Global Regulators Intensify Scrutiny on Cryptocurrency-Related Crime and Operations
Global Regulators Intensify Scrutiny on Cryptocurrency-Related Crime and Operations
Authorities in Australia are cracking down on cryptocurrency ATMs due to a significant rise in scams and illicit uses, particularly affecting vulnerable populations. Simultaneously, the US Department of Justice has announced its largest-ever crypto forfeiture, seizing over 127,000 Bitcoin linked to a massive 'pig butchering' scam, underscoring the growing scale of global crypto-related financial crimes and government efforts to combat them.
Australia Declares War on Crypto ATMs Amid Crime Surge
Australia is taking decisive action against cryptocurrency ATMs following a sharp increase in scams and other illicit activities. Reports from AUSTRAC and law enforcement indicate that the rapid proliferation of these machines, which convert cash into crypto, has placed older and vulnerable users at particular risk. Regulators are concerned about the ease with which these platforms can be exploited for criminal enterprises, leading to enhanced measures to combat their misuse.
US Government Seizes Record Bitcoin Haul Linked to Major Scam
The US Department of Justice has executed a historic seizure of 127,195 Bitcoin (BTC), valued at approximately $15 billion, which was linked to Chen Zhi, the alleged mastermind behind a vast 'pig butchering' scam based in Cambodia. This marks the largest forfeiture action in the DOJ’s history, highlighting the extensive nature of global crypto-related financial crimes and signaling the US government's escalating commitment to tracking and confiscating digital assets involved in illegal schemes.