US Charges 6 With Laundering Mexican Drug Cartel Cash Using Crypto and Casinos

Mexican drug cartels generate a lot of profit in the USA, which is one of their main markets. How is this money transferred back to Mexico? Banks – the old favourite. In the past, drug cartels had cozy relationships with banks, which facilitated the transfer of drug proceeds. In 2012, HSBC reached a $1.9 Bn agreement with the United States admitting that it had enabled Mexican drug cartels to launder billions of dollars through its counters. The charges include failure to monitor more than $670 Bn of wire transfers and more than $9Bn of purchases of US dollars from HSBC Mexico. The....

Rumors have been swirling that the Mexican government has imposed a bitcoin ban, thanks to an article on El Universal. The report indicated that the Mexican Tax Administration Services (SAT), which is the equivalent of the IRS in the United States, made a decision to ban cryptocurrency transactions. However, as blogger Victor Hernández wrote in a post, the bitcoin ban in Mexico does not encompass all transactions. The cryptocurrency can still be used for online transactions and for other establishments in the country, but large transactions that are suspected for money laundering are being....

The relationship between big banks and their regulators is pretty dubious, to put it mildly. But expecting federal investigators to give Bitcoin exchanges the same free ride is childishly naive. When HSBC got caught laundering money for drug dealers and terrorists, it promised regulators it would improve controls. It didn't. Senate investigators found the bank had failed to monitor $60 trillion in transactions for money laundering and had a backlog of 17,000 dodgy account alerts which it failed to investigate. Which dwarfs LibertyReserve's alleged laundering of $6 billion. HSBC shipped $7....

Article updated with comment from Ross Ulbricht's legal defense. Ross Ulbricht, the accused ringleader of the now-defunct online black marketplace Silk Road, has plead not guilty to a series of new charges levied against him by federal prosecutors. Filed on 21st August, the charges include narcotics trafficking, conspiracy to traffic fraudulent identification documents and distribution of narcotics by means of the Internet. Those charges followed previous allegations that Ulbricht had engaged in drug trafficking, computer hacking, money laundering and engaging in a criminal enterprise. The....

An on-chain crypto investigator took to social media to expose the supposed black truth behind Justin Sun’s Tron but has thrown Ethereum in the mix, alleging that the cryptocurrency is backed by the CCP and may harbor crypto wallet addresses by Fentanyl traffickers.  On-Chain Detective Unveils Potential Tron Ponzi Scheme An X (formerly Twitter) user going by the username @BoringSleuth has gained the attention of the crypto community after uncovering potential evidence of Tron allegedly being a Ponzi scheme governed by one of the world’s largest crypto criminal drug cartels.  “I....