$761 Laundered Via Crypto in 2018, Research Says

In 2017, criminals laundered 'only' $261 millions, three times less than for the first part of 2018
04 July 2018   318

During the first six months of 2018, fraudsters laundered $ 761 million using cryptocurrency. This data was published by the CipherTrace, American Banker reports.

As CEO of CipherTrace Dave Jevans said, the world trend of money laundering using crypto-currency sharply increased this year. According to his forecasts, by the end of 2018 the amount of funds "hidden" in this way will increase to $ 1.5 billion.

For comparison, for the entire year of 2017 criminals, in order to conceal their illegal incomes, laundered $ 266 million - three times less than in the first half of 2018.

Money Laundering
Money Laundering

CipherTrace AML, based on artificial intelligence was created to fight money laundering. To identify potential sources of money laundering, the system uses advanced analysis methods and public cloud services.

These let people contribute funds into a combined pool that will scramble them up and try to use a different pool of liquidity that is not trackable on the blockchain, so there’s no linkage between them to deliver funds out to the receivers. These are written by highly skilled people who may have Ph.D.s, that are actively trying to avoid tracing.

David Jevans

CEO, CipherTrace

The technology developed by CipherTrace offers a visual interface showing traces of financial flows and attributive information about the current currency location, including the country and the exchanges used. According to developers, these flows can also help determine the possible origin of the transaction from the darknet.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.