Massively http://massively.joystiq.com Massively http://www.blogsmithmedia.com/http://massively.joystiq.com/media/feedlogo.gif Massively http://massively.joystiq.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Gold farmers connected with $38 million money laundering bust]]>http://massively.joystiq.com/2008/10/25/gold-farmers-connected-with-$-38-million-money-laundering-bust/http://massively.joystiq.com/2008/10/25/gold-farmers-connected-with-$-38-million-money-laundering-bust/http://massively.joystiq.com/2008/10/25/gold-farmers-connected-with-$-38-million-money-laundering-bust/#commentsFiled under: , , , ,

We've heard about gold farmers tangling with the law before, but this is pretty extreme from initial accounts we've turned up. So while a few of the details coming out of Korea are still a bit hazy, it seems a money laundering operation (working with gold farmers and MMO account thieves) was busted this week while trying to move $38 million between Korea and China. The Seoul Metropolitan Police Agency stated the operation was headed by a man named Jeong who, with a number of other individuals in Korea, was caught wiring the $38 million in illicit funds.

Korean news site dongA reports: "Jeong and his ring reportedly sold the game money illegally produced in China using cheap labor and virus programs. They are believed to have taken a commission of three to five percent of the money traded to purchase game money."

Continue reading Gold farmers connected with $38 million money laundering bust

MassivelyGold farmers connected with $38 million money laundering bust originally appeared on Massively on Sat, 25 Oct 2008 16:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>account-hackaccount-hackingasiachinaeconomyexploitexploitsgoldgold-farmingkorealegalmmo-industrymoney-launderingplaynoevilseoulvirusSat, 25 Oct 2008 16:30:00 EST<![CDATA[Money laundering in Second Life: get real]]>http://massively.joystiq.com/2008/02/25/money-laundering-in-second-life-get-real/http://massively.joystiq.com/2008/02/25/money-laundering-in-second-life-get-real/http://massively.joystiq.com/2008/02/25/money-laundering-in-second-life-get-real/#commentsFiled under: , , ,

moneyAccording to several of my real life friends who have jobs in the financial sector, Second Life has a reputation in the UK-financial and computer professional industries as a haven for money laundering. About 10 seconds worth of research suggests this is total bunk.

The official line is that amounts of about £25,000 (roughly US$50,000) constitute the bottom end for money laundering. This is easy to lose in the US$1.5 million that changes hands in Second Life daily (see Counting the coppers for daily information). This is true. It also ignores one rather critical element.

Continue reading Money laundering in Second Life: get real

MassivelyMoney laundering in Second Life: get real originally appeared on Massively on Mon, 25 Feb 2008 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>computing-pressfinancial-pressLindeXmoney-launderingSecond-LifeMon, 25 Feb 2008 15:00:00 EST