Blockchain researchers use AI to spot Bitcoin money laundering
Finextra
MAY 1, 2024
Researchers from Elliptic, IBM Watson and MIT have used AI to detect money laundering on the Bitcoin blockchain.
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Understanding Crypto Money Laundering, and How to Get a Handle on It
Fintech News
JULY 17, 2024
A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The Scale of Crypto Money Laundering The magnitude of crypto-related money laundering is staggering. Usage of mixers peaked in 2022, with over US$1.5 billion of value received in April alone.
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Bitcoin Daily: Telegram Consents To $18.5M SEC Penalty; ‘AML Bitcoin’ Founder Charged With Money Laundering
PYMNTS
JUNE 26, 2020
billion raise to back the creation of its Telegram One Network (TON) blockchain initiative. In other news, the individual behind the cryptocurrency project that purportedly had anti-money laundering features was brought forward on wire fraud and money laundering charges by the U.S.
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Bitcoin Daily: US House Hearing To Look At SMB Blockchain Benefits
PYMNTS
MARCH 1, 2020
House of Representatives Committee on Small Businesses is going to hold a hearing on the benefits of blockchain technology for entrepreneurs. ET, and will be called “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses.”. The hearing is set for Wednesday, March 4 at 11:30 a.m.
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Bitcoin Daily: JPMorgan Trials Ethereum Tech; Japan Sees Rise In Crypto Money Laundering
PYMNTS
MARCH 1, 2019
Developed by a London startup of the same name, AZTEC offers encryption of blockchain data at a lower cost, and with a more efficient process, than previous versions. It’s being tested by the most important bank in blockchain today. JPMorgan Chase is testing out a zero-knowledge privacy solution called AZTEC.
i2c President Says Blockchain Will Unlock Cryptocurrency
PYMNTS
NOVEMBER 10, 2020
Scan the headlines over the past few weeks and cryptos, well beyond the marquee bitcoin, are making inroads into mainstream consumer and business activities. Square bought $50 million of bitcoin. Crypto has been held up by critics as a conduit to fraud and money laundering.
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Beyond Bitcoin: Mainstream Acceptance Sparks Push For Everyday Cryptocurrency
PYMNTS
JANUARY 26, 2021
Bitcoin gets all the headlines. But step beyond bitcoin and enter the world of cryptocurrencies approaching mainstream acceptance. At present, he said, a number of factors have inhibited the adoption of bitcoin as a transactional currency, including the fact that it’s expensive and can be very slow.
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Bitcoin Daily: Ethereum Protocol Aave Raises $25M; BOE Head Takes Stance Against Bitcoin
PYMNTS
OCTOBER 12, 2020
The round was led by Blockchain Capital, Standard Crypto, Blockchain.com Ventures and more. The money will be used to help Aave expand into the Asian market, and help it achieve more institutional adoption. Aave , an Ethereum-based loan protocol, has raised $25 million in a funding round, according to a report from Crypto News.
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Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.
Payments Source
MARCH 9, 2020
Regulations should require building better blockchain technology at the banks. The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided.
Bitcoin Daily: China Expands Digital Cash Pilot; California Bill Defining Digital Assets Moves Forward
PYMNTS
AUGUST 16, 2020
In addition, the Code of Practice makes a more standard approach to dealing with issues of money laundering and terrorism, the release stated, along with know your customer (KYC) best practices, and other issues important to crypto-asset and blockchain companies.
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Bitcoin Daily: Former BitGrail Head Faces Fraud Charges; Exmo Reports Cyberattack; VBT Bank Offers Blockchain-Backed Bank Guarantees
PYMNTS
DECEMBER 21, 2020
with money laundering, fraudulent banking and computer fraud, Reuters reported. “It The exchange froze all withdrawals after noticing that large amounts of bitcoin, Ether, Ethereum Classic, XRP, Tether and Zcash were leaving the platform’s hot wallets. 16), in the first blockchain-supported bank guarantee in Russia.
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Bitcoin Daily: Bitcoin Crests $19,800; Russian Bank To Launch Sbercoin Crypto In 2021
PYMNTS
DECEMBER 1, 2020
Bitcoin saw a new all-time record high on Monday (Nov. Bitcoin’s price has been steadily rising in recent weeks, climbing above $19,000 last week , thanks to the pandemic-driven shift toward digital payments and cryptocurrency adoption by several mainstream companies, including Square and PayPal. Eastern Time.
