Jose Ceide Quoted by Law.com on Digital Asset Laundering and Cryptocurrency Litigation

August 27, 2024 Posted in Firm News

Partner Jose Ceide commented on cryptocurrency litigation and laundering of stolen digital assets in a news story by Law.com involving a lawsuit against Binance, which operates the world’s largest cryptocurrency exchange. A trader claimed hackers stole $30 million of his crypto assets, which was then laundered through Binance, and that Binance’s lax internal regulations allowed for RICO violations, aiding and abetting, and more.

Mr. Ceide discussed the challenges of tracking and locating stolen currency assets due to hackers employing the dark web and other tactics. 

“Once they steal the currency from a wallet or an exchange, they don’t put it in another spot and then leave it there,” Mr. Ceide said. “It is taken to another platform, moved across blockchains and multiple exchanges in rapid succession, and if there is a transaction, it occurs after that. It is very difficult and almost impossible to track.” 

Salazar Law helps clients navigate the complex legal issues emerging from innovative and disruptive areas involving cryptocurrencies and the blockchain industry. Whether guiding clients through its evolving regulatory and compliance landscape; representing clients in their claims against other investors, cryptocurrency exchanges, and digital asset providers; or assisting sophisticated creditors involved with distressed crypto-focused companies, Salazar Law’s experienced team of litigators is prepared to assist.

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