Geist Finance Shuts Down After $29M Multichain Exploit

Geist Finance Shuts Down Permanently After Multichain Exploit

According to a study by SmartSearch, over a quarter (28%) of cryptocurrency firms have observed an increase in Suspicious Activity Reports (SARs) over the past six months, indicating a surge in dirty money entering the crypto industry. These reports are used by financial professionals to notify law enforcement about potential cases of money laundering and terrorist financing. Cryptocurrencies are appealing to criminals due to their pseudonymous nature, ease of large-scale transactions, and limited monitoring resources of Virtual Asset Service Providers (VASPs). The study also reveals that many crypto firms are concerned about anti-money laundering (AML) violations, with 41% having identified cases of money laundering. In related news, French authorities are currently investigating Binance, the world's largest exchange, for "aggravated money laundering."