Whereas the U.S. greenback has soared in worth in opposition to a basket of worldwide fiat currencies, Russia’s ruble climbed 4.5% in opposition to the dollar this week. Through the first week of September, Russia advised the press China would pay for pure gasoline with rubles and yuan. Furthermore, Switzerland’s imports of Russian gold reached a excessive not seen since April 2020.
The Buck Is Hovering, however Russia’s Ruble Is Additionally Rising Larger
This week the U.S. Greenback Forex Index (DXY) skyrocketed to new heights leaving a large number of fiat currencies worldwide badly bruised. As an illustration, two days in the past, the European Union’s euro tapped a 20-year low in opposition to the U.S. greenback dropping to $0.973 on Friday.
Presently, the euro is even decrease at $0.9690, and it’s down 2.82% in opposition to the dollar through the previous 30 days. 30-day statistics point out the yen is down 4.72%, the sterling pound shed 8.17%, and the Canadian greenback misplaced 4.78%. The Chinese language yuan breached a 7:1 change fee in opposition to the U.S. greenback for the primary time in two years.
After the ruble climbed 4.5% in opposition to the USD, the Russian forex slid to 56.87 per greenback following the climb.
Nonetheless, Russia’s native fiat forex the ruble has been extra resilient this 12 months, and it began to see features a month after the beginning of the Ukraine-Russia battle. Towards the top of June, Russia’s ruble tapped a seven-year excessive in opposition to the U.S. greenback, and on the time economists mentioned “don’t ignore the [ruble’s] change fee.”
This Friday, whereas America’s native fiat forex climbed to new heights in opposition to numerous currencies worldwide, the ruble climbed 4.5% in opposition to the USD. The ruble managed to do that whereas the DXY breached a 20-year excessive following the Federal Reserve’s latest fee hike. The rising ruble follows Russian president Vladimir Putin explaining earlier this week that he vows to make use of “all means accessible” to win the battle with Ukraine.
China Pays for Fuel With Rubles, Swiss Purchases 5.7 Tons of Russian Gold in August, Analyst Says Ruble Withdrawals Have Pushed the Forex Larger
There have been additionally hints of nuclear retaliation from the Russian president, and he detailed he was mobilizing extra troops. Moreover, Reuters reported through the first week of September that China could be buying gasoline from Russia with rubles and yuan funds.
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Gazprom CEO Alexei Miller advised the press on the time that China paying in rubles and yuan somewhat than {dollars} was “mutually helpful” for each companions. Moreover, studies point out that the Swiss Federal Customs Administration revealed Switzerland imported 5.7 tons of Russia’s gold reserves in August. The stash was value roughly $324 million, and the Swiss haven’t bought a cache that dimension in over two years.
The nation’s customs division, nevertheless, claims that the Russian gold initially stemmed from Britain, and it additional harassed that no monetary sanctions have been violated. Switzerland absolutely denied breaking any sanctions and mentioned the 5.7 tons of bullion was initially shipped from the U.Okay. again in Might.
Whereas the ruble’s change fee in opposition to the dollar has dropped a hair, it stays at 56.87 per greenback, on the time of writing on Sunday, September 25, 2022. Whereas 30-day stats present the euro is at the moment down 2.82% in opposition to the U.S. greenback, the Russian ruble is up 4.32% this month.
Investing.com’s Geoffrey Smith says the surge for money derived from Russians withdrawing huge quantities of cash from their financial savings accounts. Smith additional claims “Russians emptied their financial savings accounts within the wake of Wednesday’s mobilization name by President Vladimir Putin.”
He famous, nevertheless, that the surge in Friday’s ruble withdrawals was not practically as giant because the ruble withdrawals recorded final February. “The rise in demand for rubles led to a squeeze in interbank ruble charges, pushing the forex up in a market,” Smith wrote on Friday.
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Jamie Redman
Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at present.
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Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.
Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.
While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.
The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.
James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.
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“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”
A federal grand jury in Georgia recently indicted three Russian nationals for their involvement in running illegal cryptocurrency mixer services that helped criminals launder money. The indictment, announced on January 7, 2025, involves Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachslavovich Tarasov. These individuals are accused of operating two online services called Blender.io and Sinbad.io, which helped criminals hide the source of their illegal funds.
A cryptocurrency mixer is a tool used to mix cryptocurrencies like Bitcoin, making it harder for authorities to trace the origin of digital money. These services are attractive to criminals involved in activities such as ransomware attacks and fraud, as they allow them to send funds anonymously.
