Bitcoin NewsEthereum NewsNFT NewsDeFi NewsAltcoin NewsBlockchain NewsPress Releases Sponsored Cryptonews Deals Industry Talk ICO newsFinance NewsTechnology News
No Result
View All Result
Friday, February 3, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
Bitcoin NewsEthereum NewsNFT NewsDeFi NewsAltcoin NewsBlockchain NewsPress Releases Sponsored Cryptonews Deals Industry Talk ICO newsFinance NewsTechnology News
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
Bitcoin NewsEthereum NewsNFT NewsDeFi NewsAltcoin NewsBlockchain NewsPress Releases Sponsored Cryptonews Deals Industry Talk ICO newsFinance NewsTechnology News
No Result
View All Result
ADVERTISEMENT
Home News Story

Crypto, oil and illegal trafficking: new crackdown for the US regulator

by Ashutosh Thakur
October 21, 2022
in News Story
129
0
Shutterstock 1191439990
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

RelatedPosts

BNB Chain becomes the largest layer 1 blockchain in the world!

Weekly Crypto #221 – Bitcoin and cryptocurrency news of the week

Sam Bankman-Fried faces extradition to US

Crypto-laundering and the black market – A new crackdown for American justice and not the least. She has just dismantled a Russian-Venezuelan smuggling network. The latter smuggled military equipment and millions of barrels of oil into Russia. All this by doing pay in crypto. Narrative of an incredible story.

The underside of a well-oiled machine

In a press release on October 19, the United States Department of Justice (DoJ) accused two Venezuelans and five Russians of money laundering through cryptocurrencies. The criminals transported hundreds of millions of barrels of oil produced by the Venezuelan company to Russia ‘Petroleos de Venezuela S.A.‘ (PDVSA). The company is however under the blow of American sanctions depriving it of a large part of the world market.

The society North German industrial plant construction GmbH (NDA GmbH) owned by one of the limited partners, served as a front. It also made illegal purchases of military technologies used in the Russian-Ukrainian conflict. These included microprocessors and semiconductors used in combat aircraft, missile systems, radars and satellites. Skilful disguises through front companies and a multitude of bank accounts made it possible to fool the banks.

A smuggling network serving Russian interests in the conflict with Ukraine dismantled by the USA

Among the Russian defendants are Yury Orekhov, Artem Uss, Svetlana Kuzurgasheva, Timofey Telegin and Serguey Tulyakov. The Venezuelans charged are Juan Fernando Serrano Ponce and Juan Carlos Soto who acted as an intermediary with the oil supplier PDVSA. In addition, justice already holds Orekhov and Uss, arrested in Germany and Italy. Extradition proceedings are underway at the request of the United States. If found guilty, these criminals, facilitators on behalf of Russian and Chinese oligarchs, face up to 30 years in prison.

>> Come and take your first steps in the Bitcoin universe on Binance (commercial link) <<

Crypto and black market, a perpetual refrain?

Payment for these illicit activities was often made in US dollars. To do this, Orekhov and his accomplices falsified a large number of documents through fictitious companies. They also used cash to pay couriers in Russia and Venezuela and crypto payments, including USDT, for a total of several million dollars.

Through Multiple Subterfuges (Front Companies, Bank Accounts, Cash, Crypto) The Criminals Managed To Transfer Hundreds Of Millions Of Dollars.
Tens of millions of dollars laundered through banks thanks to front companies

“The efforts have undermined security, economic stability and the rule of law around the world. We will continue to investigate, disrupt and prosecute those who fuel Russia’s brutal war in Ukraine, evade sanctions and perpetuate a shadowy economy through transnational money laundering.”

Breon Peace, United States Attorney

Ultimately, one more news item implicating cryptos in money laundering. However, as the DoJ points out, the dollar was involved in the vast majority of trade. Unlike 2012 – 2013, fraudsters have understood the disadvantage of the inherent traceability of cryptocurrencies. In a decentralized and open-source world, all transactions are visible, which does not help criminals. Admittedly, cryptocurrencies are still used in the black market, but much less frequently. Rightly so, because they are ultimately much more transparent than this good old dollar.

Criminals prefer cash to launder their ill-gotten funds. So you can buy Bitcoin without second thoughts! Register on Binance, undisputed leader of the crypto sector. In addition, this reference exchange has obtained the status of PSAN in France (commercial link).

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

Bnbchain
News Story

BNB Chain becomes the largest layer 1 blockchain in the world!

December 23, 2022
1.9k
Hebdocrypto2022 V1 3
News Story

Weekly Crypto #221 – Bitcoin and cryptocurrency news of the week

December 17, 2022
1.9k
Sam Bankman Fried Risque Une Extradition Vers Les Usa 01
News Story

Sam Bankman-Fried faces extradition to US

December 17, 2022
1.9k
Action Acheter 2023
News Story

Which stocks to buy in 2023? Top 3 promising actions for the new year!

December 17, 2022
1.9k
Gamestop Wallet Eth Ethereum 1
News Story

Cryptos: Gamestop turns away from blockchain games after big losses

December 11, 2022
1.9k
Ledger Presente Son Nouveau Wallet Crypto Nomme Ledger Stax 01
News Story

Ledger presents its new crypto wallet called Ledger Stax

December 11, 2022
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Celcryptocrash

Important Update On The Celsius Network

June 14, 2022
Tcs-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums And Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
The Blockchain Cafe

Ethereum: 10 Things You Did Not Know

0
The Blockchain Cafe

What Is Ripple: Complete Guide For Beginners

0
Sto-The Blockchain Cafe

What Is Security Token Offering (STO)?

0
Bnbchain

BNB Chain becomes the largest layer 1 blockchain in the world!

December 23, 2022
Banque Crypto 1

The New Crypto Limit Standards 2025: What Will Change?

December 21, 2022
Hedera Nft

Hedera prepares to tap into the next big NFT wave

December 21, 2022
Ftx Recouvrement Don

FTX affair: donations made to politicians to be returned at all costs

December 20, 2022
Bitcoin NewsEthereum NewsNFT NewsDeFi NewsAltcoin NewsBlockchain NewsPress Releases Sponsored Cryptonews Deals Industry Talk ICO newsFinance NewsTechnology News

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version