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Scammers Love Bitcoin, But Consumers Aren’t So Enthusiastic
PYMNTS
OCTOBER 7, 2020
With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. Jack Dorsey Likes Bitcoin, But So Do Crooks . The Dark Web Likes Bitcoin, Too . For example, the U.S.
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80+ Companies Shaping The Blockchain Landscape
CB Insights
SEPTEMBER 7, 2021
Blockchain companies raised more venture capital and private equity funding in H1’21 than any full year in history. download our best of blockchain research. download our best of blockchain research. But blockchain’s potential extends well beyond crypto and NFTs. First name. Company name. Phone number.
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Bitcoin Tracker: Up, Up And Away?
PYMNTS
FEBRUARY 24, 2017
Is there an alternative, profound French phrase or two that can describe what investors have seen this week with bitcoin? Bitcoin is quickly headed toward fresh three-year highs after jumping up over $100 in value since last week’s tracker. 23) morning, bitcoin had broken $1,150 in value, reaching a high of $1,153.04.
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Bitcoin: 10 Years Of Smoke And Mirrors
PYMNTS
OCTOBER 1, 2018
31, 2018, will mark the 10th anniversary of the day that a link to a paper , authored by Satoshi Nakamoto , describing the digital currency called bitcoin was first publicly circulated. Ten years after bitcoin launched, it remains the go-to currency of criminals and a way for cybercrooks to wash their money.
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Bitcoin Daily: Signal Messaging App Testing Crypto Payments; Gemini Adds 20 Tokens To Exchange; SIA, WizKey Partner For Credit Market Based On Blockchain
PYMNTS
JANUARY 26, 2021
Signal is exploring the idea of adding cryptocurrency payments into its messaging app by integrating MobileCoin , a cryptocurrency supported by the Stellar blockchain, Platformer reported. MobileCoin complements the privacy-focused app in that it is “more resistant to surveillance,” according to a 2017 Wired report.
How Mastercard Is Taking Crypto To The Point Of Sale
PYMNTS
JULY 21, 2020
Crypto boosters have spent the better part of the past decade promoting the idea that great fiat-currency disruptions are coming care of blockchain and literally hundreds of thousands of variations of cryptocurrency circulating in the world today. Even bitcoin is accepted by only a relative handful of digital retailers.
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Bitcoin Regulations Catch Good Guys Along With The Bad
PYMNTS
JUNE 19, 2017
With many cybercriminals choosing bitcoin as their currency of choice, the U.S. Of course, from Coinbase’s perspective, allowing those transactions could violate regulations designed to prevent money laundering and criminal activity.
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Report: $50B In Cryptocurrency Moved Out Of China
PYMNTS
AUGUST 21, 2020
For example, more than $18 billion worth of Tether, the blockchain cryptocurrency whose cryptocoins are backed by an equivalent amount of traditional currencies, including the euro, dollar, or yen in a bank account, has moved from East Asian addresses to those based in other regions. Cryptocurrency has not been without controversy.
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Swiss Ski Resort Accepts Bitcoin For Taxes
PYMNTS
JANUARY 30, 2020
Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported. Mayor Romy Biner-Hauser confirmed that her residents can now pay for an array of traditional government services using bitcoin.
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Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance
PYMNTS
DECEMBER 10, 2020
Bitcoin is one of the most famous names in the cryptocurrency space, accounting for $6 billion in daily transactions among 153 million registered user addresses. The currency is well-known for its massive value fluctuations, as a single bitcoin cost just 9 cents in 2010, $313.92 How Money Launderers Exploit Cryptocurrency.
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Beyond Bitcoin: Cryptocurrencies Flirt With Mainstream Commercial, Consumer Commerce
PYMNTS
NOVEMBER 4, 2020
Bit by bit — but more than bitcoin by bitcoin — cryptos are inching into the mainstream, for both consumer and commercial applications. Elsewhere, Square announce last month that it has invested $50 million — approximately 1 percent of its total second-quarter assets — to purchase roughly 4,709 bitcoins. “We
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Libra To Face Strict Standards To Prevent Money Laundering, Terrorism Financing
PYMNTS
SEPTEMBER 10, 2019
will be required to comply with regulatory standards to prevent money laundering and terrorism financing. Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: Anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she said.
