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Laundering

GTA Online's next update will let you pull off a classic, if slightly dull, type of crime: money laundering
Game Updates

GTA Online’s next update will let you pull off a classic, if slightly dull, type of crime: money laundering

by admin June 15, 2025



I feel like money laundering is one of those concepts you see in a lot of crime TV shows but it’s not really something that seems to come up much in games. I certainly can’t think of any games that feature money laundering as an actual mechanic, but I’ll be able to add one to the list next week: GTA Online. The multiplayer game is getting a new update this coming June 17th called Money Fronts, and is literally all about buying up small but generally lucrative businesses that you can sneak some money through.


There’s a few businesses you’ll be able to pick up but you’ll be starting off with a classic: the car wash, specifically Hands On Car Wash. You’ll get passive income through this from your criminal network, eventually allowing you to pick up the Smoke on the Water dispensary and Higgins Helitours, all of which will also bring in their own money from actual, legal business operations.


However, with the pro of lots of moola, there is a big con too. Operating these businesses this way will generate heat, and if that gets too high, you’ll have to actually step in as the local business owner you’re pretending to be to manage these companies the way they’re legally meant to be.


There’s a few new rides you can pick up too, like the Karin Everon RS or the Declasse Tampa GT (Muscle). Money Fronts is also bringing in some gameplay tweaks. More than 50 vehicles will have missile lock-on jammer capability, and all sources of arena points are being doubled. A number of cutscenes will be skippable on mission replays too, though which ones that’ll be weren’t specified.


More details will be coming, uh, at some point, Rockstar just said “stay tuned”. You only have to wait a few days for it anyway, you’ll live.



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June 15, 2025 0 comments
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Crypto-Related Anti-Money Laundering Reports Rose by 8% in Germany Last Year: FIU

by admin June 14, 2025



In brief

  • Germany’s FIU revealed that anti-money laundering reports involving crypto are up 8.2% year-on-year.
  • The FIU said that cryptocurrencies have become a key component of international money laundering structures.
  • AI-powered detection tools could enable financial institutions and regulators to better identify illicit activity, experts told Decrypt.

Anti-money laundering reports involving cryptocurrencies rose by 8.2% in Germany last year, according to the annual report from the German Financial Intelligence Unit (FIU).

Total crypto-related reports climbed from 8,049 in 2023 to hit 8,711, accounting for a record 3.3% of all suspicious activity reports (SARs) submitted to the FIU, the agency responsible in Germany for combating money laundering.

The total figure marks a 23.6% increase since 2020, with Bitcoin predominating in the vast majority of last year’s reports, followed by Ethereum, XRP, Tether and Litecoin.

According to the FIU, credit institutions and banks submitted over 6,000 of the crypto-related reports, which generally referred to transactions to or from trading platforms, mixing services and gambling sites.

And for the agency’s analysts, this predominance of lenders is a sign that “traditional financial players have long since become key observers of crypto-based risks.”

The FIU interprets the growth in crypto-related AML reports as a sign that financial crime is adapting rapidly to new innovations, and that cryptocurrencies have become a key part of complex and international money laundering structures.

“The underlying mechanisms often elude traditional control systems and require advanced analytical approaches,” the report explains.

As an example, the report provides details on one money laundering case that involved a network of individuals and channels, with an investigation spanning much of 2024 revealing that the main participant in the network made use of 44 bank accounts and eight crypto-trading accounts.

Given such complexity, the FIU concludes the crypto-focused section of its report by affirming that “dealing with complex money laundering structures requires a coordinated approach by all parties involved,” and that the rapid evolution of new laundering methods necessitates a similarly rapid development of new analysis and investigative techniques.

Financial crime on the rise

For experts working in the area of AML, the record figures in Germany stem not only from the growth in cryptocurrency adoption globally, but also from the growth in financial crime in general.

“Germany’s uptick in crypto-related suspicious activity reports is driven by the combination of those two trends,” says Tobias Schweiger, the CEO and co-founder of Munich-based anti-financial crime firm Hawk, speaking to Decrypt.

According to Schweiger, digital assets are proving increasingly attractive to potential money launderers because it’s easier for them to hide money flows on a digital ledger, with detection mechanisms struggling to keep up with the pace of change.

“Digital ledger technology is still relatively new and financial institutions are in the process of upgrading their anti-money laundering processes and tools to address this development,” he explains.

Yet he suggests that the EU’s MiCA regulation will play an increasingly vital role in this context, helping and requiring financial firms to ensure that their KYC measures are sufficiently robust.

And because detection and reporting measures will be improving, Schweiger expects that Germany and other nations will continue to see a rise in crypto-related suspicious activity reports “over the next few years,” in addition to a rise in reports involving fiat currency transactions.

“With adoption of more AI-powered detection tools, financial institutions and regulators will be able to better identify illicit activity that may have previously gone unnoticed,” he says.

