Cybercrime

North Korea has been accused of stealing £17 million ($23 million) worth of bitcoin from Lykke, a cryptocurrency trading platform registered in the United Kingdom. The cyberattack forced the company to suspend trading, shut down operations, and eventually enter liquidation in a British court.

The Hack That Destroyed Lykke
According to the UK Office of Financial Sanctions Implementation (OFSI), the theft was carried out by “malicious cyber actors from the DPRK.” The attack targeted both the Bitcoin and Ethereum networks and is believed to have been orchestrated by the notorious Lazarus Group, the same North Korean hacking syndicate tied to multiple large-scale crypto heists around the world. If confirmed, this would represent their largest-ever theft against a British target.
Experts believe the stolen funds are part of Pyongyang’s broader effort to finance its nuclear weapons and military programs, which have long been supplemented by billions of dollars stolen through crypto attacks.

Lazarus and Money Laundering Through Shady Platforms
Israeli crypto-research company Whitestream also identified Lazarus as the attacker. Its analysts tracked the stolen funds and reported that the hackers laundered the money through two well-known crypto exchanges notorious for ignoring anti–money laundering (AML) rules.

“They moved funds using platforms that essentially disregard AML regulations, making it extremely difficult to trace,” Whitestream stated.
Not all experts agree, however. Some argue that there is not yet sufficient direct evidence to conclusively tie the breach to North Korea.

The Rise and Fall of Lykke
Lykke was founded in 2015 by Richard Olsen, a descendant of the Swiss banking family behind Julius Baer. The company operated out of Zug, Switzerland — also known as “Crypto Valley” — but was officially registered in the UK.
The platform promised commission-free trading, attracting thousands of retail investors. But after the hack, the business unraveled. In 2023, Lykke reported a loss of $22.8 million. Despite claims that user funds would be recovered, the exchange halted all trading and shut down by December 2023.
In March 2025, a British court ordered Lykke’s liquidation after more than 70 customers launched legal action to recover about £5.7 million in lost funds. Interpath Advisory was appointed to handle the process, while the Swiss parent company also entered liquidation last year.

Regulators Had Warned Earlier
As early as 2023, the UK Financial Conduct Authority (FCA) had issued a warning that Lykke was not licensed to serve British clients. That notice, however, failed to deter investors. Once the hack occurred, the UK entity was unable to meet its obligations.
Founder Richard Olsen was declared bankrupt in January 2025 and is now under investigation in Switzerland for possible criminal misconduct, according to British court filings.

Part of North Korea’s Wider Strategy
The downfall of Lykke is part of a broader pattern: North Korea has been systematically siphoning cryptocurrency to keep its regime afloat, funding its weapons programs and bypassing sanctions. The victims are global investors — and in this case, hundreds of UK users who trusted a platform that promised zero-fee trading.

#LazarusGroup , #northkorea , #CryptoHack , #cybercrime , #BTC

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Key Takeaways:
Nebraska man sentenced for multimillion-dollar cryptojacking scam.Cybercrime involved secretly mining cryptocurrency using others' devices.Authorities stress harsher penalties for blockchain-related fraud.

A Nebraska resident faces prison after running a multimillion-dollar cryptojacking scam. Authorities revealed he secretly hijacked devices to mine cryptocurrency unlawfully. The sentencing marks a rare conviction in this growing cybercrime trend.
Secret Crypto Mining Nets Millions in Illegal Profits
The man, according to the U.S. Department of Justice (DOJ), exploited unsuspecting victims' devices to mine cryptocurrency without consent. Over time, this cryptojacking operation amassed roughly $3.5 million worth of digital coins.
This scheme involved installing malware that covertly used others' computing power. The DOJ's Eastern District of New York office detailed these actions in their official release. The defendant knowingly caused significant financial damage through this digital theft.
Justice Served: One Year Behind Bars for Cybercrime
The U.S. District Judge sentenced the defendant to twelve months in federal prison. The court emphasized that cryptojacking causes serious harm to users and networks. This sentence highlights the government's intent to crack down on cybercriminals exploiting blockchain technology illegally.
The DOJ statement noted the defendant’s "deceptive tactics" and "profit-driven motives" in covering up the mining activity. The ruling sends a message that cyber theft has real-world consequences.

