Blame – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Fri, 29 Aug 2025 09:51:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.8 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Blame – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 US Banks Moved $312B in Chinese Drug Money, But Crypto Gets the Blame https://earlybirdsinvest.com/us-banks-moved-312b-in-chinese-drug-money-but-crypto-gets-the-blame/ https://earlybirdsinvest.com/us-banks-moved-312b-in-chinese-drug-money-but-crypto-gets-the-blame/#respond Fri, 29 Aug 2025 09:51:19 +0000 https://earlybirdsinvest.com/us-banks-moved-312b-in-chinese-drug-money-but-crypto-gets-the-blame/

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Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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US financial institutions processed $312 billion in suspicious transactions linked to Chinese money laundering networks between January 2020 and December 2024, according to a new FinCEN analysis of 137,153 Bank Secrecy Act reports.

These surprisingly unexpected big figures emerge as crypto exchanges face intensified regulatory scrutiny for money laundering, despite traditional banking systems handling vastly larger volumes of illicit funds.

Chinese money laundering networks have established sophisticated partnerships with Mexico-based drug cartels, exploiting currency restrictions in both countries.

Mexican currency laws prevent large dollar deposits in local banks, while China’s currency controls limit overseas transfers by its citizens. This regulatory gap allows cartels to sell illicit dollars to Chinese nationals seeking to circumvent Beijing’s capital controls.

The networks extend beyond drug trafficking into human trafficking, healthcare fraud, and real estate purchases worth $53.7 billion in suspicious activity.

FinCEN identified 1,675 reports involving human trafficking and 43 reports covering $766 million in suspicious adult day care center activity in New York alone.

Banks Handle Bulk of Criminal Money While Crypto Faces Heat

Banks accounted for $246 billion of the total suspicious transactions, while money service businesses handled $42 billion and securities firms processed $23 billion.

The average annual flow through US banking systems reached $62 billion from Chinese money laundering operations alone.

Historical cases reveal systematic banking vulnerabilities to criminal exploitation.

Wachovia Bank laundered $350 billion for Mexican drug cartels between 2007 and 2010, receiving only a $160 million penalty despite the massive scale.

Danske Bank processed $228 billion in suspicious transactions from Russia between 2007 and 2015, ignoring internal warnings throughout the period.

Similarly, HSBC paid $1.9 billion in 2012 for allowing drug cartels to transfer hundreds of millions through accounts, with criminals using specially designed cash deposit boxes that fit perfectly into bank slots.

TD Bank agreed to pay over $3 billion after prosecutors found the institution had been used to launder more than $470 million through Chinese networks in New York and New Jersey.

In fact, dating back to 2021, the 1MDB scandal involved over $1 billion stolen through global banking networks, with funds used to purchase luxury real estate, yachts, and artwork across major cities.

Bank of Credit and Commerce International laundered billions for drug cartels and corrupt governments before its 1991 closure forced stricter international banking regulations.

Criminal organizations recruit bank employees as complicit insiders and use counterfeit Chinese passports to facilitate account openings.

Money mules often report occupations as “student,” “housewife,” or “retired” during onboarding to explain large transaction volumes that are inconsistent with their stated professions.

Regulators Target Crypto Despite Minimal Illicit Activity Share

Cryptocurrency transactions represent ‘less than 1%’ of total money laundering activity globally, according to TRM Labs.

In fact, Chainalysis data shows illicit crypto volumes totaled approximately $189 billion over five years, compared to over $2 trillion laundered annually through traditional financial systems worldwide.

US Banks Moved $312B in Chinese Drug Money, But Crypto Gets the Blame

Despite this disparity, regulators are intensifying their enforcement actions against crypto.

Most recently, Binance Australia was required to appoint an external auditor within 28 days after AUSTRAC identified “serious concerns” with its anti-money laundering controls.

French authorities have also launched investigations into Binance over alleged violations, while European regulators are considering penalties against OKX following $100 million in allegedly laundered funds.

Australian enforcement expanded through systematic compliance reviews, with AUSTRAC targeting 13 remittance providers while investigating 50 additional platforms.

