A crypto fund that raised $28M in late 2021 has gone bust, leaving investors empty-handed. The UK's Serious Fraud Office (SFO) has stepped in, arresting two men in connection with the collapse of Basis Markets. Raids were conducted in London and West Yorkshire, where digital devices and documents were seized. The fund raised money through two public campaigns: an NF...
A prominent senator has raised serious concerns about JPMorgan Chase's handling of Jeffrey Epstein's financial activities. The senator's report suggests that the bank may have deliberately underreported over $1 billion in suspicious transactions linked to Epstein, a convicted sex offender. This oversight, according to the report, hindered law enforcement's ability to...
Donald Trump's recent pardon of Binance's founder, Changpeng Zhao, has raised eyebrows and sparked debates. Zhao, who pleaded guilty to money-laundering charges, was pardoned by Trump on Oct. 23. Just five days later, Binance started promoting Trump's family crypto coins, USD1 and WLFI, on its U. S. platform. This move has led to questions about potential conflicts ...
A man from Brooklyn, who once worked for a company helping others file reports with the SEC, admitted to doing something wrong. He used secret information from his job to make trades and earned over $2. 2 million illegally. This man, Justin Chen, is 31 years old. He confessed to one charge related to insider trading. He took advantage of private details about 11 dif...
Financial fraud is evolving, and one of the most alarming trends is synthetic identity fraud. This type of fraud, often referred to as "Frankenstein fraud, " involves creating a fake identity by combining real and fabricated information. Unlike traditional identity theft, where a criminal steals and uses someone's entire identity, synthetic fraud builds a new identit...
In Asia, big things are happening with crypto. Hong Kong is stepping up its game. Standard Chartered Hong Kong is set to start trading crypto ETFs soon. This comes as nearly 80% of wealthy clients there plan to invest in digital assets within a year. Over 30% already have some crypto. The city is also approving new crypto ETFs, like the first spot Solana ETF. But, it...
In a surprising turn of events, a high-ranking official in Thailand has decided to step down from his position. This comes after serious accusations tied him to a massive online fraud scheme that has been spreading across Southeast Asia. The problem started to get worse during the COVID-19 pandemic. Areas near the borders of Thailand, Myanmar, Laos, and Cambodia bec...
A big company in the payments world has found that its safety checks against money crimes are not all the same. This is what they learned after they looked into some complaints about fraud. The company, which is French, grew really fast by buying other companies. This quick growth might be why their safety checks are not even. A group of experts checked the company'...
Sean Kingston, a well-known rapper, and his mother, Janice Turner, have been found guilty of fraud in a federal court in Fort Lauderdale, Florida. The jury took just over three hours to reach their verdict. This was a big decision. It came after a trial that involved serious accusations. Kingston, whose real name is Kisean Anderson, and his mother, Turner, were accu...
Lawmakers in the US are raising concerns about Hong Kong becoming a hub for financial crimes like money laundering. They think this change started happening after Beijing introduced a new law in 2020. Now, Hong Kong might be helping countries like Russia, Iran, and North Korea avoid international rules. US leaders are questioning the close business relationship betwe...