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Another large bank Nordea, suspected of money laundering

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Nordea, the biggest bank in the Nordic region, is purportedly associated with being a piece of a noteworthy international money laundering outrage.

Nordea, the biggest bank in the Nordic region, is purportedly associated with being a piece of a noteworthy international money laundering outrage. The plan professedly included a Russian client and occurred over numerous years at an international branch of the bank that is currently shut.

 

Nordea Associated with Money Laundering

Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingNordea Bank Abp (Nordea), a monetary administrations gather headquartered in Finland, is associated with money laundering, Cph Post Online gave an account of Tuesday. The biggest bank in the region is purportedly engaged with money laundering that occurred somewhere in the range of 2010 and 2013 “in the bank’s presently shut international branch for worldwide clients in Vesterbro [in Copenhagen, Denmark],” the distribution nitty gritty, including:

Nordea is associated with being a piece of a noteworthy international money-laundering embarrassment including a Russian client and an assessment organization.

 

Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingThe news outlet expounded that “For very nearly four years, the fraud squad has attempted to seek after a criminal body of evidence against a Russian client and an organization in Belize in Focal America, associated with having ‘washed’ roughly 322 million Norwegian kroner [~$39 million] utilizing bank accounts in Nordea.”

Built up in 1820, Nordea at present has around 300 banks with branches, backups, and delegate workplaces in 17 nations. As per its site, the bank professes to have 1.7 million clients in Denmark, 2.8 million in Finland, 0.9 million in Norway, and 4.2 million in Sweden. “Nordea is the biggest monetary administrations assemble in the Nordic region and one of the greatest banks in Europe,” the bank portrays itself.

 

Reaction to Supposed Money Laundering

Nordic Region’s Biggest Bank Nordea Associated with Money LaunderingFollowing reports of its supposed money laundering contribution, a Nordea spokeswoman told Reuters in an email on Thursday, “To the best of our insight, Nordea isn’t under scrutiny from experts related to money laundering in the Baltics.”

Julie Galbo, Nordea’s central hazard officer, was cited by Cph Post Web-based conceding that the bank’s “anti-money laundering systems at Nordea had been deficient previously and guaranteed that significant changes have been made as of late.”

 

Jakob Dedenroth Bernhoft from Revisorjura, whose work centers around money laundering, remarked:

Nordea has been a decent bank to open a record at in the event that you need to launder money. The bank did not examine unusual exchanges.

 

As of late, Danske Bank has experienced harsh criticism for professedly laundering around $234 billion through its Estonian branch. Reuters revealed the biggest bank in Denmark saying Thursday that it has “got demands for information from the U.S. Department of Justice (DOJ) regarding a criminal investigation identifying with the bank’s Estonian branch.”

#Scam

Alert: Bitcoin Core Developer Accuses HitBTC of Scam

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Luke Dashjr, a Bitcoin core developer is claiming that the cryptocurrency exchange HitBTC is a scam and the company is stealing money from the customers.

Luke Dashjr, a core developer of the original Bitcoin is claiming that the infamous cryptocurrency exchange HitBTC is a scam and the company is stealing money from the customers by not letting them withdraw their cryptocurrencies from the exchange.

 

Is HitBTC a Scam?

According to Luke Dashjr, HitBTC is surely a scam as the exchange is not letting him withdraw his funds from the exchange. The issue initiated when the exchange suddenly started to ask for personal information from Luke which according to him was not supposed to concern the exchange at any cost. The bitcoin core developer is also advising other people in the cryptocurrency space to withdraw their funds from Hitbtc.

 

HitBTC is shutting down the exchange accounts of people who are not complying to their KYC requirements, however, earlier the exchange did not have any KYC requirement. The exchange had earlier pledged to give a notification to the traders if there are any changes in the rules and policies of the company, however, Luke said that the company never sent any kind of notification at all.

 

Reply by HitBTC:

HitBTC replied back to the allegations very quickly stating that the withdrawal issue was due to the token swap of KIN which was going on at that particular time. They also asked Luke to send them over his details so it’s easy for them to find a solution for him.

 

Other Allegations:

HitBTC has been accused of scam and fraud by many people in the past including John Mcafee, one of the most famous personalities in the crypto space who called the company a fraud because of the withdrawal issues with MTC token.

Also, a complaint was recently made by a cryptocurrency trader and investor Trace Mayer who said that the company had frozen his exchange account while the Proof of Keys event was going on which was organized especially to expose cryptocurrency exchanges like HitBTC.

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Bitcoin ATM Fraud: Four Canadian Men Declared Wanted

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Four men have been suspected and declared wanted by the police in connection with the Bitcoin ATM double-spending attacks.

According to a report published by the CBC. four men have been suspected and declared wanted by the police in connection with the double-spending attacks at Bitcoin ATMs. According to the report, a hundred and twelve transactions took place in just September 2018 out of which around sixty-six (half) of these took place in Calgary and others in Hamilton, Toronto, Winnipeg, Montreal, Ottawa, and Sherwood Park. However, the men that are suspected have unknown identities and the local police are seeking the help of the public in order to identify them.

 

Bitcoin ATM: Double Spend Fraud

Bitcoin ATMs installed in these areas had a zero-confirmation transaction which means that even without a single confirmation, the bitcoin atm allowed the withdrawals which made it possible for the suspects to perform double-spending in these ATMs.

The alleged persons performed a hundred and twelve transaction averaging to around $1800 per transaction in just ten days of time and made more than $200,000 out of it.

 

How does Double-Spending Work?

Double spend is made possible due to tools developed by Peter Todd, a bitcoin core developer who resides in Canada. The tool called replace-by-fee-tools allows the user to ‘unstuck’ and ‘stuck’ transaction by paying extra fees. However, the tools were not developed or endorsed for performing such criminal activity at a bitcoin atm.

According to Peter Todd, the double spend tool creates two transactions in sequence out of which the 1st transaction makes the stated payment to the stated address and the 2nd transaction double spends the same transaction with a transaction which has a greater amount of mining fee, making the payment only to the change address. Also, the user can choose to state that the 1st transaction additional OP-Return, Multisig as well as Blacklisted address outputs. As many bitcoin miners would not accept the transactions that have these kinds of outputs, instead they will accept the 2nd transaction that is a double-spend transaction which indeed assists the user to double spend.

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#Scam

OneCoin Founders Arrested: Charged Billions for Fraud

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Konstantin Ignatov and Ruja Ignatova, the founders of OneCoin Ponzi Scheme were arrested in Los Angeles airport on Wednesday, 6th March.

Konstantin Ignatov and Ruja Ignatova, the founders of OneCoin Ponzi Scheme were arrested in Los Angeles airport on Wednesday, 6th March. As per the announcement made by the US Attorney Office of the Southern District of New York, a US district attorney has charged the founders who are accused of securities fraud, wire fraud and money laundering by tempting people to invest billions in the cryptocurrency scam.

 

OneCoin was founded in Bulgaria in 2014 as a multi-level marketing project. The members of the project received a commission for attracting more and more investors to buy the OneCoin cryptocurrency. The network of the company grew massively and had already attracted more than 3 million investors globally.

 

According to the investigation, OneCoin made more than $3.77 billion in sales revenue and around $2.25 billion in profits between the 4th quarter of 2014 and 3rd quarter of 2016.

 

The district court attorney said that the founders performed an old-school pyramid scheme on a new-school program which compromised the probity of the financial system of New York and extracting billions from people in the form of investments.

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