U.S. Department of the Treasure Calls for Global Crypto Regulation

The U.S. Treasury's Office of Terrorism and Financial Intelligence called on the international community for cryptocurrency regulations in order to protect the financial system  
14 February 2018   306

According to the U.S. Department of the Treasure’ statement, Sigal Mandelker, the Under Secretary, told the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference that terrorists and others use cryptocurrencies to "exploit the financial system”.

Sigal Mandelker stated that there is a lack of international regulation of cryptocurrencies.

The lack of AML/CFT regulation of virtual currency providers worldwide greatly exacerbates virtual currencies' illicit financing risks. Currently, we are one of the only major countries in the world, along with Japan and Australia, that regulate these activities for AML/CFT purposes. But we need many more countries to follow suit and have made this a priority in our international outreach.

Sigal Mandelker

Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence

She went on telling about cybercriminals, computer hacking and ransomware, fraud, identity theft, tax refund schemes, public corruption and drug trafficking.

Sigal Mandelker encouraged regulators to "supercharge" their efforts to prevent financial crime and protect national security. She believes that companies must take measures in order to prevent money laundering.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   91

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.