Indian authorities freeze more crypto funds over money laundering allegations

India’s Directorate of Enforcement (ED) announced Friday that it has frozen the financial accounts of Bengaluru-based financial services company Yellow Tune Technologies, some of which were held by Flipvolt crypto exchange, the Indian branch of Singaporean Vauld. The move is linked to an ongoing investigation into money laundering by China-linked instant loan companies. This is the second time this week the agency has taken action in the crypto sphere in connection with that case.  The financial watchdog announced it was freezing Yellow Tune’s bank balances, payment gateway balances and balances…

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Dutch authorities arrest suspected Tornado Cash developer

Authorities in the Netherlands have arrested a developer that is suspected to be involved in money laundering through the crypto mixing service Tornado Cash. The Fiscal Information and Investigation Service (FIOD), an agency in the Netherlands responsible for investigating financial crimes, officially announced on Friday an arrest of a 29-year-old man in Amsterdam. The man has allegedly been involved in facilitating criminal financial flows and money laundering through the decentralized Ethereum mixer Tornado Cash, the authority said. The FIOD pointed out that it doesn’t rule out multiple arrests in the…

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Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud. In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1…

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South Korean authorities raid 15 entities linked to Terra collapse: Report

Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 firms, including seven crypto exchanges. According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided the offices of Upbit, Bithumb, Coinone, Korbit and Copax as well as other businesses connected to the collapse of Terra. Authorities reportedly obtained data related to TerraUSD (formerly UST) and Terra (LUNA) — now Luna Classic (LUNC) — transactions, in which roughly…

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Central authorities have demonized privacy — Crypto projects must fight back

Zcash (ZEC), a privacy coin that launched in 2016, unveiled an upgrade to its system on May 31 that will allow users to more easily make private, trustless digital cash payments on mobile phones. Not everyone would view this as a good development. The unfamiliarity, uncertainty and public intrigue surrounding privacy — including its complexity, misuse and speculative activity — presents a number of challenges and reputational issues for innovating crypto projects. While a core tenet and source of pride among crypto projects such as Zcash, privacy has been demonized…

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South Korean authorities reportedly probe staff behind Terra

The South Korean government continues to investigate Terraform Labs, the firm behind the Terra Network as well as Luna (LUNC) and Terra USD (UST) tokens, by reportedly summoning subpoenas to employees. South Korean authorities have reportedly summoned all employees at Terraform Labs as part of a full-scale investigation of the collapse of UST and LUNC, the local news agency JTBC reported on May 28. According to the report, the probe is conducted by the joint financial and securities crime investigation team of the Seoul Southern District Prosecutors Office. The authorities…

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Israeli authorities seize Hamas linked crypto accounts

A set of 30 crypto wallets from 12 exchange accounts that have been linked to the terrorist group Hamas based in the Gaza Strip were seized on Monday by Israeli authorities. Crypto exchange al-Mutahadun held the wallets where 12 accounts were allegedly being used by Hamas leaders to fund terrorist efforts against Israel. The Times of Israel reported that Israel’s Defense Ministry said on Feb. 28 that al-Mutahadun has helped Hamas’s military wing “by transferring funds amounting to tens of millions of dollars a year.” The exact value of the…

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Digital dollar needs broad consensus among authorities, says US Treasury Secretary

U.S. Treasury Secretary Janet Yellen has given her opinions on the potential of a digital dollar but is hesitant to come to any conclusions at this stage in proceedings. Yellen said on Thursday that she had not formed a view on whether the Federal Reserve should create a digital version of the dollar, but such a move would require broad consensus among Congress, the U.S. central bank and the White House.  This follows the recent reports that the Federal Reserve is currently researching whether an electronic version of the greenback…

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With crypto mining banned in Iran, local authorities seize 7K rigs

Iranian provincial police are continuing their crackdown on crypto miners big and small, with news surfacing that they have confiscated more than 7,000 rigs at a farm operating in the capital of Tehran. According to a Tuesday report from the country’s state-run media, the Islamic Republic News Agency (IRNA), police seized crypto miners that were operating out of an abandoned factory. Experts on the country’s electrical grid estimated that the miners operating at full capacity would amount to roughly 4% of the average daily energy consumption in Iran. Tehran police chief…

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