Categories: Bitcoin

Bitcoin Daily: US DOJ Wants To Hire Crypto Lawyer To Fight Cybercrimes; Centra Tech Co-Founder Pleads In ICO Fraud Case

Sohrab Sharma, the third co-founder of Centra Tech, has pled guilty to an initial coin offering fraud, according to CoinDesk.

Sharma's confession confirms that he, along with fellow co-founders Raymond Trapani and Robert Farkas, lied about their purported cryptocurrency partnerships and credentials. Sharma, in pleading guilty, gave up 10,000 in ethereum, or $2,329,200.

He pleaded guilty to guilty to conspiracy to commit securities fraud, conspiracy to commit wire fraud and conspiracy to commit mail fraud, following Farkas' guilty plea from June and Trapani's from last year.

The company was able to rip off investors for around $25 million around the height of the 2017 IPO bubble. But the quick success, investor promises and lavish celebrity endorsements from the likes of Floyd Mayweather and DJ Khaled caught the attention of investigators, who set about looking into what was going on.

Mayweather and Khaled both ended up settling charges admitting that they'd been paid to endorse Centra Tech.

Meanwhile, the U.S. Department of Justice (DOJ) could be looking at hiring a new expert to help advise on matters of the dark web, hacking and cryptocurrency in its attempts to hone in on cybercrime, CoinDesk wrote.

The position will be for 12 months and will work on the DOJ's capabilities for crypto tracing and blockchain, according to a job listing from the department's overseas development office.

The position will work particularly on the areas of Asia Pacific, Eastern Europe and Central Asia, which the DOJ has identified as havens of "sophisticated transnational organized crime threats" in the underworld for cybercrime and intellectual property.

Those applying must either already have or be ready to apply for a Top Secret security clearance as they work alongside DOJ's Computer Crime and Intellectual Property Section and the U.S. Transnational and High-Tech Crime Global Law Enforcement Network, the posting says.

The U.S. has been working on fighting cybercrime more rigorously, including a new Secret Service program intended to arrest and convict the worst offenders, particularly as the pandemic has supercharged financial crimes.

Get our hottest stories delivered to your inbox.

Sign up for the Newsletter to get updates on top stories and viral hits.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Recent Posts

Deep Dive: How Regulatory Compliance Tools Help Keep Remittances Flowing

Remittances are a lifeline for many individuals around the world, with workers overseas in developed…

2 mins ago

Deep Dive: How The Pandemic Is Changing Cloud Compliance Rules And How FIs Can Keep Up

Most banks are familiar with how quickly regulatory requirements can change. One 2019 report noted…

32 mins ago

Community FIs Battle Against Low Interest Rates To Help SMBs Thrive

When the Paycheck Protection Program (PPP) rolled out in the U.S., smaller community banks and…

1 hour ago

Banks, FinTechs Dive Into New Payment Rails For B2B

When it comes to payment rails innovation, financial service providers can either improve upon existing…

1 hour ago

How Axis Bank Prevents Identity Fraud With Video-Based Onboarding

Identity fraud is pervasive threat, with fraudsters stealing identities and constructing fake ones to steal…

1 hour ago

MineralTree Raises $50M, Buys Two Companies

MineralTree Inc., the Massachusetts-based accounts payable (AP) automation software provider, announced a $50 million Series…

2 hours ago