Ostapenko and Oleynik were arrested in December 2024, while Tarasov is still on the run. The three men face serious charges related to money laundering and operating unlicensed financial businesses. If convicted, they could face up to 20 years in prison for laundering money and up to five years for running an unlicensed business. The indictment follows the earlier shutdown of the Sinbad.io service after it was seized by law enforcement in 2023.
The Role of Blender.io and Sinbad.io
Blender.io and Sinbad.io were both cryptocurrency mixers, meaning they offered a way to send digital money anonymously. For a fee, these services allowed criminals to send their funds without revealing where the money came from. This feature made these mixers attractive to those who wanted to hide stolen funds or profits from illegal activities, such as ransomware attacks, fraud, and even theft of virtual currencies.
Extradited for Fraud: Do Kwon Faces Justice After $40B Crypto Crash
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Blender.io operated from 2018 to 2022 and was known for its promise of anonymity. It advertised a “No Logs Policy,” meaning it claimed to have no records of transactions. The site also reassured users that no personal details were needed to use the service. This allowed criminals to send and receive Bitcoin without leaving a trace of their identity.
After Blender.io was shut down in 2022, the defendants launched Sinbad.io, which offered similar services. This service continued until law enforcement authorities took it down in November 2023, marking a significant victory in the fight against cybercrime. The shutdowns of both services were the result of coordinated efforts by authorities from several countries, including the U.S., the Netherlands, Finland, and Australia.
Both Blender.io and Sinbad.io were not only used by ordinary criminals but were also linked to state-sponsored hacking groups. For instance, Blender.io was used by North Korean hackers to launder funds stolen through cyberattacks. Similarly, Sinbad.io had connections to cybercriminals who targeted businesses and individuals. These cryptocurrency mixers served as a vital tool in helping these criminals profit from their illegal activities, making it harder for authorities to trace the stolen money back to its original source.
Crypto-currency Scam Wipes Out $425,000 from Ohio Man’s Retirement Fund
International Cooperation in Combating Cybercrime
The investigation into Blender.io and Sinbad.io showcases the power of international cooperation in tackling cybercrime. The indictment was made possible by the joint efforts of law enforcement agencies from different countries, including the U.S. Department of Justice, the FBI, the Netherlands’ Financial Intelligence Service, and Finland’s National Bureau of Investigation. Their collaboration helped track down the operators of these illegal services and ultimately led to their takedown.
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In addition to the U.S. authorities, international agencies like the Australian Federal Police and Finland’s National Bureau of Investigation played key roles in the investigation. Their contributions were essential in identifying the people responsible for running these cryptocurrency mixers and disrupting their illegal activities.
The importance of international cooperation cannot be overstated. Cybercrime often crosses national borders, and without the efforts of multiple countries working together, it would be much harder to stop these crimes. The arrests of Ostapenko and Oleynik, along with the ongoing search for Tarasov, send a strong message to cybercriminals around the world: law enforcement agencies are committed to identifying and holding accountable those who operate illicit financial networks.
This case highlights how dangerous these cryptocurrency mixers can be in enabling serious criminal activities. By breaking down these networks, authorities are making it harder for criminals to profit from their wrongdoing, while also protecting public safety and national security.
To read the original order please visit DOJ website
A Wisconsin congressman will head the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
Bryan Steil, a Republican representing the 1st Congressional District in southeast Wisconsin, was appointed to the role Thursday.
His subcommittee’s jurisdiction includes things like mobile banking and non-fungible tokens, or NFTs. It’ll also be the first stop for legislation on cryptocurrency.
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Digital currencies have a murky federal regulatory status. That allowed President Joe Biden’s Securities and Exchange Commission Chair Gary Gensler to go after the crypto industry.
The industry responded by spending over $130 million in 2024’s election cycle through its PAC, Fairshake.
It spent $764,206 to independently help re-elect Steil, according to campaign finance database OpenSecrets.
In a statement, Steil said “technologies like financial apps, digital assets, and machine learning revolutionize our economy,” adding that he looks forward to continuing “to provide the rules of the road to move our economy into the future.”
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Steil was appointed to his new role by House Financial Services Chair French Hill, R-Arkansas. Hill’s top campaign contributors include the CEOs of the crypto exchange platform Coinbase and the Charles Schwab Corporation.
One of his legislative priorities has been a bill that would set up clearer, crypto-friendly federal financial regulations, which passed the House with bipartisan support in May. He called Steil “instrumental” in passing that bill, and in overturning an SEC rule requiring crypto exchanges to list their digital assets as liabilities on their balance sheets.
Now, the Janesville native will oversee hearings and votes on new crypto-related legislation.
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