The Ministry of Justice of the US says that it has hit on the technical backbone to help the big cryptocurrency money used fraudulently.
DOJ has he announced seizing a cloud computing account used by Cambodia’s Huione Group affiliates.
The agency says the account had an operational infrastructure that it says facilitated the transfer of fraudulent funds for cryptocurrency businesses, cyber fraud and other crimes.
The article claims it was used to move money across blockchain networks to legitimate banks without detection.
“Huione Guarantee allegedly used Telegram channels that contained communications related to illegal products and/or services, ranging from the sale of credit cards and information, the fruits of theft caused by malware, buying people through human trafficking methods, and facilitating the return of romantic and fraudulent money.
Huione Guarantee also provided an escrow service for criminals transacting on its platform to facilitate the exit, including money laundering cryptocurrency. In doing so, Huione Guarantee facilitated the movement of large sums of money stolen by fraudsters in Southeast Asia. “
The move is part of a wider effort to disrupt the financial services that support online fraud.
The FBI says Americans spent $20 billion on cybercrime last year, a 26% increase in one year.
Follow us X, Facebook and Telegram
Don’t Miss Out – Sign up to receive email notifications straight to your inbox
Swimming The Daily Hodl Mix
 
Disclaimer: The views expressed in Daily Hodl are not financial advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any assets including cryptocurrencies, nor is The Daily Hodl a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image Created: Midjourney