The agency cancelled or refused renewals for nine providers that failed to comply with their obligations, contrasting sharply with the limited penalties imposed on the banking sector despite vastly larger suspicious transaction volumes.

Senator Elizabeth Warren continues to demand tougher crypto regulations, stating, “Bad actors are increasingly turning to cryptocurrency to enable money laundering.”

However, FinCEN data reveals that Chinese money laundering networks primarily operate through traditional banking channels rather than digital assets.

Blockchain analytics firm Chainalysis reported illicit crypto transactions reached $51.3 billion in 2024, an 11.3% increase, but still representing a fraction of the $312 billion in suspicious banking transactions identified during the same period.


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Trump and RFK Jr blame “a drug or something” for autism https://earlybirdsinvest.com/trump-and-rfk-jr-blame-a-drug-or-something-for-autism/ https://earlybirdsinvest.com/trump-and-rfk-jr-blame-a-drug-or-something-for-autism/#respond Wed, 27 Aug 2025 09:07:28 +0000 https://earlybirdsinvest.com/trump-and-rfk-jr-blame-a-drug-or-something-for-autism/

In a meeting that combined the scientific rigor of a flat Earth convention with the intellectual depth of a graphene monolayer, Donald Trump and Robert F. Kennedy Jr. joined forces to announce their theory on the “real” cause of autism, dismissing decades of research pointing to genetic factors.

“There has to be something artificially causing this, meaning a drug or something,” declared Trump, whose medical advice includes injecting bleach to cure COVID-19.

RFK Jr., who is controlled by a parasitic worm in his brain, promised a full report by September. He would get to it sooner, but there are a lot of dead bear cubs to leave in New York City’s Central Park.

The undynamic duo expressed shock at rising autism rates, displaying the same understanding of statistical analysis as a capybara has of quantum physics. Experts point out that better diagnostic criteria and increased awareness explain the trend, but why let facts ruin a perfectly good panic?

“My opinions about vaccines are irrelevant,” Kennedy said in a May House hearing. “I don’t want to seem like I’m being evasive, but I don’t think people should be taking medical advice from me.” Comforting words from the Health Secretary of the United States.

Previously:
• Photographer spills tea on nightmare photo shoot with RFK Jr: ‘My experience was at the top of the worst I’ve had professionally’
• Congress and RFK Jr seek to prove the organ harvesting conspiracy theory is true
• RFK Jr investigated for beheading whale with chainsaw
• Kennedy’s former nanny speaks out about alleged groping in family home

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The big, beautiful bill will cause millions to lose Medicaid. Trump and Republicans will be to blame. https://earlybirdsinvest.com/the-big-beautiful-bill-will-cause-millions-to-lose-medicaid-trump-and-republicans-will-be-to-blame/ https://earlybirdsinvest.com/the-big-beautiful-bill-will-cause-millions-to-lose-medicaid-trump-and-republicans-will-be-to-blame/#respond Tue, 01 Jul 2025 20:10:09 +0000 https://earlybirdsinvest.com/the-big-beautiful-bill-will-cause-millions-to-lose-medicaid-trump-and-republicans-will-be-to-blame/

Senate Republicans have passed President Donald Trump’s “big, beautiful bill,” a move that will make major changes to Medicaid through establishing a work requirement for the first time and restricting states’ ability to finance their share of the program’s costs. If the bill ultimately becomes law after passing the House and receiving Trump’s signature — which could all happen before Friday — American health care is never going to be the same.

The consequences will be dire.

The Congressional Budget Office estimates that the legislation would slash Medicaid spending by more than $1 trillion and that nearly 12 million people would lose their health insurance. Republicans added a last-minute infusion of funding for rural hospitals to assuage moderates skittish about the Medicaid cuts, but hospitals say the legislation will still be devastating to their business and their patients.

When combined with the expiration of Obamacare subsidies at the end of this year, which were not addressed in the budget bill, and the other regulatory changes being made by the Trump administration, the Republican policy agenda could lead to an estimated 17 million Americans losing health coverage over the next decade, according to the health policy think tank KFF.

Fewer people with health insurance is going to mean fewer people getting medical services, which means more illness and ultimately more deaths.

