Czech Republic convicts and Swiss Bank Fined: April’s roundup of cryptocurrency crimes

Prosecutors are cracking down on crypto mixers, an unexpected development given that the one-time CEO would have been involved in hiring them initially. The Terraform Labs co-founder fled after two cryptocurrencies collapsed, leading to a $40 billion loss in the market. He was apprehended in Montenegro last year with a fake passport while attempting to fly to Dubai.

Legal hurdles have prevented his extradition thus far. Other arrests and convictions are also being reported. The founder was portrayed by prosecutors as a “conman” who deceived victims by feigning success on Instagram and squandered his ill-gotten gains on gambling.

This case highlights concerns that such tools are being abused for money laundering and sanctions evasion. If convicted, the co-founder could face a 20-year prison sentence. A victim known as “Sell By Over” on X shared their experience, warning others to be cautious about inputting seeds and to wipe their entire PC if something seems suspicious.

There have also been numerous high-profile social media hacks, with one perpetrator allegedly uploading a selfie to a celebrity’s account.

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