#cryptojacking #cybercrime #cryptocurrency #blockchainfraud #USJustice

The U.S. Department of Justice has announced a major financial reward for information leading to the arrest or conviction of former executives of the cryptocurrency exchange Garantex. The platform, officially registered in Estonia in 2019, became a hub for cybercriminals, money laundering, and illicit financial activity, according to U.S. authorities.

Million-Dollar Rewards for Whistleblowers
Through the Transnational Organized Crime Rewards Program (TOCRP), Washington has allocated $6 million in rewards. Up to $5 million is offered for information leading to the capture of Aleksandr Mira Serda, a Russian citizen and co-owner and commercial director of Garantex. An additional $1 million is set aside for other key executives listed under U.S. sanctions.

Exchange Under Sanctions and OFAC Scrutiny
The Office of Foreign Assets Control (OFAC) has designated both Garantex and its successor platform Grinex as entities helping criminals evade sanctions. Earlier this year, Tether blocked wallets linked to the exchange and froze USDT assets.
European authorities also joined the crackdown. German and Finnish agencies seized Garantex’s domains and froze over $26 million in digital assets.

Massive Volumes and Criminal Ties
According to reports from the FBI and U.S. Secret Service, between April 2019 and March 2025 Garantex processed transactions worth at least $96 billion. A significant share of those funds was tied to criminal activity, including drug trafficking, ransomware, extortion, and terrorist financing. Authorities estimate that criminals laundered hundreds of millions of dollars through the platform, with many victims in the United States.

How Garantex Operated
Founded in late 2019 and registered in Estonia, Garantex conducted most of its operations from Moscow and St. Petersburg. In February 2022, Estonia’s Financial Intelligence Unit (FIU) revoked its license due to major anti–money laundering and counter–terrorist financing failures, after wallets tied to illicit activities were identified.
Despite sanctions, the exchange continued to operate by developing infrastructure to obscure the origin of its wallets.
One notorious case involved Yekaterina Zhdanova, who allegedly converted more than $2 million in bitcoin into USDT using Garantex. She has been charged under a November 2023 executive order for conducting illicit financial operations in Russia.

Indictments and Arrests
In March 2025, the U.S. Department of Justice unveiled indictments against several Garantex managers, including inspector-general and well-known executive Alexei Besciokov. Besciokov was later arrested in India, while other wanted executives remain at large.

#CryptoExchange , #FBI , #cybercrime , #USDT , #Tether

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

A California resident became a victim of a sophisticated crypto scheme, losing about $500,000 after an online romantic encounter. In November 2024, the man met a woman on Facebook who introduced herself as Elsa Valentine, but later turned out to be Chen Xinyue from Hong Kong. She convinced him to invest in cryptocurrency using a fake platform that mimicked Coinbase. Initially, he transferred $5,000, later adding $26,000, hoping for the promised $50,000 from the acquaintance. However, attempts to withdraw funds were met with demands for additional contributions due to an alleged investigation.

The Bitcoin-based meme coin platform Odin.fun suffered a serious hack. Hackers stole 58.2 $BTC , which is equivalent to approximately $7 million, exploiting a vulnerability in the platform's automated liquidity tool. PeckShield analysts reported that the perpetrators, likely linked to Chinese hacker groups, manipulated liquidity by creating a trading pair and withdrawing excess BTC through multiple cycles.

Authorities in India are raising alarms over a growing trend — young people unknowingly becoming “money mules” in massive cross-border fraud and money laundering operations. Criminal syndicates are exploiting their bank accounts to move huge sums of illicit funds, often without the account owners realizing the full scale of the crime.