One recent analysis by a group of Harvard-affiliated researchers of the House Republicans’ version of the budget bill (which included the same general outline, though some of the provisions have been tweaked in the Senate) concluded that 700,000 fewer Americans would have a regular place to get medical care as a result of the bill. Upward of 200,000 fewer people would get their blood cholesterol or blood sugar checked; 139,000 fewer women would get their recommended mammograms. Overall, the authors project that between 8,200 and 24,600 additional Americans would die every year under the Republican plan. Other analyses came to the same conclusion: Millions of Americans will lose health insurance and thousands will die.

After a painful legislative debate in which some of their own members warned them not to cut Medicaid too deeply, Republicans succeeded in taking a big chunk out of the program to help cover the costs of their bill’s tax cuts. They have, eight years after failing to repeal Obamacare entirely, managed to strike blows to some of its important provisions.

So, for better or worse, they own the health care system now, a system that is a continued source of frustration for most Americans — frustrations that the Republican plan won’t relieve. The next time health care comes up for serious debate in Congress, lawmakers will need to repair the damage that the GOP is doing with its so-called big, beautiful bill.

How the Republican budget bill will drive up health care costs for everyone

The effects of the budget bill won’t be limited only to the people on Medicaid and the people whose private insurance costs will increase because of the Obamacare funding cuts. Everyone will experience the consequences of millions of Americans losing health coverage.

When a person loses their health insurance, they are more likely to skip regular medical checkups, which makes it more likely they go to a hospital emergency room when a serious medical problem has gotten so bad that they can’t ignore it any longer. The hospital is obligated by federal law to take care of them even if they can’t pay for their care.

Those costs are then passed on to other patients. When health care providers negotiate with insurance companies over next year’s rates, they account for the uncompensated care they have to provide. And the fewer people covered by Medicaid, the more uncompensated care hospitals have to cover, the more costs are going to increase for even people who do have health insurance. Republicans included funding in the bill to try to protect hospitals from the adverse consequences, an acknowledgement of the risk they were taking, but the hospitals themselves are warning that the funding patches are insufficient. If hospitals and doctors’ offices close because their bottom lines are squeezed by this bill, that will make it harder for people to access health care, even if they have an insurance card.

The effects of the Republican budget bill are going to filter through the rest of the health care system and increase costs for everyone. In that sense, the legislation passage marks a new era for US health policy. Since the Affordable Care Act passed in 2010, Democrats have primarily been held responsible for the state of the health care system. Sometimes this has been a drag on their political goals. But over time, as the ACA’s benefits became more ingrained, health care became a political boon to Democrats.

Going forward, having made these enormous changes, Republicans are going to own the American health care system and all of its problems — the ones they created and the ones that have existed for years.

The BBB’s passage sets the stage for another fight on the future of American health care

For the past decade-plus, US health care politics have tended to follow a “you break it, you buy it” rule. Democrats discovered this in 2010: Though the Affordable Care Act’s major provisions did not take effect for several years, they saw their popularity plummet quickly as Republicans successfully blamed annual premium increases that would’ve occurred with or without the law on the Democrats and their new health care bill. Voters were persuaded by those arguments, and Democrats lost Congress in the 2010 midterms.

But years later, Americans began to change their perception. As of 2024, 44 million Americans were covered through the 2010 health care law and two-thirds of the country say they have a favorable view of the ACA. After the GOP’s failed attempt to repeal the law in 2017, the politics of the issue flipped: Democrats scored major wins in the 2018 midterms after successfully campaigning against the GOP’s failed plan to repeal the ACA. Even in the disastrous 2024 election cycle for Democrats, health care policy was still an issue where voters trusted Kamala Harris more than Trump.

Trump’s One Big Beautiful Bill is already unpopular. Medicaid cuts specifically do not poll well with the public, and the program itself is enjoying the most popularity ever since it was first created in 1965. Those are the ingredients for a serious backlash, especially with government officials and hospitals in red states railing hard against the bill.

