Blockchain
TRM Labs Plays Role in Malaysian Police’s Crack Down on US$2.5M Crypto Fraud
Malaysian authorities apprehended three individuals connected to a cryptocurrency fraud scheme, accused of misappropriating over US$2.5 million in digital currencies from twenty victims.
In a recent blog post, blockchain intelligence company TRM Labs claims to have supported the Royal Malaysia Police to trace the illicit activities and disrupt illicit use of virtual currencies.
The fraudsters allegedly promised victims up to a 50% return on investments but instead diverted these funds for personal use, engaging in money laundering through cryptocurrencies.
The successful identification and seizure of the stolen assets were made possible by tracking the fraud proceeds across multiple blockchain platforms, with plans to return these assets to the victims.
Datuk Seri Ramli Mohamed Yoosuf, the director of the Bukit Aman Commercial Crimes Investigation Department (CCID), shared insights into the case, noting a preference among Malaysian criminals for cryptocurrencies due to the perceived difficulty in tracing such transactions.
However, the CCID’s crypto unit has countered this challenge by employing advanced technology to track digital currency transactions, revealing that nearly 90% of cryptocurrency-related crimes are linked to investment fraud.
Between 2019 and 2023, the unit recorded 5,507 cases of crypto investment fraud, resulting in losses of approximately RM417 million (approximately US$ 90 million).
The department’s ability to trace blockchain transactions has been instrumental in solving other significant crimes, including the identification of a hacker selling personal data from government databases and the resolution of a kidnapping and murder case involving Malaysians in the Philippines.
By tracing ransom payments to a crypto wallet, Malaysian police were able to identify the perpetrators and collaborate with Philippine authorities for their apprehension.
The post TRM Labs Plays Role in Malaysian Police’s Crack Down on US$2.5M Crypto Fraud appeared first on HIPTHER Alerts.
WadzPay, a leading fintech company specialising in blockchain based technology for virtual asset payment solutions, is proud to announce its plan to enter the Stablecoin business, marking a significant expansion of its offerings. With a steadfast commitment to innovation and addressing evolving market demands, the company has strategically positioned itself to capitalise on the growing opportunities within the virtual asset financial services space.
ZettaBlock, a leading provider of blockchain solutions, has recently announced a significant enhancement to its offerings with the addition of blockchain data services. This development marks a strategic move aimed at bolstering ZettaBlock’s capabilities and further solidifying its position in the blockchain industry.
By integrating blockchain data services into its portfolio, ZettaBlock seeks to address the growing demand for comprehensive and reliable data solutions within the blockchain ecosystem. The new offering will enable clients to access a wealth of blockchain data, empowering them to make informed decisions and derive valuable insights from the vast amount of information available on various blockchain networks.
ZettaBlock’s decision to expand its services comes at a time when the importance of blockchain data analytics is increasingly recognized across industries. With blockchain technology continuing to gain traction and adoption worldwide, the ability to effectively harness and analyze blockchain data has become crucial for businesses and organizations seeking to unlock new opportunities and drive innovation.
Through its blockchain data services, ZettaBlock aims to cater to the diverse needs of its clients, providing them with access to real-time and historical data from a wide range of blockchain networks. This includes transaction data, smart contract metrics, network activity, and more, allowing users to gain deeper insights into blockchain transactions and activities.
The addition of blockchain data services represents a significant milestone for ZettaBlock, underscoring the company’s commitment to delivering cutting-edge solutions that meet the evolving needs of the blockchain industry. As businesses increasingly recognize the value of blockchain data in driving decision-making and enhancing operations, ZettaBlock’s comprehensive data services are poised to play a key role in shaping the future of blockchain analytics.
Source: cryptonewsz.com
The post ZettaBlock announces the addition of blockchain data appeared first on HIPTHER Alerts.
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