The Waiter Who Took the Bait
Ajay, a 24-year-old waiter from Lucknow, was offered ₹20,000 (around $240) by a friend’s contact — supposedly a cryptocurrency trader — to let them use his bank account for just one day. Thinking it was quick and harmless money, he agreed. The next morning, hundreds of millions of rupees flooded into his account, followed by detailed withdrawal instructions and meeting points to hand over the cash. Unbeknownst to Ajay, he had walked straight into a sophisticated international laundering scheme.
From Unwitting Accomplice to Police Witness
Weeks later, police came knocking. Investigators told Ajay his account had been used to launder cybercrime proceeds. Realizing the gravity of the situation, he cooperated with authorities, helping trace other “mule” accounts and intermediaries linked to an international network operating out of Cambodia, Laos, Vietnam, and Thailand.
Inside the Mule Account Network
Indian cybercrime units say these operations rely on dozens of fake or rented bank accounts, often belonging to students, low-income workers, or small business employees. In exchange for “loaning” their accounts, individuals receive ₹10,000–₹30,000 in commissions. The illicit money is moved through peer-to-peer channels, converted into digital assets — often USDT — and sent abroad.
Telegram: The Control Room
Coordination happens in encrypted Telegram groups run by Chinese handlers. Local recruiters source bank accounts while bypassing KYC checks. On transaction days, mule account holders are escorted to banks to withdraw cash, which is handed over to “brokers” who convert it into cryptocurrency before transferring it overseas.
The Scale of the Problem
In just one month, Lucknow police tracked ₹5 million (around $570,000) laundered through such accounts. At least 60 young men have been arrested for unknowingly enabling large-scale fraud. Deputy Commissioner of Police Rallapalli Vasanth Kumar explained that most weren’t hardened criminals, but underestimated the severe legal consequences of their actions.
⚠️ Stay Alert
These cases highlight the real dangers of “easy money” offers. Lending your bank account, even for a day, can make you part of an international crime — with life-changing legal risks.

Disclaimer: The information shared is for educational purposes only and should not be taken as financial or investment advice. Cryptocurrency investments carry significant risks and may lead to financial losses.
$BTC

$XRP

Indian authorities are sounding the alarm – more and more young people are becoming unwitting “mules” in large-scale international financial fraud schemes. Criminal networks use their bank accounts to transfer huge sums of illicit money, often without the account holders realizing it.

The Waiter Lured by Easy Money
One recent case involves 24-year-old waiter Ajay from Lucknow. He told police that a friend introduced him to a “cryptocurrency trader” who offered him 20,000 rupees (around $240) to use his bank account for a single day. Eager to supplement his modest income, Ajay accepted.
The next morning, hundreds of millions of rupees were deposited into his account. He received detailed instructions on how much to withdraw and where to meet people who would collect the cash. Ajay had no idea he had just stepped into a sophisticated international fraud scheme.

From Collaborating with Criminals to Helping Police
Weeks later, Indian police knocked on his door. Investigators informed him that his account had been used to launder proceeds from cybercrime. Ajay began cooperating, providing leads that helped track down other account holders and intermediaries linked to a criminal syndicate with ties to Cambodia, Laos, Vietnam, and Thailand.

How the “Mule” Account System Works
According to India’s cybercrime units, this is a well-organized network that, over the past three months, has exploited dozens of fake or rented accounts. These accounts often belong to young people from poorer neighborhoods, students, or employees of small businesses.
They receive commissions of 10,000–30,000 rupees for “loaning” their accounts. The money is then routed through peer-to-peer networks and converted into digital assets, most commonly the stablecoin USDT.

Telegram as the Operations Hub
Police found that coordination happens via encrypted Telegram channels operated by Chinese handlers. Local recruiters source the accounts while deliberately bypassing standard identity verification (KYC).
On transaction days, mule account holders are taken to the bank to withdraw cash, which is then handed over to “brokers” who convert it into cryptocurrency and transfer it overseas.

Alarming Figures and Police Action
In just one month, Lucknow police traced 5 million rupees (around $570,000) laundered through these accounts. Around 60 young men have been arrested for having their accounts used in frauds worth millions of rupees.
“These young people are not hardened criminals, but their accounts enable the functioning of large-scale fraud operations,” said Rallapalli Vasanth Kumar, Deputy Commissioner of Police for South Lucknow, to PTI. He added that many expressed remorse and admitted they underestimated the legal risks.

