Bitcoin News Today: Privacy Coins' Anonymity Foiled: Prosecutors Trace $7.9M Dark Web Drug Laundering
- Manhattan prosecutors secured convictions in a $7.9M dark web drug case involving Bitcoin and Monero laundering by FireBunnyUSA (2019-2022). - The network shipped 10,000+ narcotics packages, using Monero's privacy features to obscure transactions before re-converting funds via exchanges. - Prosecutors highlighted $3.1M laundered via crypto exchanges and $2.4M converted to yuan overseas, underscoring blockchain's dual-edged role in crime and finance. - Monero's rising market cap ($6.1B) and 4.34% weekly g
Manhattan prosecutors have achieved convictions in a prominent dark web narcotics case, where a group funneled $7.9 million using cryptocurrencies such as
This case highlights both the benefits and risks of blockchain technology, which can support secure finance but also facilitate illegal schemes. Manhattan District Attorney’s Office investigators made 11 covert purchases, resulting in the capture of five suspects, including leader Nan Wu, who was sentenced to at least 6.5 years in prison. Prosecutors noted the operation’s complexity, with $3.1 million laundered via crypto exchanges and another $2.4 million transferred into Chinese yuan overseas, according to the report.
The increasing use of privacy coins like Monero has attracted fresh attention as their market influence grows. Monero (XMR) recently overtook
Andrew Fierman, who leads national security intelligence at Chainalysis, remarked that privacy coins are still a minor player in large-scale illegal finance. “The majority of criminal transactions continue to use mainstream cryptocurrencies like Bitcoin,” he explained, noting that privacy coins are difficult to convert to cash since major exchanges have removed them. The Manhattan prosecution reflects broader global patterns, such as Operation RapTor’s $200 million crypto confiscation and India’s crackdown on a Monero-based LSD ring.
The FireBunnyUSA verdict also points to the Federal Reserve’s expanding involvement in crypto regulation. Recent indications from the Fed about considering payment accounts for crypto businesses have caused market swings, with Bitcoin climbing to $112,000 as traders anticipate clearer rules, according to
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. and Singapore Courts Work Together to Freeze Illicit Crypto Assets in Landmark Case
- A U.S. bankruptcy judge extended a freeze on $63M in stolen USDC linked to the 2023 Multichain hack, supporting Singapore's cross-border liquidation efforts. - The order under U.S. Bankruptcy Code Section 1519 aims to preserve assets pending recognition of Singapore's foreign insolvency proceedings in U.S. courts. - Circle's smart contract freeze paused a U.S. class-action lawsuit, highlighting coordinated efforts to recover funds from the $210M hack. - The case tests international judicial collaboration
Bitcoin News Update: Halting QT Fails to Save Crypto as Federal Reserve Uncertainty and High Leverage Cause $150M in Liquidations
- Bitcoin and altcoins fell on October 30, 2025, as leveraged positions unwound amid Fed policy shifts and geopolitical uncertainty, with BTC dropping 0.68% to $109,295. - Fed's QT halt and delayed 2026 rate cuts fueled $150M crypto liquidations, while institutions rebalanced portfolios toward Bitcoin ahead of its 2026 halving. - Trump-Xi trade optimism failed to sustain crypto gains, as markets grappled with U.S. government shutdown risks and CME Group's $3B Solana/XRP futures signaled institutional confi
Axis Capital's Expansion Strategy: Will Their Approach Surpass Sector Challenges?
- Axis Capital reported 10% YOY premium growth ($2.1B) and 20% EPS rise in Q3 2025, driven by strategic partnerships and underwriting discipline. - Expanded collaboration with Ryan Specialty Group aims to unlock double-digit insurance segment growth through shared distribution channels and aligned incentives. - $150M tech overhaul boosts operational efficiency, while $110M share buybacks reflect capital allocation priorities over short-term returns. - Cyber insurance pricing pressures and ransomware risks,
Institutions Invest $100K in MUTM's Presale Amid the Emergence of DeFi 2.0
- Mutuum Finance (MUTM) raised $18M in presale, attracting 17,500 holders and institutional investments exceeding $100K/day. - Its dual P2C/P2P lending model, CertiK audit, and $50K bug bounty differentiate it in DeFi 2.0's competitive landscape. - Projected 21x ROI through buy-and-distribute mechanisms positions MUTM as a top 2025 crypto contender with scalable infrastructure. - Phased presale pricing (Phase 6 at $0.035) creates urgency, with early $5K investments potentially growing to $100K post-launch.
Trending news
MoreCrypto prices
More
