Illicit crypto transactions exceeded $51 billion in 2024, with stablecoins now accounting for 63% of these activities, surpassing Bitcoin for the third consecutive year. Cybercriminals are increasingly using stablecoins and privacy-focused assets to evade detection, while ransomware payments have dropped by 35% as tactics diversify. The rise of AI-driven fraud and market manipulation schemes, including wash trading, poses ongoing challenges for regulators and law enforcement.
about Cybercriminals Shift to Stablecoins as Illicit Crypto Transactions Surge in 2024Celestica Inc.
0 in Finance and 0 in Crypto last weekUAE Crypto Firm Pleads Guilty to Wash Trading Scheme Involving US Token
A UAE crypto services firm, CLS Global, will plead guilty to charges of wash trading involving a token created by U.S. law enforcement during an undercover operation. The firm admitted to artificially inflating trading volume to attract investors and will pay $428,059 while being banned from U.S. crypto markets.
about UAE Crypto Firm Pleads Guilty to Wash Trading Scheme Involving US TokenCLS Global pleads guilty to wash trading on Uniswap platform
CLS Global has pleaded guilty to wash trading on Uniswap, resulting in a $428,059 fine and restrictions on trading with American investors. This follows an FBI investigation, “Operation Token Mirrors,” aimed at exposing market manipulation tactics. Meanwhile, Ripple is partnering with the DIFC Innovation Hub to promote blockchain adoption in the UAE, connecting developers with a vast innovation ecosystem.
about CLS Global pleads guilty to wash trading on Uniswap platformCLS Global Pleads Guilty to Wash Trading on Uniswap Following FBI Investigation
CLS Global, a Dubai-based crypto market maker, has admitted to wash trading on Uniswap and will plead guilty to market manipulation and wire fraud charges following an FBI sting operation. The firm will pay over $428,000 in penalties and be banned from offering services to U.S. investors.The investigation revealed that CLS Global engaged in self-trading to create the illusion of market activity for a fake digital currency, NexFundAI, set up by the FBI. This case marks a significant legal action against financial services firms for market manipulation in the crypto industry, with the SEC also pursuing civil charges against CLS Global.
about CLS Global Pleads Guilty to Wash Trading on Uniswap Following FBI InvestigationUAE Crypto Firm Admits to Wash Trading in FBI Sting Operation
A UAE-based crypto firm, CLS Global, has admitted to conducting a wash trading scheme on Uniswap, generating millions in fake trading volume. Following an FBI sting operation, the company is set to plead guilty to market manipulation and wire fraud, facing penalties exceeding $428,000 and exclusion from U.S. crypto markets. The operation, which involved sophisticated algorithms to create artificial market activity, marked a significant crackdown on fraudulent practices in the crypto industry.
about UAE Crypto Firm Admits to Wash Trading in FBI Sting Operation