Crypto Journalist

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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Last updated: 

August 29, 2025

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.

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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The Royal Government of Bhutan has transferred a significant portion of its Bitcoin holdings to Binance, raising speculation about potential asset offloading during a high point in the market.

According to data from blockchain analytics platform Arkham, Bhutan moved 212.31 BTC, worth roughly over $23 million, to a Binance deposit address early Thursday, just hours after Bitcoin briefly surpassed its previous all-time high.

Strategic Transfers and Onchain Footprints

This is not the first such transaction from the Himalayan kingdom. Arkham data reveals that this latest transfer comes just one week after Bhutan deposited 136.99 BTC (valued at over $14 million) to the same exchange.

The frequency and timing of these transactions have drawn attention, particularly as they appear to coincide with Bitcoin’s price peaks. Notably, a similar deposit worth $33 million was made in November 2024 when Bitcoin was approaching the $100,000 mark.

Although Bhutan has not made a public statement explaining these movements, onchain analysts often interpret large deposits to centralized exchanges as a precursor to potential sales.

These transactions continue a pattern of activity suggesting that the country may be using market rallies as opportunities to liquidate portions of its digital asset holdings.

As of now, Bhutan retains approximately 11,711 BTC, valued at over $1.2 billion, making up about 40% of its gross domestic product, according to Arkham data. Its only other notable cryptocurrency holding is 656 ETH (roughly $1.8 million), some of which was transferred to Binance in May.

The assets are managed through Druk Holding & Investments, the country’s state-owned investment firm. This centralized oversight has allowed Bhutan to quietly build a sizable digital asset portfolio over the past few years.

In fact, Bhutan now ranks as the sixth-largest known nation-state holder of Bitcoin. It follows the United States, China, the United Kingdom, Ukraine, and North Korea, according to public data aggregated by Bitcoin Treasuries.

Hydropower, Bitcoin Mining, and Self-Sustained Reserves

Unlike several other countries that have accumulated Bitcoin via asset seizures and legal enforcement actions, Bhutan appears to have taken a different route.

According to blockchain data and transaction patterns, the country has mined much of its BTC directly, reportedly through mining pool services like Ant Pool.

Bhutan’s mining operations are believed to make use of its supply of hydroelectric energy, offering a relatively low-cost and environmentally sustainable means of acquiring Bitcoin.

This mining-centric approach aligns with Bhutan’s broader economic strategy of using renewable energy to drive digital innovation. By converting its hydroelectric surplus into Bitcoin, Bhutan is capitalizing on a clean energy advantage in a space often criticized for its environmental footprint.

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Crypto Poster boy Sam Bankman-Fried has become a convicted felon, resurfaced in the headlines again this time to quietly move to the infamous Los Angeles prison with a history of Hollywood-level prisons, rather than a meltdown of courtroom dramas and exchanges.

From Al Capone to Charles Manson, Terminal Island Federal Correctional Facility (known as “Sea Prison”) is now home to the dishonest founder of FTX and has served for 25 years in one of the biggest financial frauds in modern history.

Within Terminal Island: How did Sambankman gain Land Land’s low security while taking in ocean views?

Terminal Island may have less paper security, but despite its coastal location near Hollywood, there is no mistake. This is not a white-collar country club for disgrace executives.

Located on an isolated strip between the Port of Los Angeles and the Pacific Ocean, the facility is notorious for housing some of America’s most infamous prisoners for decades, including mob boss Al Capone, cult leader Charles Manson and more recently Terranos Ku Ramesh “Sunny” Balwani.

Today, it holds over 1,000 male prisoners, most of whom spend their time on federal drugs, white collar or immigration-related crimes. The cells are double-strapped, and despite the “low security” designation, security remains strict.

The Department of Justice’s 2022 Prison Infrastructure Report on Terminal Island prison conditions states:As of May 2022, FCI Terminal Island has identified more than $100,000,000 for required projects where funds are not currently available. ”

(sauce)

Inmates follow a strict daily schedule with mandatory work assignments, continuous meal times and minimal privacy.

Sources familiar with the facility described it as “institutional monotony encounters a quiet threat.” This means that while less violent than security prisons, alliances, orders, and implicit rules are the place where daily life is governed by.

Recreational access includes a basic library, limited email privileges and supervised recreation yards. But what truly defines the terminal island is the psychological weight of being warehoused between a faded atmosphere of infamousness and the men who made history or tried to deceive it.

Discovered: Top 20 Cryptography to Buy in April 2025

What is Sambankmanfried’s Prison Playbook? From interviews with Carlson to relocating LA prisons

But this is not just another prison relocation. Insiders say it’s a strategic change. Following a series of bold moves from the fallen crypto kingpin, he appears to be adjusting the strange red arc from the back bar.

