UK gov’t introduces bill aimed at empowering authorities’ to ‘seize, freeze and recover’ crypto

The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities’ ability to target cryptocurrencies used for illicit purposes. In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the country. The bill contained provisions forcutting down on the “red tape around confidentiality liability” and granting law enforcement the authority “to compel businesses to hand over information…

Read More

Korean police seize crypto for unpaid traffic fines in trial

A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines. Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program in 2022 which an Aug. 16 report from the JoongBoo Ilbo news outlet stated was a way to collect delinquent funds in an “untact,” or contactless fashion. The program appears to have been successful, at least in the first…

Read More

Victorian police to get ‘greater power’ to seize crypto assets from criminals

Victorian Police in Australia will soon be granted new powers to seize cryptocurrency and digital assets from criminals, as well as compel platforms to hand over information about suspects. According to a statement released by Victorian premier Daniel Andrews on Aug. 2, new laws were introduced to parliament on Tuesday under the Major Crime and Community Safety Legislation Amendment Bill 2022, with the aim of cracking down on organized crime in the state. The new bill is expected to give authorities “greater power” to identify and seize digital assets, in…

Read More

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…

Read More

Russia to seize retail deposits if sanctions go too far, official warns

In the event of harsh Western sanctions as Russian forces invade Ukraine, retail customers could risk losing their savings. Russians’ savings could be confiscated in response to sanctions against the country, according to Nikolai Arefiev, a member of the country’s Communist Party and vice-chairman of the Duma’s committee on economic policy. The Russian government can potentially seize about 60 trillion rubles ($750 billion) worth of people’s deposits should Western nations decide to block all of Russia’s foreign funds, Arefiev said in an interview with the local news agency News.ru on…

Read More

Kosovo police seize 300 crypto mining machines amid electricity shortages

The police in Kosovo have ramped up their efforts to crack down on crypto miners in the country, confiscating more than 300 mining machines on Jan. 8 alone. An announcement issued by the Kosovo police on Jan. 8 revealed that it had seized 272 “Antminer” Bitcoin mining machines in the municipality of Leposavic, and another 39 mining machines near Prishtina. The Kosovo Police confiscated 272 “Antminer” crypto mining machines in Leposavic on Jan 8. Source: Kosovo Police Meanwhile, the police also stopped a driver carrying 6 crypto mining machines with…

Read More

New rules could permit Korean gov’t to seize tax evaders’ crypto

South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets. As per a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system. This year, faced with rising welfare costs to help sustain an increasingly elderly population, legislators are looking to amend a total of 16 existing tax codes.  These revisions include redistributive measures to charge higher taxes on wealthy individuals and conglomerates, in addition…

Read More

Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining

Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine (SU), the facility was located on the former premises of JSC Vinnytsiaoblenerho, an electricity supply company.  The illegal crypto miners concealed their activities by manipulating electricity meters to steal electricity from JSC Vinnytsiaoblenerho. Described as the largest underground mining operation discovered by the Ukrainian police, the farm housed nearly 5,000 computer equipment units, including 3,800 PlayStation 4 consoles, over 500 graphics cards, 50 processing units, notebooks, phones…

Read More

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…

Read More

Brazilian gov’t gets help from US Justice Department to seize $24M in crypto

According to a Wednesday filing, the U.S. Justice Department seized $24 million in virtual currency pursuant to an official request from the Brazilian government. The Department of Justice, or DoJ, said that the government of Brazil requested its assistance in connection to a crypto fraud scheme called “Operation Egypto.” Authorities in the South American nation reported that more than 10,000 Brazilians may have been defrauded from the scheme, in losses estimated at roughly $200 million. The department seized funds connected to Brazilian national Marcos Antonio Fagundes, one of the individuals…

Read More