All articles tagged with #virtual currency
FinCEN has issued a notice urging financial institutions to monitor and report suspicious activities related to convertible virtual currency kiosks, which are exploited by criminals for fraud, cybercrime, and drug trafficking, emphasizing the importance of compliance with the Bank Secrecy Act to prevent illicit activities.
The U.S. Justice Department announced indictments against North Korean operatives and accomplices for a large-scale fraud scheme involving identity theft, fake companies, and cyber theft to fund North Korea's weapons programs, impacting over 100 companies including Fortune 500 firms, with schemes involving remote jobs, stolen virtual currencies, and laundering through crypto mixers.
The U.S. Justice Department has seized hundreds of accounts, laptops, and websites linked to a North Korean scheme where operatives posed as remote IT workers to infiltrate U.S. companies, steal intellectual property, and fund North Korea's weapons programs, with around 100 companies affected and multiple arrests made.
Discord has introduced a new virtual currency called Orbs in beta, which users can earn by participating in interactive advertising Quests and redeem for Discord Nitro credits, profile cosmetics, or shop items, but not for real money. The system is currently limited to desktop and is part of Discord's broader advertising and engagement strategy.
Superintendent Adrienne A. Harris of the New York State Department of Financial Services announced that Gemini Trust Company, LLC has committed to returning at least $1.1 billion to its Earn program customers through a bankruptcy proceeding. Gemini will also pay a $37 million penalty for compliance failures related to the program, which allowed customers to loan virtual currency to an unregulated third party. The company's failure to conduct due diligence on the third party led to significant financial harm for over 200,000 customers, and the Department's investigation also revealed unsafe and unsound practices within Gemini.
This holiday season, many children are asking for virtual currency, such as Robux and Fortnite V-bucks, which provide access to premium features and exclusive games. Platforms like Roblox and Fortnite have seen a surge in users, with millions of children spending hours in these virtual worlds. A recent study shows that video game-related gifts, including subscriptions and in-game currency, are more popular than physical video games. The concept of virtual gaming money is not new, but platforms like Roblox continue to expand their economies, allowing kids to create and sell virtual items. Gaming subscriptions, such as Xbox Game Pass and PlayStation Plus, are also gaining popularity. Despite a projected decline in toy sales this year, gaming-related items remain in high demand.
A survey conducted by the Entertainment Software Association (ESA) found that 72% of US children want games-related products for Christmas, with subscriptions being the most popular gift idea at 39%. Surprisingly, only 22% of the children surveyed wanted physical games, while consoles, game accessories, and in-game currency were also popular choices. The survey also revealed that one in three adults plan to buy video games for themselves or others, with game-related products beating other gift ideas such as money, gift cards, and technology.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Ekaterina Zhdanova, a Russian national, for her involvement in laundering and moving funds using virtual currency on behalf of Russian elites and ransomware actors. Zhdanova facilitated access to Western financial markets for Russian individuals, helping them evade US and international sanctions. She used entities lacking anti-money laundering controls and relied on cash transactions and connections to move funds internationally. Zhdanova also provided services to individuals connected with the Russian Ryuk ransomware group. As a result of the sanctions, all property and interests in property of Zhdanova in the US or under the control of US persons are blocked. Financial institutions and individuals engaging in transactions with the sanctioned entities may also face sanctions or enforcement actions.
The New York Department of Financial Services (NYDFS) has adopted a new regulation for assessing costs associated with supervising crypto companies. The regulation requires companies to meet rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols. Only companies with a state-issued BitLicense are subject to the regulation, of which only 22 companies have that license. The regulation aims to set the highest standards for safety, soundness, and consumer protection while fostering responsible growth in the virtual currency industry.
An EVE Online player has pulled off a record-breaking heist, stealing an estimated $22,000 worth of assets from a corporation within the space MMO. The player created a new account to infiltrate the corporation, triggered a vote for a new CEO, and then cleared out the coffers to net 130 billion ISK. The heist is legitimate, confirmed by developer CCP, and is unlikely to change the game's CEO rules. EVE Online's official currency cannot be cashed out into the real world, but can be used to buy another in-game currency called Plex.