A few weeks before the transfer, SBF shocked the public with a rogue interview from prison broadcast by Tucker Carlson.

The interviews could have been conducted via smuggled smartphones and aired without approval from the Prison Bureau, and reportedly landed with banks trapped in solitary cells. But that doesn’t stop him.

In fact, it seems to be part of a wider playbook.

The leaking of Google Docs from the day before the SBF sentence revealed plans to rehabilitate his public image through conservative media.

One bullet point literally read: “Go to Tucker Carlsen, get out as a Republican and get anti-awakening.” Title and strategy worthy of a Netflix script.

(sauce)

The timing is not random. With Donald Trump inaugurated and a long history of presidential pardons for politically convenient allies, Bankman Fried appears to have realized himself as a mag-friendly martial artist to misunderstand libertarian whistleblowers from code villains.

During an interview with Carlson, the SBF even claimed that his $15 billion empire had paid back users in full and was able to brush past the brutal reality of his $11 billion return order. He dismissed the convictions of former FTX fellow Caroline Ellison, Ryan Salame and Gary Wang as a political theatre, subtly portraying himself as the last honest man in a system equipped by prosecutors.

And now, Terminal Island is far from Brooklyn’s media frenzy, but still close enough to California’s political throbbing, so SBF is reconstructing his next move.

His mobile may not be an investor, but his script looks more political than repentant.

Whether this is the beginning of a bid for pardon or simply another delusion from a fallen Imperial Builder, one thing is certain. And this story isn’t over.

Discover: Best New Cryptocurrencies to Invest in 2025

For the latest market updates, please join us in the discrepancy in 99bitcoins news here

Postsum Bankman Fried has just moved to California. InsideSBF’s Prison Playbook first appeared in 99 Bitcoin.

Blockchain intelligence platform Lookonchain says that tokens of the real-world asset (RWA) crypto project Mantra (OM) worth hundreds of millions of dollars were transferred to digital asset exchanges before a massive price crash.

Lookonchain says on the social media platform X that multiple wallets had sent millions of OM tokens to crypto exchanges prior to Mantra’s 90% price meltdown over the weekend.

Based on Lookonchain’s data, some of the exchanges that received the deposits include OKX and Binance.

“Who dropped the price of OM?

Before the OM crash(since Apr 7th), at least 17 wallets deposited 43.6 million OM($227 million at the time) into exchanges, 4.5% of the circulating supply.

According to Arkham’s tag, two of these addresses are linked to Laser Digital.

Laser Digital is a strategic investor in Mantra.” 

On Sunday, Mantra witnessed a sudden price meltdown, dropping from a high of $6.35 to a low of $0.37 – a whopping decline of 94% in just one day. Simultaneously, its market cap plunged from $6.11 billion to $683.3 million.

Crypto asset management firm Laser Digital says that it is not involved in the price collapse of Mantra.

“We want to directly address recent speculation around Laser Digital’s involvement in the price action of OM (Mantra)… Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading…

On-chain movements of OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.” 

Meanwhile, Mantra CEO JP Mullin blames crypto exchanges for OM’s sudden price collapse, noting that the firms needlessly closed large positions during low-liquidity hours.

At time of writing, OM is trading for $0.595, down 32.5% in the past day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Imprisoned FTX founder Sam Bankman-Fried has been on the move.

The former crypto executive was previously incarcerated in Brooklyn’s Metropolitan Detention Center, but Federal Bureau of Prisons (FBOP) data indicates he now resides at FTC Oklahoma City, a transfer center that temporarily houses inmates being transported through the prison system.

No reason for Bankman-Fried’s transfer was provided, but the FTX founder did recently conduct an unauthorized YouTube interview with conservative media personality Tucker Carlson. The New York Times, citing “a person briefed on the situation,” reported earlier this month that the unsanctioned conversation landed Bankman-Fried in solitary confinement.

The FTX founder reportedly interviewed with Carlson as part of a longshot effort to secure a pardon from President Donald Trump.

Crypto lobbyists are doubtful the disgraced FTX founder’s efforts will be successful, with one telling Fortune that Bankman-Fried had a “near zero” chance of landing the pardon.

FTX imploded and filed for bankruptcy in November 2022 amid accusations that Bankman-Fried mishandled the exchange’s funds by loaning out billions of dollars’ worth of customer deposits to Alameda Research, the firm’s trading arm.

The exchange’s multi-billion dollar collapse led to a sharp downtick in crypto prices, and US federal authorities arrested Bankman-Fried the following month.

