TRM Labs

We are hiring! Join our mission and build a safer financial system at TRM!

We are hiring! Join our mission and build a safer financial system at TRM!

Earlier this year, Sharena Seay of Jacksonville, Florida pleaded guilty to money laundering charges in the Eastern District of Texas related to her laundering the proceeds of her drug trafficking operations through #cryptocurrency. This investigation was led by the U.S. Secret Service and the U.S. Postal Inspection Service with support from IRS Criminal Investigation and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. The case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation.   “This case exemplifies the Secret Service’s mission to protect the financial infrastructure of the United States” said Brad Schley, U.S. Secret Service Resident Agent in Charge of the Tyler Resident Office in a statement to TRM. “We remain determined and vigilant to combat cyber-enabled financial fraud.” The defendant distributed alpha-PVP – aka “flakka” – and other controlled substances to various customers across the United States. Customers who purchased controlled substances from Seay paid for their purchases with cash. Seay then took the cash from the drug sales and converted those funds into cryptocurrency. Seay, according to court documents, performed this financial transaction 77 times, purchasing over 80 bitcoin in exchange for over $1.2 million in cash. Seay then used the bitcoin to purchase additional drugs and repeat the cycle.  “The Department of Justice is committed to identifying and prosecuting individuals who sell dangerous narcotics in our communities and launder the proceeds. But as new technologies emerge, we must adapt,” said U.S. Attorney Damien M. Diggs in announcing the conviction. “We will follow the money through traditional financial investigations, like we always have, as well as through the use of blockchain technology.” Congratulations to Secret Service, USPIS, IRS-CI, ATF, and DOJ. TRM is proud to support law enforcement in tracking and tracing funds to build investigations and prosecute narcotics traffickers and other illcit actors.

Welcome to another ✨Weekly Roundup✨! In this edition, Ari Redbord, Isabella Chase, and Angela Ang walk us through the details of this week’s top stories: 🇪🇺 ESMA sets out five categories of smart contract 📵 UK’s NCA dismantles major phone scam scheme 🇸🇬 Singapore passes new AML bill 🇲🇾 “Malaysia has emerged as one of the top 10 crypto-friendly destinations,” says Digital Minister 🇫🇷 France now accepting applications for CASP authorization under MiCA 👮♂️ US and German authorities take down crypto wallet Cryptonator Dig into the details below 👇 and don’t forget to give us like or share if you’re enjoying the Roundup!

DataExpert and TRM Labs recently announced their expanded partnership, building on a multi-year collaboration that enables DataExpert to provide TRM’s #crypto investigations tools to law enforcement agencies across the Nordic and Benelux regions. DataExpert is now also an accredited training partner of TRM—enabling the team to deliver training services based on TRM Academy’s proprietary curriculum, course materials, and certification exams. Learn more ➡️ https://hubs.ly/Q02KqjwR0

The #crypto ecosystem is evolving rapidly. It’s transforming not just financial markets, but also mechanisms of wealth creation and, by extension, taxable events. As digital assets continue to gain traction, they introduce novel avenues for generating income—while simultaneously presenting unique challenges for tax authorities. 💵 Learn five key ways taxpayers may be earning income through on-chain activities and how to identify them through a variety of tools and processes, including #blockchainintelligence. 👉 https://hubs.ly/Q02K2gTV0

🐎 Over the last few years, Wyoming has been a leader in financial regulatory innovation—from its SPDI bank charters to its DAO law. In our latest #TRMTalks, Ari Redbord sits down with Anthony Apollo (Director of the State of Wyoming Stable Token Commission) to discuss what a Wyoming stablecoin will mean for state residents, the digital assets ecosystem, and the global economy. Listen to the full episode now ➡️ https://lnkd.in/gQMB8-H3

🇸🇬 Last week in Singapore, TRM co-hosted a panel and networking event with Drew & Napier LLC to share knowledge and insights about the legal and compliance side of Web3. Sessions focused on regulatory thought leadership and landmark court rulings from Singapore which have shaped global digital asset trends. Thank you to Seker -., Tju Liang Chua 蔡如良, Aaron Chua, and Angela Ang for adding your unique perspectives—and to Shumin Lin for moderating our panel!

🇷🇺 Last week, amidst a barrage of economic sanctions, Russia's lower house of parliament, the State Duma, passed a new crypto bill and separate legislation regulating crypto mining, aiming to facilitate cross-border payments under central bank regulation. This marks a significant shift in Russia's stance towards digital currencies, prompted by growing payment pressures and Western sanctions. Our latest report, “Comrades in Crime: Exploring the Russian-speaking illicit crypto ecosystem,” explores recent trends in how Russian-speaking threat actors and entities operate within the #crypto ecosystem. Many are known to operate from inside Russia or to hold links to the Kremlin. And some even actively use crypto to evade sanctions and procure foreign equipment for Russia’s war on Ukraine. 💡 Check out our blog for the highlights, then download your copy of the report here ➡️ https://hubs.la/Q02K027p0

We are hiring! Join our mission and build a safer financial system at TRM!