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Turkish authorities have reportedly seized $40 million in cryptocurrency and detained 46 people in an illegal betting investigation. “This operation came out of Turkish Cyprus and is linked to the murder of Halil Falyalı,” Turkish Minister of Interior Süleyman Soylu said. Turkey Confiscates $40 Million in Cryptocurrency The Office of the Ankara Chief Public Prosecutor’s Smuggling and Organized Crime Investigation Bureau issued an order detaining 46 suspects and confiscated $40 million in cryptocurrency Wednesday, the Daily Sabah reported. The detention and seizure were part of an illegal betting investigation in eight provinces: Ankara, Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van, and Yozgat. The suspects allegedly mediated the transfer of illegally obtained funds to the crypto accounts of a criminal organization that includes Halil Falyalı and his wife. Betting and casino tycoon Halil Falyalı was shot dead on Feb...

Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, signals a change in the EU nation’s positive attitude towards crypto assets. Government of Portugal Proposes New Tax for Cryptocurrency-Related Gains In the past few years, Portugal has established itself as one of Europe’s most crypto-friendly countries, with a decision to refrain from taxing gains derived from crypto trading, unless they’re part of a business activity, playing a key role. It attracted many crypto enthusiasts. However, that’s likely to change in the near future if the parliament adopts the budget the government is proposing for 2023. The draft Features a provision allowing authorities to tax gains on crypto holdings held for less than a year at a rate of 28%, Bloomberg reported quoting the document. Portuguese lawmakers rejected similar propo...

Curve, Uniswap, 1inch, and the Ren bridge were the top platforms of choice for laundering illicit crypto, according to Elliptic. New research from blockchain analytics and crypto compliance firm Elliptic has revealed the extent to which cross-chain bridges and decentralized exchanges (DEXs) have removed barriers for cybercriminals. In an Oct. 4 report titled “The state of cross-chain crime,” Elliptic researchers Eray Arda Akartuna and Thibaud Madelin took a deep dive into what they described as “the new frontier of crypto laundering.” The report summarized that the free flow of capital between crypto assets is now more unhindered due to the emergence of new technologies such as bridges and DEXs. Cybercriminals have been using cross-chain bridges, DEXs, and coin swaps to obfuscate at least $4 billion worth of illicit crypto proceeds since the beginning of 2020, it reported. Around a third of all stolen crypto, or roughly $1.2 billion, from the incidents surveyed, was swapped using dec...