Bitcoin Daily: TV Show Creator Sues Facebook For Bitcoin Ad Scam; Vancouver Cracks Down On Bitcoin ATMs
PYMNTS
JUNE 6, 2019
Dutch billionaire John de Mol, who created the reality TV program “Big Brother,” is suing Facebook for allowing fake ads which used his name and image to commit bitcoin-related fraud that swindled 1.7 In other news, Vancouver’s mayor is suggesting the ban of bitcoin ATMs, as the city’s police called them an “ideal money laundering vehicle.”.
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54 Bitcoin Daily: Chinese Gov’t On Board For Building ‘Blockchain City’; Will McAfee Launch Bitcoin Debit Card?
PYMNTS
APRIL 29, 2019
The Chinese government is backing the construction of a “blockchain city” in the shipping lane of the Malaysian Malacca Strait. Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. Only the first 12,000 have my image on it.
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Bitcoin Daily: G20 Want Regulators To Monitor Crypto Risks; Coinroom Crypto Exchange Abruptly Shuts Down
PYMNTS
JUNE 9, 2019
“While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT),” said the joint statement, according to Coin Telegraph.
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Bitcoin Daily: Amazon Blockchain Service Expands; Cybercriminals Steal $356M In Crypto In Q1
PYMNTS
MAY 2, 2019
Amazon Web Services (AWS) has launched its Amazon Managed Blockchain , a service that enables users to create and manage scalable blockchain networks. However, they find these frameworks difficult to install, configure and manage,” said Rahul Pathak, general manager of Amazon Managed Blockchain at AWS, in a press release.
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In Switzerland, Regulators Eye Payments Over Blockchain
PYMNTS
AUGUST 27, 2019
As reported by CoinTelegraph , Switzerland ’s Financial Market Supervisory Authority (FINMA) this week unveiled guidance on the regulatory requirements that govern payments done over blockchain. Separately, FINMA has approved banking licenses for the blockchain service firms Sygnum AG and SEBA Crypto AG. Securities Exchange and DLT.
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Bitcoin Daily: New Zealand Seizes $90M In Bitcoin Fraud Case; BlackBerry, Intel Team Against Cryptomining Malware
PYMNTS
JUNE 23, 2020
New Zealand police have frozen $90 million they say belongs to alleged bitcoin scammer Alexander Vinnik in what’s being called the country’s largest money seizure ever. It also claimed that all of those who hold tokens — FTH, GRP and NEU — “can be sure the platform will be maintained, all money and assets are safe.”
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World Bank, IMF Debut Private Blockchain And ‘Quasi-Cryptocurrency’
PYMNTS
APRIL 14, 2019
The International Monetary Fund ( IMF ) and the World Bank are partnering up to launch a private blockchain and “quasi-cryptocurrency.”. Once the test is complete, the World Bank and IMF might then use blockchain to launch smart contracts, fight money laundering and boost transparency.
Bitcoin Daily: India Eyes Crypto Trading Ban; eSports Platform Unikm Fined $6.1M For Alleged Unregistered ICO; Japanese Crytpo Exchange Sues Binance Claiming It Accepted Hacked Funds
PYMNTS
SEPTEMBER 15, 2020
Blockchain will be encouraged by the federal government, which is not enthusiastic about digital currency trading, according to two unnamed sources in the report. Moreover, the federal administration's think tank is looking into potential cases where blockchain technology could be harnessed, the report stated. In other news, the U.S.
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Mastercard Eyes Blockchain For B2B
PYMNTS
SEPTEMBER 19, 2018
Blockchain has been receiving attention well beyond cryptocurrencies, and the focus has shifted in part to patent filings. In the latest news germane to intellectual property and blockchain, Mastercard has filed three patent applications with the U.S. Carrying Blockchain Into The Carrier Space.
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65 Bitcoin Daily: China Launches Blockchain For Trade Finance, Coinbase Exec Jumps To Stablecoin
PYMNTS
JANUARY 6, 2019
The China Banking Association (CBA) has announced the launch of a blockchain-based platform for trade finance. And while crypto companies are working to strengthen their anti-money laundering (AML) protections, a Cointelegraph report shows that many of the world’s biggest banks still have a lot of work to do.