Ideally, Schweiger would like to see a shift in the near term from reactive reporting to “proactive risk mitigation,” which would include an emphasis on real-time analytics as well as data-sharing between institutions and authorities.

He concludes, “To effectively fight financial crime in the era of crypto, consistency and technology implementation will be essential.”

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June 14, 2025 0 comments
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Major Crypto Executive Accused Of Involvement In $500 Million Money Laundering Scheme

by admin June 10, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Federal prosecutors in Brooklyn have charged Iurii Gugnin, the founder of a US-based crypto payments company, with orchestrating a sophisticated international money laundering operation that allegedly moved over $530 million on behalf of sanctioned Russian banks and entities. 

According to a CNBC report on the matter, the 38-year-old Russian national, residing in Manhattan, was arrested and arraigned on Monday, where he was ordered to be held without bail pending trial.

‘A Covert Pipeline For Dirty Money’

Gugnin faces a 22-count indictment that includes charges of wire and bank fraud, violations of US sanctions, money laundering, and failing to implement mandated anti-money laundering protocols. Assistant Attorney General Eisenberg stated: 

The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the US financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive US technology.

According to prosecutors, Gugnin utilized his companies—Evita Investments and Evita Pay—to process significant payments while obscuring the origins and purposes of the funds. Between June 2023 and January 2025, he allegedly funneled money through various US banks and cryptocurrency exchanges, primarily using Tether’s USDT stablecoin. 

The indictment reveals that Gugnin’s clients included individuals and businesses associated with sanctioned Russian institutions such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned nuclear energy firm, Rosatom.

Crypto Executive Faces Up To 30 Years In Prison 

To execute this scheme, Gugnin allegedly misrepresented the nature of his business, falsified compliance documents, and deceived banks and digital asset platforms regarding his connections to Russia. 

Prosecutors allege he concealed the source of the funds through shell accounts and altered over 80 invoices, digitally removing the identities of Russian counterparties.

Investigators also uncovered internet searches that indicate Gugnin was aware of the scrutiny he faced, including queries like “how to know if there is an investigation against you” and “money laundering penalties in the US”

Notably, the Justice Department has highlighted that Gugnin maintained direct connections with members of Russia’s intelligence services and officials in Iran—nations that do not extradite individuals to the US. He is also accused of facilitating the export of sensitive US technology to Russian clients, including controlled anti-terrorism servers.

If convicted on bank fraud charges alone, the crypto executive faces a statutory maximum sentence of 30 years in prison. However, should he be found guilty on all counts, he could face a much longer consecutive sentence that could extend beyond his lifetime, underscoring the severity of the charges against him.

The daily chart shows the total crypto market cap’s rise on Monday. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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June 10, 2025 0 comments
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Feds Charge Crypto Founder With Evading U.S. Sanctions, Laundering $500M

by admin June 10, 2025



In brief

  • U.S. authorities have charged Russian citizen Iurii Gugnin with multiple counts of bank fraud and sanctions evasion.
  • Gugunin is accused of using his NY-based crypto firms as a “covert pipeline” for Sberbank, VTB Bank, and Russia’s nuclear company Rosatom.
  • He faces up to 30 years per bank fraud count as part of broader U.S. crackdowns on Russian crypto sanctions evasion.

Federal prosecutors have charged a New York-based crypto company founder with laundering more than $500 million through the U.S. financial system while helping sanctioned Russian banks circumvent international restrictions.

Iurii Gugnin, 38, a Russian citizen and founder of crypto payment companies Evita Investments Inc. and Evita Pay Inc., was arrested Monday on a 22-count indictment alleging he turned his businesses into what prosecutors called “a covert pipeline for dirty money.”

Gugnin facilitated transactions with sanctioned Russian banks including Sberbank, VTB Bank, and Tinkoff Bank between June 2023 and January 2025, according to the Justice Department’s press release.

His operations allegedly helped Russian customers acquire sensitive U.S. technology and nuclear materials while evading international sanctions.

The defendant faces severe penalties, with each bank fraud count carrying a maximum 30-year prison sentence and additional charges punishable by up to 20 years imprisonment.

“How to know if there is an investigation against you”

The case points to mounting concerns among national security officials about how crypto infrastructure is being weaponized to undermine sanctions designed to cripple Russia’s war economy in Ukraine.

Gugnin is accused of moving approximately $530 million through U.S. banks and crypto exchanges, primarily using the stablecoin Tether (USDT).

The indictment claims he repeatedly deceived financial institutions, falsely asserting that Evita “did not conduct business with entities in Russia and did not deal with sanctioned entities.”

However, prosecutors say he maintained personal accounts at sanctioned Russian banks JSC Alfa-Bank and Sberbank while residing in the United States.

