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Bitcoin Hacker to Serve 10-Years in UK Prison

  • Yuri Molchan
    📰 News

    A hacker is sentenced for selling users’ data on the dark web


Bitcoin Hacker to Serve 10-Years in UK Prison
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Grant West from England was arrested for selling over 60,000 stolen bank cards on the dark web. All his earnings were confiscated by the police– BTC worth more than $600,000.

West stole personal data of around 165,000 people using a “phishing” software. The convict admitted that he made around $240,000 from his fraud and bought Bitcoin with that money. He kept his cryptocurrency in multiple accounts.

In court, he admitted the charges set against him, among which was fraud and computer misuse.


Hackers love crypto

Recently digital coins have been more and more often used for conducting payments by criminals and also they actively choose cryptocurrencies as a store of value. This is especially true about anonymous coins, such as Monero, Zcash, Dash and Zcoin, which were deliberately designed to let transactions in their networks remain private.

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The most famous case of the work of such criminals includes a gang from Russia and Ukraine who in March this year stole around €1 bln from banks in Spain and then converted the money into BTC.

However, those seem to be old-school hackers. A lot of them nowadays simply prefer to hack crypto exchanges, e.g. Japanese Coincheck in January this year, where they grabbed a huge amount of Neo tokens, or take away cryptocurrency from users’ online wallets. Sometimes they also steal mining equipment like it happened in Malaysia recently.

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In short, criminals love new technologies and support digital currencies in every possible way by stealing them, not fiat money.

As for Grant, in his house the police confiscated $33,000 in cash and around $600,000 in Bitcoin. However, the origin of around $2.3 mln in the cryptocurrency is unknown, the report says.

Cover image via u.today
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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

Cover image via 123rf.com
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