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Bitcoin Daily: China Shuts Down Gambling Sites Using Tether; Japan's Soccer Star Debuts Own Crypto
PYMNTS
OCTOBER 26, 2020
million in discounted bitcoin in exchange for gift cards — an amount that a report from Arcane Research says is half Paxful's trade volume, Cointelgraph reports. Trade of bitcoin for gift cards, the report says, comes out to 48 percent of Paxful's revenue. On P2P marketplace Paxful , traders are selling up to $16.2 million.
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Bitcoin Daily: Crypto Investors See Fed's Call For Stimulus As Reason To Buy Bitcoin; Fraud Loss Prompts Crypto Lender Cred To File Chapter 11
PYMNTS
NOVEMBER 8, 2020
Arif Amiri , chief executive officer of DIFC Authority, said the addition of Ripple would help both organizations “advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021,” according to the release. He said it would be more positive with more financial aid.
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62 Bitcoin Daily: Dutch Parliament Cracks Down On Money Laundering; Busan Considers Launching Its Own Crypto
PYMNTS
JULY 2, 2019
Dutch ministers have revealed plans to regulate cryptocurrencies in order to prevent money laundering in the country. The city hopes that the plan will revive the local economy, as well as secure Busan’s position as a leader in blockchain. Crime cannot pay.
Bitcoin Daily: Partnership To Create Blockchain Solution For European Shipping; CipherTrace’s New Mobile Tool Flags Suspect Crypto Tokens
PYMNTS
SEPTEMBER 22, 2019
Two firms are teaming up to create a blockchain solution for the European shipping market. VAKT , a specialist in commodity post-trade processing via blockchain, revealed that it has signed a memorandum of understanding with essDOCS , a provider of paperless trade solutions, according to Coin Telegraph.
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Bitcoin Daily: Robinhood Secures NY Money Transmission License; Harvard, Levi Strauss Team On Blockchain
PYMNTS
JANUARY 25, 2019
Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. In other news, Robinhood got the green light to trade seven digital currencies — such as bitcoin and litecoin, among others — in New York state, Reuters reported.
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Bitcoin Daily: Overstock Invests In Blockchain Banking Co; Ripple Gets Into Blockchain Gaming
PYMNTS
MARCH 13, 2019
The product utilizes blockchain analytics and forensics to search for “suspicious” addresses and wallets, as well as profile crypto exchanges, ATMs, coin mixers, money laundering systems and criminal addresses to determine the risk level. Ripple is providing all of the $100 million in funding.
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Bitcoin Daily: Deribit Crypto Exchange Flees Netherlands’ Tight Regulation; Illinois Now Recognizes Blockchain Contracts As Legally Binding
PYMNTS
JANUARY 10, 2020
On another note, Illinois has become the most recent state to recognize blockchain-based records, including smart contracts, as legal, according to CoinDesk. Illinois’s Blockchain Technology Act went into effect on Jan. In other news, blockchain compliance startup Securrency has received $17.65
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China’s Bitcoin Battle And The Creation Of A Digital Currency Ecosystem
PYMNTS
DECEMBER 4, 2019
But not bitcoin. Blockchain? But not bitcoin. The price of bitcoin, that marquee name in cryptocurrencies, has plummeted in the last several weeks, down roughly 20 percent at this writing to a recent $7,400, where the price had been more than $9,400 a month ago. For China: Digital currency, yes. The Roadmap.
Bitcoin Daily: Ukraine Busts Alleged Crypto Laundering Operation; Blockchain Shipping Platform TradeLens Expands
PYMNTS
AUGUST 18, 2020
Early this year, Binance said it bolstered resources to take a more in-depth look at the possible ways in which so-called Bulletproof Exchangers were laundering money via the digital currency market. The firm indicated that Bulletproof Exchangers are renowned for lax anti-money laundering (AML) and know-your-customer (KYC) procedures.
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Bitcoin Daily: Delays In New EU AML Rules Leave Irish Crypto Firms No Access To Financial Services
PYMNTS
MAY 6, 2020
Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. And the government established a FinTech Foresight Group to try and embrace up and coming tech.
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