Criminals Use Crypto to Laundry Billions, Europol Says

According to director of Europol, about £3-4B are being laundered using cryptocurrencies in Europe
13 February 2018   335

Rob Wainwright, the head of the European Union's police service called Europol, described the 3-4 billion pounds that criminals hide in crypto-currencies. It's just about money in Europe. This is reported by CBR Online.

It’s growing quite quickly and we’re quite concerned. They’re not banks and governed by a central authority so the police cannot monitor those transactions. And if they do identify them as criminal they have no way to freeze the assets unlike in the regular banking system.
 

Rob Wainwright 
Director, Europol

According to Wainright, the problem is becoming more widespread. Banks and governments can not control the conducted transactions crypto-currency, therefore it is difficult to track funds. Large amounts of tokens are broken into small ones, they are sent to different purses, and it is extremely difficult to track the origin of the funds.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.