxbvcngmjlk-233x300.jpg 233w, https://www.altcoinbuzz.io/wp-content/uploads/2024/05/cxbvcngmjlk-326x420.jpg 326w, https://www.altcoinbuzz.io/wp-content/uploads/2024/05/cxbvcngmjlk.jpg 393w" sizes="(max-width: 360px) 100vw, 360px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/BitcoinNewsCom/status/1770895654933733819" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><strong>Treasury is not Trying to Ban Crypto Mixers.</strong></h5> 
<p>Most crypto critics cite these cases to claim crypto is being used to fund money laundering. Many claim crypto mining companies are the biggest facilitators of digital financial crimes. However, a <a href="https://www.coindesk.com/policy/2024/05/29/us-treasury-isnt-trying-to-ban-crypto-mixers-top-official-says/" target="_blank" rel="noopener">report</a> from the US Treasury Department dismisses these claims. Interestingly, an official of the department recently denied that it was trying to ban crypto-mixing services.</p> 
<p>Brian Nelson, the Treasury’s Under Secretary for Terrorism and Financial Intelligence, claimed recent proposals from the agency were not aimed at banning crypto-mixing services. Instead, the goal was to foster transparency.</p> 
<p>Previous proposals from the department deemed crypto mixers to be money laundering concerns. Subsequent policies required crypto platforms to report transactions that required mixing. In addition, US authorities have carried out enforcement actions against <a href="https://www.altcoinbuzz.io/cryptocurrency-news/using-tornado-cash-is-now-illegal-in-the-us/" target="_blank" rel="noopener">Tornado Cash</a> and Samourai Wallet. Most crypto users view these as efforts to ban crypto-mixing platforms.</p> 
<figure id="attachment_141851" aria-describedby="caption-attachment-141851" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-141851" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/05/crypto-mixer.png" alt="" width="967" height="254" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/05/crypto-mixer.png 967w, https://www.altcoinbuzz.io/wp-content/uploads/2024/05/crypto-mixer-300x79.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/05/crypto-mixer-768x202.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/05/crypto-mixer-696x183.png 696w" sizes="(max-width: 967px) 100vw, 967px">
 <figcaption id="caption-attachment-141851" class="wp-caption-text">
  <strong>Source: <a href="https://x.com/0xRoundTable/status/1796195057181106620" target="_blank" rel="noopener">X</a></strong>
 </figcaption>
</figure> 
<p>Furthermore, Nelson called for ways for the crypto industry and Treasury to work together to boost financial safety. He noted that most crypto-mixers were not designed for privacy but to aid money laundering.</p> 
<p>He said, “From our perspective, we believe that there is a difference between obfuscation and anonymity-enhancing services that support privacy; we of course recognize that, in the context of public blockchains, there would be a desire to have a certain degree of privacy. In that spirit, we want to work closely with industry to identify and collaborate on tools that can enhance privacy.”</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/police-arrest-hospitality-worker-for-bitcoin-money-laundering/">Police Arrest Hospitality Worker For Bitcoin Money Laundering</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Police Arrest Hospitality Worker For Bitcoin Money Laundering

Altcoin Buzz

Ďalšie články zverejnené 31. 5. 2024

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