$5 million in crypto stolen through SIM swapping and casino laundering targeted by DOJ
cybercrime, Digital Assets Delphino Cassar cybercrime, Digital Assets Delphino Cassar

$5 million in crypto stolen through SIM swapping and casino laundering targeted by DOJ

The U.S. Department of Justice (DOJ) has taken bold action against cybercriminals who allegedly stole more than $5 million in bitcoin through a sophisticated scheme involving SIM swapping and online casinos. Authorities say the thefts targeted multiple victims, and the stolen funds are now subject to a civil forfeiture complaint as the government works to recover the cryptocurrency.

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Wolfsberg Group Guidance on the Provision of Banking Services to Fiat-backed Stablecoin issuers
Digital Assets Delphino Cassar Digital Assets Delphino Cassar

Wolfsberg Group Guidance on the Provision of Banking Services to Fiat-backed Stablecoin issuers

The increased adoption of fiat-backed stablecoins represents a new financial crime risk management challenge to financial institutions (FIs). Stablecoin features offer significant legitimate benefits for individuals and businesses worldwide, however these same attributes of price stability, global reach, pseudonymity, and rapid settlement also make them attractive to illicit actors, allowing them to access major currency denominated value without engaging traditional payment rails, including in sanctioned jurisdictions.

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