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Belarusian National Linked to BTC-e Faces 25 Years for $4 Billion Crypto Money Laundering

Belarusian National Linked to BTC-e Faces 25 Years for $4 Billion Crypto Money Laundering
Feb 05, 2024 Cryptocurrency / Financial Fraud
A 42-year-old Belarusian and Cypriot national with alleged connections to the now-defunct cryptocurrency exchange BTC-e is facing charges related to money laundering and operating an unlicensed money services business. Aliaksandr Klimenka , who was arrested in Latvia on December 21, 2023, was extradited to the U.S. and is currently being held in custody. If convicted, he faces a maximum penalty of 25 years in prison. BTC-e, which had been operating since 2011, was seized by law enforcement authorities in late July 2017 following the arrest of another key member  Alexander Vinnik , in Greece. The exchange is alleged to have received deposits valued at over $4 billion, with Vinnik laundering funds received from the hack of another digital exchange, Mt. Gox, through various online exchanges, including BTC-e. Court documents  allege  that the exchange was a "significant cybercrime and online money laundering entity," allowing its users to trade in bitcoin with high levels of

Two Russian Nationals Charged for Masterminding Mt. Gox Crypto Exchange Hack

Two Russian Nationals Charged for Masterminding Mt. Gox Crypto Exchange Hack
Jun 13, 2023 Cyber Crime / Cryptocurrency
The U.S. Department of Justice (DoJ) has charged two Russian nationals in connection with masterminding the 2014 digital heist of the now-defunct cryptocurrency exchange Mt. Gox. According to unsealed indictments released last week, Alexey Bilyuchenko, 43, and Aleksandr Verner, 29, have been accused of conspiring to launder approximately 647,000 bitcoins stolen from September 2011 through at least May 2014 as a result of unauthorized access to a server holding crypto wallets used by Mt. Gox customers. "Starting in 2011, Bilyuchenko and Verner stole a massive amount of cryptocurrency from Mt. Gox, contributing to the exchange's ultimate insolvency," Assistant Attorney General Kenneth A. Polite, Jr.  said  in a statement. "Armed with the ill-gotten gains from Mt. Gox, Bilyuchenko allegedly went on to help set up the notorious  BTC-e virtual currency exchange , which laundered funds for cyber criminals worldwide." Bilyuchenko and Verner are also alleged to hav

Bitcoin Exchange Operator Arrested For $4 Billion Money Laundering Scheme

Bitcoin Exchange Operator Arrested For $4 Billion Money Laundering Scheme
Jul 27, 2017
Greek  police have arrested a Russian man who is believed to have been the operator of the popular BTC-e Bitcoin exchange on charges of laundering more than $4 billion in bitcoin for culprits involved in hacking attacks, tax fraud and drug trafficking. A United States jury indicted 38-year-old Alexander Vinnik on Wednesday after his arrest in Greece on Tuesday at the request of US law enforcement authorities. The suspect is one of the operators of BTC-e, a service operational since 2011. Headquartered in Russia, the digital currency exchange has been offline since the arrest of Vinnik, and its homepage says, "Site is under maintenance. We apologize for the inconvenience.." According to a press release published by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), BTC-e ignored "know your customer" laws in an effort to serve criminals, and even hosted message boards buzzing with illegal activities. The FinCEN also announced a $110

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SHQ Response Platform and Risk Centre to Enable Management and Analysts Alike

SHQ Response Platform and Risk Centre to Enable Management and Analysts Alike
May 13, 2024Threat Detection / SoC / SIEM
In the last decade, there has been a growing disconnect between front-line analysts and senior management in IT and Cybersecurity. Well-documented challenges facing modern analysts revolve around a high volume of alerts, false positives, poor visibility of technical environments, and analysts spending too much time on manual tasks. The Impact of Alert Fatigue and False Positives  Analysts are overwhelmed with alerts. The knock-on effect of this is that fatigued analysts are at risk of missing key details in incidents, and often conduct time-consuming triaging tasks manually only to end up copying and pasting a generic closing comment into a false positive alert.  It is likely that there will always be false positives. And many would argue that a false positive is better than a false negative. But for proactive actions to be made, we must move closer to the heart of an incident. That requires diving into how analysts conduct the triage and investigation process. SHQ Response Platfo

World's largest Bitcoin exchange Mt. Gox Shuts Down; CEO quits Bitcoin Foundation

World’s largest Bitcoin exchange Mt. Gox Shuts Down; CEO quits Bitcoin Foundation
Feb 25, 2014
World's largest Bitcoin exchange Mt. G ox  has shut down its website, withdrawal system, deleted its Twitter feed and halted all trading systems after it detected " unusual activity ." The Bitcoin Foundation, a Bitcoin advocacy group, confirmed th at Mark Karpeles , the chief executive of Tokyo-based Mt. Gox  bitcoin exchange has resigned from the board of the Bitcoin Foundation. This comes just days after the exchange gave an update regarding the technical issues. Last week, Mt. Gox said a technical glitch that had forced the exchange to suspend bitcoin withdrawals for a week. They discovered the transaction falsification glitch and same flaw alleged to have been used to steal all of the bitcoins worth about $2.7 million from Silk Road 2.0 . Later, some sources close to the matter have confirmed that more than 700,000 bitcoins are indeed missing from MtGox records, in a ' slow-leak ' hack that went on for years. The repeated technical glitches over
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