🚨 $2B Crypto Fraud: Scammers Busted!
Plus: 😱 Binance Money Laundering, Chinese Police Arrests 21.
Gm Folks, Hold on tight. Today we’re diving into a tale of deceit, crime, and epic takedowns in the murky waters of the crypto underworld, where secrets are hidden and connections run deep.
This is CoinBasics back with another blockbuster from the world of crypto crime!
Here’s what we got for you today :
Just 7 Months In Jail for $2B Fraud 🏛️🔒
Advcash & Laundering ?🕵️♀️🔍
Chinese Arrests: $55 million USDT Laundering 💰🚨
So Sit Back, Relax & Get Ready for an exhilarating ride 🍿🎥 : Let’s Get Into It, Shall we?
Thodex Chief's $2B Courtroom Drama 🔒 🏛️
The Thodex circus continues with its founder and CEO, Farouk Fatih Özer, taking center stage in a courtroom showdown! 🎭💥
Özer and his crew are tangled in a high-stakes court case involving alleged fraud, money laundering, and running a crime ring through Thodex.
It's like watching a thriller movie play out in the crypto world! 🍿🎬
Özer received a seven-month jail sentence for tax evasion after failing to submit documents to Turkey's tax board. But that's not all, my friends! let's rewind a bit!
Back in 2021, Özer made a grand exit to Albania with a whopping $2 billion in customer funds, leaving everyone scratching their heads and crying foul play.
But lo and behold, he was apprehended in August 2022 after an Interpol red notice and brought back to Turkey in April. 🚓
Fast forward to his first court appearance, and Özer goes all-in with a poker face, denying all charges and claiming he was framed.
"My company was hacked," he pleads, as if he's playing a game of Crypto Clue. 🔍
The prosecutor aimed for a heavier sentence, but it got chiseled down to seven months and 15 days, thanks to Özer's silver tongue and some nifty social relations.
Who knew charm could save your bacon in a courtroom 💼, eh? 😏
But wait, there's more! Özer's sister, Serep Özer, gets her moment in the spotlight too!
He insists she didn't have a say in the Thodex shenanigans, leaving us all wondering if she's an innocent sidekick or a cunning accomplice. 🧐
Meanwhile, Thodex is dancing to a different tune, fervently denying all allegations and claiming they were the ones victimized.
This saga has more plot twists than a telenovela! 📺
We can't wait to see how this thrilling courtroom spectacle unfolds.
Buckle up, Folks! Cause Next up is a stunning operation. It's time for a deep dive into the enigmatic world of Advcash and its mysterious dealings with some of the biggest names in the crypto game! 🌊
Advcash: A Shadowy Web of Intrigue in the Crypto World! 🔍🌐
When it comes to money laundering suspicions, Advcash is no stranger to the spotlight.
This lesser-known payments processor has raised eyebrows, with 21 major exchanges, including Binance, Huobi, Kucoin, OKex, and Kraken, listed as its partners.
Well, well, well, looks like Advcash is rubbing shoulders with some of the biggest players in the game!
But wait, there's more!
Advcash isn't just hobnobbing with global names; it also caters to the heavyweight champions of Eastern Europe, like EXMO and WhiteBit. Iykyk…
These folks have got some fancy footwork, continuing to offer services in hryvnia despite being barred by the National Bank of Ukraine.
Talk about defying gravity!
The mastermind behind the curtain is Advcash's official CEO, Yaacov Bitton. 🎭
Despite claiming not to operate in the US, his roots trace back to the suburbs of Columbus, Ohio, and he's no stranger to the finance game.
With a check cashing and payday loan background, Bitton knows the ins and outs of moving money.
But the plot thickens!
A network of associated corporate registrations emerges, adding to the aura of mystery surrounding Advcash.
From the UK to the US, with a stopover in Gibraltar, this web of intrigue spans the globe! 🌍🕸️
So, what does Advcash actually do?
Besides running in hacker forums, offering verified accounts for sale like hotcakes, Advcash plays the role of the magician, making transactions disappear with no public ledger in sight! 🎩
And guess what?
Advcash goes above and beyond, offering cash deposits at undisclosed locations across various regions.
No ID? No problem! Just throw $20,000 into the pot and let the magic happen! 💨
But, hold your horses folks!
The waters run even deeper in Russia and the former USSR, where payment providers don't care who they serve, no questions asked.
Anonymity is their game, and they're pros at slipping through the cracks!
The crypto world has seen this dance before, my friends. Remember Crypto Capital Corp, the notorious processor for Bitfinex and drug cartels? Yep, that ended in tears, just like a soap opera!
So, what's the bottom line, you ask?
Crypto companies, beware! It's high time to clean up the act and stop dancing with the shadows.
The crypto industry can't afford to tango with murky payment processors any longer. Let's shed some light on the darkness and show the world that web3 means business!
Scammers Busted: Justice Prevails! 🚨
Chinese police nabbed 21 People for Laundering a jaw-dropping $55 million worth of USDT💰
Talk about a money laundering masterpiece! 💦
The ingenious scheme involved purchasing USDT at a bargain and then cashing out through WeChat groups, helping notorious individuals clean their dirty money. 🕵️
But guess what?
The long arm of the law caught up with them!
Chinese authorities tracked down these miscreants in six cities across four provinces, and with the force of 50 officers forming three arrest teams, the culprits had nowhere to hide! 🔍
The dramatic arrests saw more than 40 mobile phones seized, along with a cool 200,000 yuan in cash ($28,000) and 1 million yuan in USDT ($140,000). 📱💵
The suspects spilled the beans during interrogation, revealing the shocking truth of their Tether-fueled money laundering operation.
It's a cautionary tale of crime and consequences that leaves us in awe! 😱
Meanwhile, in the US, another crypto swindler got his comeuppance!
UAE-based Nigerian influencer, found himself in hot water after scamming US businesses a whopping $8 million! 🌡️
The fraudster's sneaky tricks involved phishing links and money mules, turning stolen funds into bitcoin to fund his lavish lifestyle.
Luxury cars like a Rolls Royce Cullinan and Lamborghini Urus were just the beginning for this extravagant crook!
But, dear reader, justice prevailed! 💼
The law caught up with Mr. Woodbery and his crew, and the scammers were forced to surrender their ill-gotten gains.
Over 151 bitcoin ($4.5 million) was forfeited, and those flashy cars and dazzling watches? Confiscated! ⌚🏎️💨
Let's not forget the chilling twist in this criminal saga! 'Mr. Woodbery's' partner-in-crime, "Hushpuppi," was also busted and sentenced to more than 11 years in prison.
This dynamic duo attempted to siphon $100 million from a football club and even got cozy with North Korea for money laundering shenanigans! 😈
The epic showdown concludes with 'Mr. Woodbery' receiving a hard-hitting sentence of eight years and four months in prison, along with a whopping $8.03 million restitution to his victims.
Justice served! 🤝
It's a thrilling saga of crime and punishment that leaves us all wondering: will crypto criminals ever learn their lesson?
It's a battle royale of accusations, finger-pointing, and high-stakes drama that has the crypto world buzzing!
Stay vigilant, Stay Tuned!
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research