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Greetings!  It’s July 3, and we’re tracking today's top stories: Ibiza's barbaric coke wars, Binance executive's health deteriorates in jail as Nigeria money laundering trial proceeds, ANZ sanctioned for charging fees to accounts of dead customers, the underground network sneaking Nvidia chips into China, and much more...

Stay current with the latest news at Illicit Edge!

Featured Story

🎯 Isle of White: Ibiza remains the Med’s premier party island, but behind the huge demand for drugs are feuding international gangs killing each other for a slice of the pie. Sun 

Top Stories

🌎 Binance Executive's Health Deteriorates in Jail as Nigeria Money Laundering Trial Proceeds. The first SEC witness has been cross-examined and the trial adjourned until July 5. CoinDesk

🚩 Left to Rot: Why Won’t the U.S. Government Step Up to Save Tigran Gambaryan? Illicit Edge

🌎 ANZ sanctioned for charging fees to accounts of dead customers. The compliance committee found that six Australian banks had charged fees to dead clients. SMH

🌎 The Underground Network Sneaking Nvidia Chips Into China. An informal market circumvents U.S. export controls through supply-chain blind spots. WSJ

🚩 U.S. adds six companies to trade restriction list, four for training China's military Reuters

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🌎 Beijing and Moscow Go From ‘No Limits’ Friendship to Frenemies in Russia’s Backyard. Central Asia moves further into China’s orbit as Ukraine war loosens Russia’s grip on former Soviet republics. WSJ

🌎 VP of Kansas Company Pleads Guilty to Exporting Avionics Equipment to Russia. Robertson admitted that between 2020-2023, he conspired to smuggle U.S.-origin avionics equipment to end users in Russia. DOJ

🌎 OnlyFans vows it's a safe space. Predators are exploiting kids there. An investigation of U.S. police and court files found complaints that hundreds of explicit videos of minors appeared on the website. Reuters

🌎 Medicare pushes new payment rule after $3B fraud scheme. Federal officials are seeking to overhaul how Medicare pays healthcare providers after scheme to defraud the program. WaPo

🌎 How Hezbollah Fundraises Through Crime. The success of Hezbollah’s overseas networks depends on more than being in cahoots with crime syndicates. Cipher Brief

🌎 Family Office Funds Tied to Singapore Launder Case Got Tax Breaks. Six single family office funds linked to a $2B money laundering case have received tax incentives from the Monetary Authority of Singapore. Bloomberg

IN THE NEWS

Russia

🇷🇺 Russia has become so economically isolated that China could order the end of war in Ukraine Conversation

🇷🇺 Sanctions against Russia failed to achieve goals, claims Moscow's UK ambassador Sky

🇷🇺 Modi’s Russia Visit Dents West’s Efforts to Cast Putin as Pariah Bloomberg

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China

🇨🇳 Allies Allege China Is Developing Attack Drones for Russia Bloomberg

🇨🇳 U.S. deports 116 Chinese migrants in first 'large' flight in 5 years AP

🇨🇳 Biden revoked 8 licenses for China's Huawei in 2024 Reuters

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Corruption & Financial Crime

💸 Raids Find Luxury Handbags Being Made by Exploited Workers in Italy WSJ

💸 French Culture Minister Remains in Crosshairs of Carlos Ghosn Corruption Probe Deadline

💸 Short seller Hindenburg banked just $4M from $150B market rout after accusing India giant of fraud NYP

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Crypto & Cyber

🔐 How thousands of Americans got caught in fintech’s false promise CNBC

🔐 Microsoft AI Deal With UAE’s G42 at Risk Over National Security Fears Bloomberg

🔐 Stolen credentials could unmask thousands of darknet child abuse website users Record

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