The rise of crypto bridges has opened up new avenues for financial transactions. However, with this innovation comes the dark side of money laundering, posing a significant challenge for law enforcement agencies and regulators. In this blog, we delve into the world of crypto bridges, exploring the insidious trends of money laundering and providing a detailed analysis of yearly data up to 2023.
On 18th October 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it has imposed sanctions on ten Hamas members, operatives, and financial facilitators, including a Gaza-based money services business (MSB), Buy Cash Money and Money Transfer Company. Additionally, a terrorist-linked Bitcoin address was also sanctioned (19D1iGzDr7FyAdiy3ZZdxMd6ttHj1kj6WW) thathas received a total of $288,380,277 so far.
The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) has issued a notice of proposed rulemaking (NPRM) regarding transactions involving convertible virtual currency (CVC) mixing.
In 2022, victims of cryptocurrency hacks collectively lost over $3.9 billion. Compared to other crimes, such as vehicle theft, most victims of cryptocurrency schemes will never recover their assets again.