Democrats have more work to do on explaining to the public what the bill does and how its implications will be felt by millions of people. Recent polling suggests that many Americans don’t understand the specifics. A contentious debate among Republicans, with several solitary members warning against the consequences of Medicaid cuts, have given politicians on the other side of the aisle good material to work with in making that case: Democrats can pull up clips of Sen. Thom Tillis (R-NC) on the Senate floor, explaining how devastating the bill’s Medicaid provisions would be to conservative voters in Republican-controlled states.

Republicans will try to sell the bill on its tax cuts. But multiple analyses have shown the vast majority of the benefits are going to be reserved for people in higher-income brackets. Middle-class and working-class voters will see only marginal tax relief — and if their health care costs increase either because they lose their insurance or because their premiums go up after other people lose insurance, then that relief could quickly be wiped out by increased costs elsewhere. That is the story Democrats will need to tell in the coming campaigns.

Medicaid has served as a safety net for tens of millions of Americans during both the Great Recession of 2008 and since the pandemic recession of 2020. At one point, around 90 million Americans — about one in four — were covered by Medicaid. People have become much more familiar with the program and it has either directly benefited them or helped somebody that they know at a difficult time.

And difficult times may be coming. Economists have their eyes on concerning economic indicators that the world may be heading toward a recession. When a recession hits — that is, after all, inevitable; it’s just the normal cycle of the economy — people will lose their jobs and many of them will also lose their employer-sponsored health insurance. But now, the safety net is far flimsier than it was in previous crises.

Republicans are going to own those consequences. They took a program that had become an essential lifeline for millions of Americans and having schemed to gut the law ever since the Democrats expanded Medicaid through the ACA more than a decade ago, have finally succeeded. This Republican plan was a reaction to their opponent’s most recent policy overhaul; the next Democratic health care plan will need to repair the harms precipitated by the GOP budget bill.

In the meantime, the impetus is on Democrats and truth tellers in the media to help Americans understand what has happened, why it has happened, and what the fallout is going to be.

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Crypto Users Blame Phantom Wallet for $500,000 Hack, File Lawsuit https://earlybirdsinvest.com/crypto-users-blame-phantom-wallet-for-500000-hack-file-lawsuit/ https://earlybirdsinvest.com/crypto-users-blame-phantom-wallet-for-500000-hack-file-lawsuit/#respond Sat, 19 Apr 2025 15:31:30 +0000 https://earlybirdsinvest.com/crypto-users-blame-phantom-wallet-for-500000-hack-file-lawsuit/

A group of crypto users is taking legal action against Phantom Technologies, claiming the company’s wallet put their funds at risk due to poor security choices.

The lawsuit was filed on April 14 in New York’s Southern District by attorney Thomas Liam Murphy and 13 other plaintiffs. They said that Phantom’s design made it easy for hackers to steal from users without much effort.

One of the main claims is that Phantom stored users’ private keys in browser memory without any encryption. The suit pointed to an incident where a hacker reportedly got into a developer’s computer, copied the private key from the browser’s memory, and used it to take control of three Phantom wallets tied to that key.

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The attacker then used Phantom’s built-in “Swapper” tool to trade roughly $500,000 worth of Wiener Doge (WIENER) tokens for only about $37,500 in Solana
SOL


$139.48

.

According to the complaint, the wallet did not have any checks in place to catch this kind of activity—no limits on how fast funds could be moved, no alerts for strange locations, and no warnings for large withdrawals.

Additionally, the group said Phantom broke financial rules by acting like a trading platform without being registered. They argued the company avoided regulation by calling itself decentralized while still offering services that look like trading.

Block Inc., the company behind Cash App, recently agreed to pay $40 million to the New York Department of Financial Services (NYDFS). What happened? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.


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Millions of Gen Z are jobless – are useless university degrees to blame? https://earlybirdsinvest.com/millions-of-gen-z-are-jobless-are-useless-university-degrees-to-blame/ https://earlybirdsinvest.com/millions-of-gen-z-are-jobless-are-useless-university-degrees-to-blame/#respond Thu, 27 Mar 2025 13:12:19 +0000 https://earlybirdsinvest.com/millions-of-gen-z-are-jobless-are-useless-university-degrees-to-blame/

In a nutshell: Generation Z, typically defined as those born between 1997 and 2012 (give or take), is a group struggling to find jobs. Statistics show that over 4 million people in this demographic are not in school, training, or work in the US. And while many blame laziness or selectiveness, some experts say the fault lies with universities that offer worthless degrees.