#cybercrime , #CryptoFraud , #MoneyLaundering , #CryptoCrime , #CryptoSecurity

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Indian authorities are raising concerns as more young people fall victim to large-scale international financial fraud, unknowingly acting as “mules” for criminal networks. These groups exploit their bank accounts to move massive amounts of illicit funds, often without the account holders’ awareness.

The Waiter Lured by Easy Money

Take the case of Ajay, a 24-year-old waiter from Lucknow. He told police that a friend introduced him to a “cryptocurrency trader” who offered him 20,000 rupees (about $240) to let them use his bank account for just one day. Looking to supplement his income, Ajay agreed.

The following day, hundreds of millions of rupees were deposited into his account. He received detailed instructions on how much cash to withdraw and where to hand it over. Ajay had no clue he was part of a sophisticated international fraud operation.

From Unwitting Participant to Police Collaborator

Weeks later, police visited Ajay, informing him his account had been used to launder cybercrime proceeds. He began cooperating with authorities, helping track other account holders and middlemen tied to a criminal syndicate with connections across Cambodia, Laos, Vietnam, and Thailand.

How the “Mule” Account System Operates

India’s cybercrime units report a well-organized network that has exploited dozens of fake or rented accounts in the last three months. These accounts typically belong to young people from lower-income neighborhoods, students, or small business employees.

They receive commissions between 10,000 and 30,000 rupees for “loaning” their accounts. The illicit funds are then funneled through peer-to-peer networks and converted into digital currencies—most often the stablecoin USDT.

Telegram Channels as the Command Center

Investigations reveal that these operations are coordinated via encrypted Telegram channels run by Chinese handlers. Local recruiters find account holders, intentionally bypassing standard identity verification (KYC) procedures.

On transaction days, mule account holders are escorted to banks to withdraw cash, which is then handed over to “brokers” who convert it into cryptocurrency and send it abroad.

Alarming Scale and Police Response

In one month alone, Lucknow police traced 5 million rupees (~$570,000) laundered through these accounts. About 60 young men have been arrested for their accounts being used in fraud schemes involving millions of rupees.

“These youths are not hardened criminals, but their accounts enable large-scale fraud operations,” said Rallapalli Vasanth Kumar, Deputy Commissioner of Police, South Lucknow, to PTI. Many of those arrested expressed remorse and admitted they underestimated the legal risks involved .
#cybercrime #CryptoFraud

What Happened?

On August 8, 2025, international law enforcement scored a big win by shutting down the infamous BlackSuit ransomware gang. This group had been using cryptocurrency to demand millions of dollars in ransom from over 450 victims, hitting critical sectors like healthcare and education. But the battle isn’t over — a new group called Chaos has appeared, likely made up of ex-BlackSuit members, continuing the crypto-powered crime spree.

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Why It Matters for Crypto and Business 💼💰

Crypto at the Heart of Cybercrime: BlackSuit used Bitcoin and privacy coins like Monero to collect ransom payments anonymously. This shows how cryptocurrencies, while revolutionary, can also fuel illegal activities.
Big Disruption, Bigger Challenges: The takedown of BlackSuit’s servers and crypto wallets interrupts their operations, protecting businesses and public services. But the rise of Chaos means cybercriminals are evolving fast.

Dark Web Markets Still Thriving: Marketplaces like Abacus and STYX keep selling stolen data, drugs, and hacking tools—all paid for in cryptocurrencies. They’ve upgraded security with features like two-factor authentication and encrypted messaging to stay a step ahead of the law.

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BlackSuit Takedown — The Details 🕵️‍♂️

Led by U.S. agencies and partners from around the world, Operation Checkmate took down the digital infrastructure that allowed BlackSuit to launch attacks and launder millions in crypto.

BlackSuit’s ransomware would lock down data and threaten to leak it unless paid, demanding anywhere from $1 million up to $60 million in cryptocurrency.

The operation is a major win for business security but highlights how ransomware gangs rely on crypto’s anonymity to operate globally.