A US judge sentenced the FTX founder to 25 years in prison last year after he was convicted of fraud charges in 2023. His current release date is scheduled for November 17th, 2044, per FBOP data.

Earlier this year, Bankman-Fried’s parents, Stanford Law School professors Joseph Bankman and Barbara Fried, reportedly met with lawyers and other figures considered close to Trump to discuss potential clemency for their son.

Joseph Bankman even penned an opinion piece in the Washington Post (with Berkeley law professor Mark Gergen) praising Trump’s plan for a US sovereign wealth fund.

Trump pardoned Silk Road creator Ross Ulbricht in January, fulfilling a campaign promise to Libertarian voters. Bankman-Fried, however, has much less grassroots support than Ulbricht.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Plus: The US military is betting on AI

GM. We’re the fruit salad of crypto – sweet, tangy, and packed with everything you need for a balanced market diet.

Mt. Gox making moves.

News drops: investigation into Argentine president’s memecoin scandal, AI in warfare + more

Market flavor today

Being in crypto rn feels like dealing with a baby that finally stopped crying after five hours – you hold your breath, don’t make any sudden moves, and pray you don’t set it off again.

We’ve upgraded from extreme fear to just regular fear, Bitcoin’s back above $90K, Ethereum… well, it’s still very disappointing, but just a tiny bit less embarrassing today.

Things almost feel normal again.

But it’s not just about feeling normal – there are reasons to believe BTC could be ready for another push.

1/ Weakening dollar

Andre Dragosch, head of research at Bitwise, pointed out that the US dollar index (DXY) is slipping – and historically, when the dollar goes down, Bitcoin tends to do the opposite.

If this trend continues, BTC could be in for a nice boost.

2/ Looser financial conditions

Real Vision CEO Raoul Pal is also watching the dollar and says it’s not just that – interest rates and oil prices are trending lower, too.

When this happens, financial markets tend to loosen up, meaning more money might flow into investments like crypto.

According to Pal, crypto usually takes a couple of months to react, so if the trend holds, BTC could have a strong Q2 and maybe the second half of 2025.

3/ China’s fiscal and monetary stimulus

Oh, and let’s not forget China.

They’re cranking up the stimulus machine – issuing 300B yuan in bonds, cutting interest rates, and making it easier for banks to lend money.

Why does this matter? When major economies inject liquidity, global markets tend to rise, and some of that capital often finds its way into Bitcoin and other risk assets.

(Last time China pulled this kind of stimulus in September 2024, Bitcoin jumped 12% – one of its best September runs ever.)

But let’s not get ahead of ourselves – stay calm, don’t wake the baby, and hope for the best.

Sip of gains

Never thought I’d say this, but… Drizzy Drake is right

The BitDegree Season 7 $30K Airdrop (plus BYDFi’s extra $1K USDC) is still up for grabs.

So, you could either:

Sit back, do nothing, and let someone else take your share.

Do some fun Missions, invite some friends, earn some Bits, and secure some gains.

You and I both know which option actually makes sense.

Don’t fumble it – the BYDFi stage ends on March 10.

Memecoin harvest

“This is the future of finance,” I whisper as I ape into the stupidest coin anyone’s ever heard of.

Data as of 06:20 AM EST.

Check out these memecoins and plenty more here.

Alright, about not making the baby cry again – Mt. Gox is basically standing over the crib making weird faces just to see what happens.

Quick backstory for those who are new to crypto: Mt. Gox was the biggest crypto exchange back in the early days, but in 2014, it got hacked, lost 950K BTC, and collapsed.

Last year, a repayment plan with a deadline of October 31, 2025, was finally put together. So far, about 17K creditors have gotten their payouts in BTC, BCH, and fiat, with more still waiting.

And today, Arkham Intelligence reported that 12K BTC (worth over $1B) was moved from a Mt. Gox wallet to an unknown address:

That’s one of the biggest transactions linked to the exchange since its collapse. No one knows for sure what it’s for, but it’s most likely part of the repayment process.

And this is why the crypto community is a bit on edge – once creditors get their BTC, they can do whatever they want with it (duh). If too many people decide to cash out, we could see some selling pressure.

But should you really go panic mode? Probably not.

Bitcoin’s daily trading volume is around $50B. A sudden $1B sell-off would be about 2% of that.

Would it cause short-term price volatility? Likely yes. Would it crash Bitcoin overnight? No – the market has handled bigger shocks before.

