Money Laundering
Ongoing coverage on Money Laundering.
Latest coverage
Jury Convicts Profit Connect’s Brent Kovar Over $24M ‘AI Crypto’ Scheme
Brent Kovar, the founder of Profit Connect, has been convicted on 15 counts of fraud and money laundering for a scheme that defrauded at least 400 investors out of $24 million. Prosecutors argued that Kovar falsely pitched an AI-powered cryptocurrency operation, using investor funds to cover operating costs, purchase a house for himself, and pay off earlier investors instead of generating profits.
Treasury widens Iran crypto crackdown with sanctions on two more exchanges
The U.S. Treasury has expanded its sanctions against Iran's cryptocurrency activities, designating Shelbit Exchange and Aban Tether for allegedly facilitating illicit financial transactions. These entities are accused of helping Iran move funds beyond conventional banking systems, with Shelbit linked to over $2 million in transactions involving the Islamic Revolutionary Guard Corps. The Treasury aims to dismantle these networks, highlighting that while blockchain offers an alternative for sanctioned states, it also leaves a traceable record.
Bitcoin’s Permanent Message Board: Inside the Coldcard Hacker’s Wallet, Where Victims Beg and Launderers Advertise
A Bitcoin wallet associated with the Coldcard hacker, holding approximately $36 million, has become a permanent message board where victims and others can leave notes permanently etched onto the blockchain. This functionality is enabled by Bitcoin's OP_RETURN feature, which allows short text strings to be attached to transactions. The messages range from pleas for the return of stolen funds to advertisements for money laundering services, offering a unique glimpse into the aftermath of a major self-custody failure.
GTA Online Cleans Up The Streets With Big Money Fronts Bonuses And Lamar Payouts
Grand Theft Auto Online's latest update focuses on bonuses for Money Fronts and Lamar Davis missions across multiple platforms including PlayStation 5, Xbox Series X, and PC. Players can earn 5X GTA$ and RP on Lamar Contact Missions, quadruple rewards on Money Laundering Missions, and receive a free Higgins Helitours business for Hands On Car Wash owners. Discounts are also available on various aircraft, vehicles, and business properties.