It’s estimated that more than 4.3 million young people in the US are classified as NEETs – not in employment, education, or training. The UK is facing a similar situation, where 100,000 more Gen Zs found themselves in this category last year alone.

Worldwide, about a fifth of people aged between 15 and 24 in 2023 are currently NEETs.

In the UK, political commentator, broadcaster, and author Peter Hitchens said much of the blame should be placed on universities offering worthless degrees.

Hitchens said that Gen Z would have been better off becoming apprentices to plumbers or electricians than doing these types of courses.

To find which degrees are less likely to lead to good jobs, or any employment, Georgetown University analyzed wages for 137 college majors. It found that at the entry level, health majors earn $41,000 annually. At the other end of the scale, humanities and liberal arts majors earn $29,000 annually.

Health-related degrees seem like an even better choice these days. Because of generative AI, computing and coding degrees aren’t the guarantee of a lucrative career that they used to be, and it’s expected that over a million new jobs will be created among home health aides, registered nurses, and nurse practitioners across the next decade. Nurse practitioner is the third-fastest-growing job in the US, with a median annual pay of over $126,260 in 2023.

Some of the degrees less likely to lead to a well-paid job include Ethnic and Gender Studies, Music/Performance Arts, Art History, Fashion Design, Philosophy, Religious Studies, Photography, Sociology, English Literature, Communications, History, Anthropology, Liberal Arts, and Culinary Arts.

It’s not just degrees with less obvious career paths that are having an impact on Gen Z’s job prospects. AI is having a big effect, and the rising costs of everyday goods are pricing some young people out of work, leaving them unable to afford transport, commuting, or other essentials.

There’s the other argument, of course. Some claim many Gen Zers refuse to take jobs that they consider beneath them, or expect to walk straight into a well-paid position rather than working their way up from the bottom.

Masthead: Yunus Tuğ

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Bybit and Safe Custody Are at Odds on Who's to Blame for $1.5B Hack https://earlybirdsinvest.com/bybit-and-safe-custody-are-at-odds-on-whos-to-blame-for-1-5b-hack/ https://earlybirdsinvest.com/bybit-and-safe-custody-are-at-odds-on-whos-to-blame-for-1-5b-hack/#respond Thu, 27 Feb 2025 00:46:32 +0000 https://earlybirdsinvest.com/bybit-and-safe-custody-are-at-odds-on-whos-to-blame-for-1-5b-hack/

Cryptocurrency exchange Bybit has published a forensic review on last week’s $1.5 billion hack, revealing that its systems had not been infiltrated and that the issue seemed to have stemmed from compromised Safe wallet infrastructure.

Bybit concluded from the review that “the credentials of a Safe developer were compromised,” which allowed the Lazarus hacking group to gain unauthorized access to the Safe wallet and subsequently deceive Bybit staff into signing the malicious transaction.

However, a person familiar with the matter told CoinDesk that despite the wallet’s infrastructure being compromised by social engineering, the hack would not have been possible had Bybit not “blind signed” the transaction. The term refers to a mechanism where a smart contract transaction is approved without comprehensive knowledge of its contents.

Safe also issued a statement saying that “Safe smart contracts [were] unaffected, an attack was conducted by compromising a Safe {Wallet} developer machine which affected an account operated by Bybit.” It also pointed out that a “forensic review of external security researchers did NOT indicate any vulnerabilities in the Safe smart contracts or source code of the frontend and services.”

The apparent back and forth between both companies mirrors that of WazirX and Liminal Custody, which blamed each other following a $230 million exploit last July.

On-chain data analyzed by ZachXBT shows that Lazarus is attempting to launder the stolen funds, with 920 wallets currently being tainted with the ill-gotten gains. The funds, perhaps inadvertently, have been commingled with stolen funds from hacks targeting Phemex and Poloniex, linking Lazarus Group to all three.
Read more: Bybit Declares ‘War on Lazarus’ as It Crowdsources Effort to Freeze Stolen Funds

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