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What’s Next? The Rise of Chaos 🔥

Chaos ransomware started appearing earlier in 2025, targeting organizations with ransom demands up to $300,000, still paid in crypto.

Experts believe Chaos is BlackSuit 2.0 — using similar hacking tools but trying to stay under the radar.

This shows cybercriminals quickly adapt, making it crucial for businesses to stay alert and strengthen defenses.

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Dark Web Markets: The Crypto Connection 🌐💸

Illegal online markets continue selling stolen credit cards, personal data, counterfeit goods, and hacking tools.

These markets rely heavily on cryptocurrencies for payments, making it tough for authorities to track transactions.

They use advanced security like encrypted chats and two-factor authentication to protect buyers and sellers from getting caught.

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Final Thoughts
The takedown of BlackSuit is a big step forward in fighting crypto-fueled cybercrime. However, with new ransomware gangs like Chaos rising and dark web markets evolving, the threat to businesses remains real. Understanding how cryptocurrencies are used in these crimes is key for companies to protect their data and assets in today’s digital world.

Stay smart, stay secure! 🔐
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#CryptoSecurity #RansomwareAlert #cybercrime #blockchain #BusinessSafety

A cryptocurrency investor fell prey to a sophisticated phishing scheme, losing $2 million worth of Ethereum (501 ETH). The attacker exploited the "IncreaseAllowance" function, gaining unauthorized access to the victim's funds.
The Incident:
The investor received a seemingly legitimate email or message that tricked them into authorizing the malicious transaction. The attacker swiftly drained the funds, leaving the victim with significant financial losses.
Key Takeaways:
- Phishing schemes can be highly sophisticated
- Verify authenticity before taking action
- Robust security measures are crucial to protect digital assets
Stay Safe:
- Be cautious of suspicious emails or messages
- Verify legitimacy before interacting with transactions
- Implement strong security protocols
#phishingscam #Ethereum #Cryptocurrency #Security #Cybercrime $ETH

Incident in Phuket: Crypto Debt Leads to Violent Robbery
Thai police have launched an investigation into two Russian nationals accused of assaulting and robbing their compatriot over a cryptocurrency debt. The incident occurred at a hotel in Karon, Phuket.
According to the local newspaper Khaosod, a 31-year-old man was attacked over a $120,000 debt linked to previous cryptocurrency transactions in Russia. The attackers, who were known to the victim, forced him to attempt unlocking his crypto wallet. When he refused, violence ensued.
Assault and Suspects’ Escape
One of the suspects, identified as Andrei, allegedly threatened to kill the victim if the debt was not paid. The victim was repeatedly punched, kicked, and eventually lost consciousness after being struck on the head. The attackers then stole $20,000 in cash and fled, leaving the victim tied up in the bathroom.
Investigators revealed that one suspect remained in Thailand, while the other, Dmitri, fled to Dubai. Arrest warrants have been issued, and Thai authorities are collaborating with immigration and police agencies to apprehend the suspects.
Cryptocurrencies as Targets of Violent Crime
Rising Value of Cryptocurrencies Attracts Criminals
The Phuket incident is part of a growing trend where cryptocurrencies play a role in severe criminal activities. The year 2024 saw numerous violent incidents linked to digital assets, ranging from kidnappings to extortion.
In July, a 29-year-old tourist in Kyiv was kidnapped and murdered as criminals attempted to seize his 3 bitcoins. Authorities described the event as a calculated plan that ended with the victim's death after the forced transfer of cryptocurrency failed.
Case in Costa Rica: Armed Robbery of Bitcoins
A similar case occurred in August on a beach in Costa Rica, where 11 Israeli tourists were robbed of a significant amount of bitcoins. The attackers, disguised as police officers, used firearms during the assault, raising concerns about the involvement of organized crime groups with police training.
Cryptocurrencies: Valuable Targets That Attract Danger
As cryptocurrencies grow in popularity, incidents of violence and crime associated with these digital assets are on the rise. This trend underscores the need for enhanced security measures and better protection for investors on a global scale.

#CryptoCrime , #Bitcoin❗ , #CryptoSafety , #cybercrime , #CryptoScamAlert

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.

#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“