Financial Fraud and Crypto Scams Highlight Risks, As Zcash Investigation Concludes
Financial Fraud and Crypto Scams Highlight Risks, As Zcash Investigation Concludes
Recent reports reveal significant financial crimes across both traditional banking and the cryptocurrency sector. A historic bank fraud case saw a financial adviser ordered to pay over $37 million in restitution after a $45 million scheme. Separately, a bank insider was accused of withdrawing $27,000 from customer accounts for personal benefit. In the crypto space, holders lost an estimated $17 billion to scams and fraud in 2025, driven by impersonation schemes and AI-enabled attacks, according to Chainalysis. Amidst these concerns, the U.S. Securities and Exchange Commission (SEC) formally ended its investigation into the Zcash Foundation, confirming no enforcement action will be recommended against the privacy-focused nonprofit.
Traditional Financial Crime
A man at the center of one of the largest bank fraud escapades in US history has been ordered to pay more than $37,000,000 in restitution to dozens of banks and lending institutions. Federal prosecutors say Jesse Hill, a 35-year-old financial adviser from Nebraska, helped Lincoln businessman Aaron Marshbanks convince nearly 20 banks across Nebraska.
The Federal Reserve is taking action against a former US bank employee over the alleged theft of customer funds. The Federal Reserve says it is taking various disciplinary actions against Jason Lovell for allegedly stealing thousands of dollars from Regions Bank’s customers over a period of about six weeks.
Cryptocurrency Fraud and Scams
Cryptocurrency holders lost an estimated $17 billion to scams and fraud in 2025 as impersonation schemes and AI-enabled attacks explode, according to a new report. Researchers at Chainalysis say on-chain inflows to scam addresses hit at least $14 billion and could exceed $17 billion as more illicit wallets are identified. Fraudsters are increasingly using impersonation tactics.
Zcash Investigation Concludes
The U.S. Securities and Exchange Commission has formally ended its years-long investigation into the Zcash Foundation and will not recommend any enforcement action against the privacy-focused nonprofit, executives say. The foundation announced the conclusion of the review in a notice published Wednesday on its website. The inquiry began in August 2023 after the foundation received.