Basically, it’s something to watch, but nothing to lose sleep over. It’s crypto, after all…

News drops

The prosecutor investigating Argentine President Javier Milei’s LIBRA crypto scandal wants to freeze $110M in assets. He’s also after deleted posts where Milei promoted the memecoin and transaction records from its busiest trading days.

The US Department of Defense is gonna be using AI to plan battles and outsmart rivals. They’ve hired Scale AI to build Thunderforge, an AI tool for military strategy.

Behrouz Parsarad, the creator of the darknet marketplace Nemesis, landed on the US sanctions list. Nemesis was a one-stop shop for drugs, fake IDs, and hacking tools.

Tether froze $27M in USDT linked to the sanctioned Russian exchange Garantex. Since then, Garantex has hit the pause button on everything – withdrawals are blocked, and their website’s basically in timeout mode.

New Hampshire’s House committee passed the state’s Bitcoin reserve bill with a 16-1 vote. It’s now heading to the full House for a final showdown.

Juicy memes

Uncertainty has dominated Bitcoin and the broader crypto market over the past few weeks, leaving investors anxious about the short-term direction. Bitcoin has struggled to reclaim the psychologically significant $100K mark while also managing to hold above key demand levels near $96K. This range-bound price action reflects the market’s indecision, as both bulls and bears lack the momentum to drive a definitive trend.

Top analyst Maartunn has shed light on intriguing on-chain activity, sharing data that reveals a movement of 14,000 BTC aged between 7 and 10 years. This type of long-dormant Bitcoin movement is often seen as a noteworthy signal, as older coins re-entering circulation could indicate changes in the sentiment of long-term holders or strategic repositioning by whales. While such moves are not uncommon during periods of market consolidation, they add another layer of complexity to the current uncertainty.

With Bitcoin trading between key levels, the market remains at a critical juncture. A push above $100K would signal strength and likely trigger a bullish rally, while losing the $96K support could send BTC into lower demand zones. The coming days will be crucial, and both price action and on-chain metrics like these long-term BTC movements warrant close attention.

Bitcoin Whales Prepare For A Move

Bitcoin has been caught in a prolonged cycle of uncertainty and speculation, stretching across weeks and even months. Bulls have lost momentum, as the price remains stuck below the crucial $100K mark, while bears have failed to push BTC below key support levels around $96K. This stalemate has created a volatile market environment, leaving both analysts and investors uncertain about Bitcoin’s short-term direction. Price action remains choppy, with no clear indication of whether a breakout or breakdown is imminent.

Top analyst Maartunn recently shared critical on-chain data on X, revealing that 14,000 BTC aged between 7 to 10 years have moved on-chain. This is a significant amount of dormant Bitcoin becoming active, a phenomenon that often sparks intense market speculation. Such moves could indicate a variety of motivations—long-term holders preparing for a potential rally, institutional repositioning, or even fears of prolonged selling pressure as the market remains indecisive. Regardless of the reason, the activation of such a substantial amount of old BTC often signals that aggressive price moves are on the horizon.

This development comes at a critical juncture for Bitcoin, as it struggles to reclaim the $100K mark while holding strong above key demand levels at $96K. Investors are left to grapple with questions about whether the market will push higher into price discovery or succumb to bearish pressure, breaking into lower demand zones. Speculation is growing that the coming weeks will bring heightened volatility and potentially a decisive move.

Whether Bitcoin breaks above $100K or drops below $96K, the movement of 14,000 dormant BTC underscores the tension within the market. With no clear direction and a surge in activity among long-term holders, Bitcoin’s next move could define the short-term trajectory of the broader crypto market.

BTC Price Action Details: Key Liquidity Levels

Bitcoin is currently trading at $97,600 after several days of indecision and slow price movement. The market remains cautious as bulls struggle to regain control and push the price above critical resistance levels. To signal a return to bullish momentum, BTC must first reclaim the $98K mark, a key level that would set the stage for a push above the psychological $100K barrier. Breaking and holding above $100K would confirm strength and allow Bitcoin to target higher supply zones.

However, the current demand levels around $96K-$97K must hold to support any potential upward move. Failing to maintain these levels would signal a weakening of bullish momentum and could invite further selling pressure. In such a scenario, Bitcoin could lose the $95K mark, which would likely result in a retrace toward range lows around the $90K demand zone. This would significantly dampen market sentiment and reinforce the bearish outlook.

The coming days will be critical for determining Bitcoin’s short-term direction. With price action stuck between key support and resistance levels, investors remain on edge, awaiting a decisive move that could either reignite bullish momentum or deepen the current consolidation phase. All eyes are now on BTC’s ability to reclaim $98K.

Featured image from Dall-E, chart from TradingView