The scheme reportedly involved foreign customers sending Gugnin crypto, which he then laundered through wallets and U.S. bank accounts, converting to dollars and making payments via Manhattan banks on their behalf.

Prosecutors say Gugnin facilitated payments for export-controlled U.S. tech servers and laundered funds for Rosatom, Russia’s state nuclear company, allegedly “whiting out” Russian customer details on invoices to conceal the activities.

Court documents reveal he conducted internet searches for terms including, “how to know if there is an investigation against you,” “money laundering penalties US,” and “penalties for sanctions violations EU luxury goods,” the press release said.

Crypto and sanctions

The Gugnin case represents the latest in an sweeping series of U.S. actions targeting Russian cryptocurrency operations that processed billions in illicit transactions.

“Since the 2022 invasion of Ukraine, the international community has deployed a broad range of financial sanctions against Russia, severely limiting its access to the traditional financial system,” Chengyi Ong, Head of APAC Policy at Chainalysis, told Decrypt. “As an alternative payment channel, cryptocurrency has been used—and will likely continue to serve—as a tool to sidestep sanctions.”

Sanctioned jurisdictions received $15.8 billion in crypto in 2024, accounting for about 39% of all illicit crypto transactions globally, according to a February report by blockchain analytics firm Chainalysis.

Ong noted that Russia’s 2023 legalization of crypto for international payments reflected this shift, though traditional evasion tactics like shell companies remain common.

And for her, blockchain’s inherent transparency provides a crucial advantage in combating such schemes.

“Improved compliance programs supported by blockchain analysis have contributed to a measurable decline in exchange interactions with sanctioned entities, demonstrating the effectiveness of data-driven de-risking strategies,” Ong said.

Recent enforcement actions have shut down multiple Russian-linked crypto platforms, including 47 Russian-language no-KYC exchanges seized by German police in “Operation Final Exchange” and Russia-based Cryptex, which processed over $5.88 billion since 2018.

In March, international agencies seized the sanctioned Russian exchange Garantex, which had handled over $100 billion in transactions and accounted for 82% of all crypto volumes associated with sanctioned entities at its peak, according to Chainalysis data.

Blockchain intelligence firm TRM Labs recently concluded that newly-launched exchange Grinex is likely a rebrand of Garantex, with the new platform onboarding former Garantex users and redistributing their assets through ruble-pegged stablecoin A7A5.

“The broader issue here is that rebranding has become a familiar tactic for sanctioned crypto entities,” Andrew Fierman, Head of National Security Intelligence at Chainalysis, then told Decrypt.

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Russian Crypto Founder Charged Laundering $530M Into US
Crypto Trends

Russian Crypto Founder Charged Laundering $530M Into US

by admin June 10, 2025



A crypto founder has been arrested in New York for allegedly using his crypto firm, Evita Pay, to funnel around $530 million into the US from sanctioned Russian banks to help Russians access highly sensitive American technology.

Iurii Gugnin was hit with a 22-count indictment and will face charges related to wire and bank fraud, money laundering and operating an unlicensed money transmitting business, among others, the US Department of Justice said on Monday. 

If convicted, Gugnin could spend life behind bars. It’s the latest case involving the use of crypto to attempt to bypass sanctions and launder funds.

Source: Inner City Press

The DOJ alleges that Gugnin operated a sprawling money laundering scheme from June 2023 to January 2025, processing stablecoin Tether (USDT) transactions on behalf of Russian clients tied to blacklisted banks like Sberbank, VTB, Sovcombank and Tinkoff.

According to John A. Eisenberg, assistant attorney general for national security, Gugnin turned his crypto company into a “covert pipeline for dirty money,” moving around $530 million through the US financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive American technologies:

“The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.”

Gugnin allegedly lied to US banks about Evita’s Russian ties, manipulated invoices to hide client identities and ignored Anti-Money Laundering rules despite registering Evita Pay as a money transmitting business in Florida using false statements, the DOJ said.

Iurii Gugnin’s LinkedIn profile. Source: LinkedIn

Cointelegraph reached out to Evita Pay for comment but didn’t receive an immediate response.

Crypto founder suspected he was under investigation

Gugnin also allegedly conducted web searches like: “Am I being investigated” and “signs you may be under criminal investigation,” according to the DOJ, which claims those searches signaled an awareness that he was breaking the law.

Related: Tether USDT stablecoin seen on Bolivian store price tags

“What are the best ways to find out if you’re being investigated and what can someone do when they think they might be under investigation,” Gugnin also allegedly searched on the web.

Gugnin faces life in prison

Gugnin faces up to 30 years in prison for each count of bank fraud, a maximum of 20 years for each wire fraud count, and up to 10 years for failing to implement an effective Anti-Money Laundering program and failure to file suspicious activity reports.

The crypto founder could receive up to five years in prison for conspiracy to defraud the US.

Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin



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June 10, 2025 0 comments
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Australia Charges Four Over $123M Crypto Money Laundering Ring

by admin June 9, 2025



In brief

  • Australian police have dismantled a $123 million Queensland money laundering ring that allegedly funneled illicit cash into crypto.
  • Raids across Brisbane and the Gold Coast uncovered $170,000 in crypto, physical cash, luxury properties, and encrypted devices.
  • The AFP’s asset seizure taskforce restrained over $110 million in the past year, with crypto playing a key role in multiple cases.

Australian police have charged four over their alleged involvement in a Queensland-based money laundering network that is accused of moving $123 million in illicit cash into crypto.

On June 5–6, the Australian Federal Police (AFP)‑led Criminal Assets Confiscation Taskforce (CACT), alongside the Queensland Joint Organised Crime Taskforce (QJOCTF) and other agencies, executed 14 targeted raids across Brisbane and the Gold Coast following an 18-month federal investigation, according to a Monday statement from the Australian Taxation Office.

Investigators uncovered crypto estimated at $110,370, along with $30,000 in physical cash, encrypted devices, business documents, vehicles, properties, and bank accounts.

Authorities allege the scheme funneled drug money and criminal proceeds through a Gold Coast security company that offered armored transport services, then washed the funds using shell businesses, classic car sales, and crypto exchanges.

The company is accused of converting massive volumes of physical cash into crypto to obscure its origins.

‘We allege this organisation intentionally concealed and disguised the source, value and nature of their illicit money, and distanced themselves from the funds to try to avoid getting caught by authorities,” said AFP Detective Superintendent Adrian Telfer in a Monday statement.

A 32-year-old man from Heathwood in Brisbane, accused of laundering $6.16 million over 15 months, has been remanded in custody and is appearing in court today.

Authorities claim he used a sales promotion company, registered in his wife’s name as a “straw director,” to receive funds from the security company.

The company’s director and general manager, both from Maudsland, were granted bail after being charged with dealing in proceeds of general crime worth over $6.4 million.

A 58-year-old West End man, linked to a classic car dealership accused of washing $4.1 million, also faces multiple money laundering charges.

Crypto and money laundering

The case shows how crypto is increasingly used to hide illicit funds, with Australian authorities warning it’s a favored tool for organized crime.

CACT has restrained over $110 million in assets in the past year, much of it crypto-related, bringing total seizures since 2019 to $1.2 billion.

In July 2024, the AFP-led CACT restrained $333,779 in crypto as part of a $10.1 million asset seizure in the Gold Coast money laundering case.

The restrained assets also included seven properties worth $8.4 million, $1.12 million in cash, and over $76,000 held across multiple bank accounts.

Last month, a Queensland man forfeited a $2.9 million portfolio, including a waterfront mansion and nearly 25 BTC, after AUSTRAC, Australia’s financial intelligence agency, flagged suspicious activity linked to a 2013 crypto theft.

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June 9, 2025 0 comments
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Man Gets Six Years for Laundering $1M into Bitcoin for Scammers and Drug Dealers

by admin May 23, 2025



A man who converted cash into Bitcoin for scammers and a drug dealer has been sentenced to six years behind bars.

Trung Nguyen of Danvers, Massachusetts ran an unlicensed, “no questions asked” money transmitting business called National Vending, according to a statement released by the U.S. Justice Department.

More than $1 million was converted into crypto over a three-year period, with Nguyen receiving a fee in exchange.

The 48-year-old was convicted of accepting $250,000 in cash from a man who identified himself as a meth dealer—and $445,000 from romance scam victims who had been duped into sending BTC to con artists overseas.

Ngyuen also took steps to cover his tracks, telling banks and crypto exchanges that his company was actually a vending machine business.

Encrypted messaging apps were used to communicate with customers, while BTC transactions were obfuscated, making it harder to track the flow of funds.

When making larger cash deposits of more than $10,000, the funds would be broken down into smaller chunks over several days, or split between banks.

He even enrolled in a course so he could learn how to conceal his business, in which he was told to “develop a cover story,” generate a fictitious list of suppliers, and never say the word “Bitcoin.”

Judge Richard G. Sterns ordered Nguyen to forfeit $1.5 million, and ordered him to serve three years of supervised release following his jail term.

When Nguyen was convicted following a five-day trial last November, Acting U.S. Attorney Joshua Levy had a message for money launderers: Bitcoin won’t allow you to clean dirty funds anonymously.

“This defendant’s ‘no questions asked’ money laundering operation allowed a known drug dealer to turn their dirty cash into more deadly meth to pump onto our streets and it allowed scammers to swindle vulnerable victims out of their hard-earned savings,” Levy said.

National Vending was in operation between September 2017 and October 2020, but it lacked anti-money laundering checks and wasn’t registered with the Financial Crimes Enforcement Network.

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