20-Year Prison Sentence Looms for Man Accused of Crypto Money Laundering Scheme

October 18, 2024 Bitcoin.com

Binance

A North Carolina man has been indicted for allegedly laundering more than $380,000 in a wire fraud scheme, according to the Department of Justice. The suspect is accused of moving illicit funds through payment platforms and cryptocurrency exchanges, transferring over $240,000 to crypto addresses. The money laundering conspiracy charge could result in a 20-year prison […]

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DOJ Charges 21-Year-Old in $37M Cyber Intrusion and Crypto Heist

October 4, 2024 Bitcoin.com

DOJ Charges 21-Year-Old in M Cyber Intrusion and Crypto Heist

bitcoin.com

A 21-year-old from Indiana has pleaded guilty to cyber intrusion and cryptocurrency theft in a massive scheme targeting hundreds of victims. His actions involved stealing personal data and cryptocurrency worth over $37 million, with law enforcement crediting significant investigative efforts for his capture. FBI Cracks Global Cryptocurrency Theft Network The U.S. Department of Justice (DOJ) […]

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Ex-Alameda CEO Caroline Ellison Receives 24-Month Sentence

September 24, 2024 Bitcoin.com

Alameda Research

On Tuesday, Sept. 24, 2024, Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison after admitting to her involvement in several crimes. The courtroom banned cameras, video, and phone recordings during the sentencing. Even though the judge commended her in court, saying, “I’ve seen a lot of cooperators in […]

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Russian Cybercriminal Extradited to US in Crypto Crime Case

August 26, 2024 Bitcoin.com

bitcoin.com

A Russian cybercriminal, Deniss Zolotarjovs, has been charged in the U.S. with crimes related to his involvement in a cybercrime organization known for extorting victims and laundering cryptocurrency. The 33-year-old Moscow resident was indicted in Cincinnati, Ohio, on charges of conspiracy to commit money laundering, wire fraud, and Hobbs Act extortion. Arrested in Georgia in […]

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Avraham Eisenberg Seeks Acquittal of Mango Markets Conviction

August 8, 2024 Bitcoin.com

acquittal

Avraham “Avi” Eisenberg, who was previously convicted of commodities fraud, commodities manipulation, and wire fraud related to his trading activities on Mango Markets, is pushing for his conviction to be cleared. Eisenberg’s legal team has filed a motion for judgment of acquittal or, alternatively, a new trial, citing several legal and evidentiary flaws in the […]

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DOJ and FBI Unveil Charges Against 3 UK Nationals in NFT Rug Pull Scam

June 10, 2024 Bitcoin.com

Bitcoin

The U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have unveiled charges against three UK nationals for a fraudulent non-fungible token (NFT) scheme involving “Evolved Apes,” promising a game development. “They allegedly took investor funds, never developed the game, and pocketed the proceeds.” US Charges 3 UK Nationals in NFT Rug […]

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NY Attorney charges 3 tied to ‘Evolved Apes’ NFT scam

June 7, 2024 Coin Telegraph

Coin Telegraph

The nearly 10,000-strong NFT collection is still listed on OpenSea, but its floor price is a measly $7.60.

Three British nationals tied to the “Evolved Apes” nonfungible token “rug pull” scam have been charged in the United States for conspiring to commit wire fraud and money laundering.

The defendants, Mohamed-Amin Atcha, Mohamed Rilaz Waleedh and Daood Hassan, allegedly drove up the prices of 10,000 NFTs on false promises that they would develop a video game before transferring the funds out and abandoning the project, the United States Attorney’s Office in the Southern District of New York said in a June 6 statement.

“Digital art may be new, but old rules still apply: making false promises for money is illegal [...] NFT fraud is no game, and those responsible will be held accountable,” iterated U.S. Attorney Damian Williams.

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Ex-Banker Sentenced to 41 Months in US Prison for Crypto Fraud Scheme

June 2, 2024 Bitcoin.com

Bitcoin

Rashawn Russell, a former investment banker, was sentenced on Thursday to 41 months in prison for a cryptocurrency fraud scheme that caused $1.5 million in investor losses. From November 2020 to August 2022, Russell deceived multiple victims by promising high returns from cryptocurrency investments, only to misappropriate their funds for personal use, gambling, and repaying […]

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Former banker sentenced to 41 months for crypto fraud

May 30, 2024 Coin Telegraph

Coin Telegraph

Rashawn Russell, a former Deutsche Bank executive, also intended to commit fraud with stolen bank cards.

On May 31, former investment banker Rashawn Russell was sentenced in Eastern New York District Court in Brooklyn to 41 months in prison for wire fraud in a cryptocurrency scheme and an unrelated access device fraud scheme. The former Deutsche Bank executive pleaded guilty to the charges in September.

According to the Justice Department (DOJ), Russell ran the fraudulent R3 Crypto Fund between November 2020 and August 2022. The fund promised to make cryptocurrency investments and pay large, sometimes guaranteed, returns. In reality, Russell used investors’ money for his personal benefit or to repay other investors. He also falsely claimed to have wired money to investors asking to be repaid.

Russell was also a registered broker with the Financial Industry Regulatory Authority. He could have been sentenced to 30 years in prison on the charges. He was also ordered to pay $1.5 million in restitution to the victims of the crypto scheme.

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Indian Citizen Faces 20 Years in US Prison for Stealing Crypto in $37M Coinbase Spoofing Scam

May 26, 2024 Bitcoin.com

Indian Citizen Faces 20 Years in US Prison for Stealing Crypto in M Coinbase Spoofing Scam

Bitcoin

An Indian national has pleaded guilty in the U.S. to wire fraud conspiracy for stealing over $37 million by spoofing crypto exchange Coinbase’s website. He and his co-conspirators created a fake Coinbase Pro site to steal login credentials and two-factor authentication codes, transferring victims’ cryptocurrency to their own wallets. Guilty Plea in $37M Coinbase Crypto […]

Wire fraud