South Korea’s top cryptocurrency exchanges, even as competitors, have launched a joint initiative to strengthen their anti-money laundering efforts. According to a joint press release, Bithumb, Upbit, Corbit, and Coinone announced that they have established a joint anti-money laundering initiative. The plan includes a hotline between the four entities that share real-time information on suspected/proven trading activities. They include cases related to unregistered security offerings, exploitative lending, and voice phishing. The exchanges will also set up a shared database of suspicious crypto wallet addresses. It would assist the companies to detect the distribution of larger-quantity amounts from multiple trading platforms to
The National Police Agency of Japan has revealed that between January and October this year, it recorded 5,944 reports from crypto exchanges regarding suspicious cryptocurrency transactions possibly involving money laundering and tax evasion. Figures reported by Jiji Press show that from 699 cases reported last year, the numbers have multiplied more than eight-fold, which the
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On Wednesday and Thursday, Bitcoin (CRYPTO: BTC) tumbled nearly 14% (from $ 7,380 to $ 6,410) on news that Goldman Sachs would be pulling out of plans to set up a cryptocurrency trading desk. However, an artificial intelligence (AI) software firm finds suspicious activity that may (or may not) signal market manipulation or insider trading.
The questionable trade involves a 10,000 BTC ($ 74 million USD) short-sell position right before the Wall Street bank’s announcement, which led to sharp decline in crypto prices.
Following the announcement by South Korean crypto exchange Coinrail that it has been hacked, a local publication reported that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the incident.
Suspicious Transactions Detected
South Korea’s seventh-largest cryptocurrency exchange, Coinrail, announced that it was hacked on Sunday, June 10, with the thieves targeting several altcoins. The damage is estimated to be around 45 billion won (~US$ 42 million), according to local media.