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The US Department of Justice Seizes $24 Million in Cryptocurrency from Qakbot Malware Developers

U.S. DOJ files to seize $24M in crypto from Qakbot malware developer The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint to seize over $24 million in cryptocurrency from Rustam Rafailevich Gallyamov, a Russian national accused of developing the Qakbot

A Danvers resident was convicted and sentenced for running an unregistered Bitcoin transmitting business that ignored federal anti-money laundering laws. A Danvers man was sentenced on Friday to six years in prison for running an unlicensed Bitcoin ( BTC ) money transmitting business that authorities say converted over $1 million in cash, including money linked to scammers and a drug dealer. Trung Nguyen — also known as “DCS420” — was sentenced to six years in prison, followed by three years of supervised release, and was ordered to forfeit more than $1.5 million after being convicted in November 2024 of conducting an unlicensed money transmitting business and money laundering, the U.S. Department of Justice said in a Friday press release . Nguyen owned and operated National Vending between 2017 and 2020, a business that accepted cash from customers and sent them Bitcoin in return for a fee, but he failed to register it with FinCEN or comply with anti-money laundering rules required under federal law. Prosecutors claim Nguyen knowingly concealed his operation by presenting National Vending as a vending machine business and used encrypted messaging to make tracing transactions harder. “He [Nguyen] used encrypted messaging apps to communicate with customers, using technologies that made it more difficult to trace Bitcoin transactions and breaking cash deposits of more than $10,000 into smaller cash deposits over consecutive days or at different branches of the same bank.” U.S. Attorney’s Office, District of Massachusetts Prosecutors say Nguyen accepted hundreds of thousands of dollars from individuals, including a methamphetamine dealer and victims of romance scams. In early May, Alex Mashinsky, founder of the bankrupt crypto lending platform Celsius Network, was sentenced to 12 years in prison for his role in the company’s collapse, which cost users billions of dollars. Prosecutors said Mashinsky defrauded thousands of people, many of whom lost their life savings, while stealing more than $48 million from the firm. He pleaded guilty to securities and commodities fraud.

President Javier Milei has abruptly shut down a government unit investigating his administration’s ties to the $LIBRA cryptocurrency scandal, raising new concerns about transparency and political accountability in Argentina. The special unit, formed just three months ago, was tasked with examining fraud and misconduct allegations linked to the memecoin’s rapid rise and crash, which left retail investors with an estimated $250 million in losses. Milei, who had personally promoted the coin on social media, now claims the unit completed its objectives. However, critics argue the move appears premature and politically motivated, as no public findings have been released. The Investigative Task Unit (UTI) was formed on February 19, just days after the $LIBRA token was launched on February 14. At the time, President Milei promoted the coin on social media, and hailed the coin as a private initiative to boost Argentina’s struggling economy. He encouraged investment, claiming it would support small businesses and entrepreneurs. However, within hours of Milei’s endorsement, $LIBRA surged in value before crashing by nearly 90%. Industry experts labeled the situation a “rug pull,” a scheme where developers abandon a project after collecting substantial funds. Over $4.5 billion moved through the coin, with thousands of investors blindsided by the sudden drop. Milei later distanced himself from $LIBRA, denying any involvement in its structure or operations, despite his earlier public endorsement. Related: Argentina Seeks Interpol Red Notice for LIBRA Crypto Scandal Figure Decree 332/2025, co-signed by Justice Minister Mariano Cúneo Libarona, announced the dissolution of the UTI. It stated that the unit had fulfilled its task by forwarding collected information to the Public Prosecutor’s Office. Yet, the lack of publicly available findings has raised eyebrows across the political spectrum. Notably, the decree followed pressure from lawmakers who recently established a congressional commission to independently examine the matter. Judge María Romilda Servini is now leading a parallel judicial investigation into Milei’s potential role in the scandal. Additionally, class-action lawsuits have emerged in the United States accusing the president of deceptive promotion and negligence. The Public Prosecutor’s Office has yet to release any conclusions regarding the $LIBRA affair. Furthermore, local reports suggest investigations are still active within the Anti-Corruption Office, the Central Bank, and the National Securities Commission. Related: Vitalik Buterin: Argentina Crypto Community Strong Despite Meme Coin LIBRA Crash María Florencia Zicavo, a close ally of Justice Minister Cúneo Libarona, led the now-dismantled unit. Critics argue the timing of the shutdown, amid ongoing inquiries, signals a deliberate attempt to stifle scrutiny and protect political interests. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

TechCrunch founder: Coinbase data leak may pose a threat to user safety Michael Arrington, founder of TechCrunch, said that Coinbase's recent data breach could pose a serious threat to users' personal safety. He pointed out that the leaked information included users' home addresses and account balances, which could make high-net-worth cryptocurrency holders targets for crimes such as kidnapping. Arrington stressed that regulators should re-evaluate mandatory KYC (know your customer) data collection policies and called for criminal liability for executives who failed to properly protect customer information. Former Coinbase CTO Balaji Srinivasan also pointed out that state-enforced KYC data collection may be the root cause of such risks. Coinbase previously disclosed that hackers attempted to extort $20 million in Bitcoin after overseas customer service staff were bribed to leak user data. The company refused to pay and offered a reward of the same amount to hunt down criminals, while promising to compensate affected users. The U.S. Department of Justice has launched an investigation into this. Former Coinbase CTO Balaji Srinivasan pointed out that the fundamental problem lies in the government-enforced KYC data collection system. (Decrypt)