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In focus
- How crypto exchanges earned fees from illicit transactions while being monitored by the government
- A look at SEA’s busiest investors in the hottest sector: AI
- Peter Thiel says so long and good riddance to Nvidia stake
Hello reader,
It’s been over three years since the Terra Luna crash, the crypto collapse that started a chain reaction that seemed to engulf the entire crypto industry in 2022.
Since then, we’ve had major reforms, financial institutions have been brought in line, and we’ve finally reached the level of transparency that crypto shills have been promising for years.
Yeah, right.
Most countries have done nothing to bring the industry under control, and today’s Top Story, brought to you by the International Consortium of Investigative Journalists (ICIJ), highlights how dangerous the crypto landscape still is.
This story is part of the Coin Laundry, a cross-border investigation led by the ICIJ that spanned 10 months of reporting with 37 media partners, including Tech in Asia.
According to the ICIJ, major crypto exchanges were still making money from the transfer of illegal funds, even as they were being overseen by court order monitors. Money from groups labeled as “terrorists, cybercriminals, and child abusers” was still being deposited in the wallets of companies that were supposed to be implementing KYC processes.
Now, these exchanges are even pushing back on any new regulations, helped by the Trump administration, which says it wants to “make America the capital of crypto.” Hmmm, why does that sound familiar?
Scott Shuey, senior editor
Top Story
Crypto giants moved billions in illegal funds despite crackdown
Photo Credit: ICIJ
While crypto believers talk the talk with traceability and transparency, this ICIJ investigation shows technical visibility does not translate into timely prevention or accountability.
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