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Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

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Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#3

Post by pjc50 »

danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

The whole business is full of one-way bets where you either escape with the money or go bankrupt/get arrested. I think they may have assumed that law enforcement in Bulgaria was not sophisticated enough to be interested in them.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#4

Post by 323 »

danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

> A report by public broadcaster Bulgarian National Television earlier in the day claimed that the investigation was also looking into breaches of international sanctions imposed on Russia.

There are a lot of Russians which use Bulgaria as an EU base.

The infamous BTC-e exchange was also in Bulgaria and operated by Russians, and engaged in wide-scale money laundering.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#5

Post by louwrentius »

> She said that investigators had proof that a Nexo client, who used the company’s platform to transfer cryptocurrencies, was a person officially designated as financing terrorism, but gave no further details.

All crypto is some form of crime, money laundering, evading sanctions, funding terrorism, or just a ponzi scheme, it's just different sides of the same thing.

I wish this space would totally collapse. Maybe if Tether (which is totally insolvent) collapses the whole space just dies.

That would make the world a better place.

Yes, it's true: the dollar or any other currency can be used for nefarious purposes as well, but that's why we have so much financial regulations and oversight (which should be better). And most of all, the upsides of regular currency (if you can call crypto a currency at all) is that it's the foundation of our societies.

I just want to see all crypto die in a fire. The profound negative impact crypto has had on our world with zero benefits makes me so sad.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#6

Post by phoronixrly »

pjc50 wrote: post #3
danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

The whole business is full of one-way bets where you either escape with the money or go bankrupt/get arrested. I think they may have assumed that law enforcement in Bulgaria was not sophisticated enough to be interested in them.

> I think they may have assumed that law enforcement in Bulgaria was not sophisticated enough to be interested in them.

It's not. This was an international op or with foreign intelligence tips/pressure to act. BG law enforcement was at best oblivious, at worst -- on payroll.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#7

Post by sofixa »

323 wrote: post #4
danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

> A report by public broadcaster Bulgarian National Television earlier in the day claimed that the investigation was also looking into breaches of international sanctions imposed on Russia. There are a lot of Russians which use Bulgaria as an EU base. The infamous BTC-e exchange was also in Bulgaria and operated by Russians, and engaged in wide-scale money laundering.

In this case it's reportedly only Bulgarians:

> Mileva said that the people under investigation were Bulgarian nationals and the company, which she repeatedly described as a “cryptobank”, was operating primarily from Bulgaria.

However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), so your point generally stands.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#8

Post by aliqot »

danuker wrote: post #2

Yield products without a banking license, "proof that a Nexo client [...] was a person officially designated as financing terrorism". You'd think crypto exchanges would be more cautious, given the controversial nature of their business.

You'd think exchanges would stop being centralized and manned operations with addresses.
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