Binance Credited With Helping Take Down Ukraine Crypto Laundering Group
Binance began pouring more resources into its data analysis and laundering detection capabilities earlier this year.
Ukraine, Russia and Venezuela are the top three countries by crypto adoption in the world, according to Chainalysis.
Former Bitsonar employee Yaroslav Shtadchenko has filed an FBI complaint accusing the crypto investment firm of operating like a pyramid scheme.
A significant amount of cryptocurrency activities in the Eastern Europe is related to the dark market and ransomware, according to a Chainalysis report.
A whistleblower from defunct crypto firm Bitsonar has reappeared after going missing for three days, saying law enforcement faked his kidnapping and death.
The harrowing incident highlights the proliferation of risky investment schemes and dubious operators in the crypto industry, but also blockchain technology’s potential to help track missing funds.