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Three Pakistani Men Who Took Part in Bitcoin Robbery Have Been Arrested in Dubai

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The news serves as a cautionary tale for all prospective Bitcoin buyers who want to meet with a seller in person
Three Pakistani Men Who Took Part in Bitcoin Robbery Have Been Arrested in Dubai
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Each of the three Pakistani men who took part in the ‘Bitcoin robbery’ has been sentenced to one year in prison, The National reports. They will be deported from the UAE shortly after serving their term.

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SIM Swap Hacker Who Stole $5 Mln in Crypto Sentenced to 10 YEARS in Jail
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SIM Swap Hacker Who Stole $5 Mln in Crypto Sentenced to 10 YEARS in Jail

A $217,000 mistake

Last year, a group of bad actors lured four Chinese investors into their apartment in Al Rafaa, Dubai, with the help of a social media post that offered Bitcoin. They proved to the businessmen that they indeed owned Bitcoin. In the interim, a gang, whose members impersonated police officers, raided the apartment and tied up the clients while stealing AED800,000 ($217,796) along with the victims’ phones.  

Criminals will serve jail time

The Dubai police, who were able to identify the criminals by the number plate of their car, managed to track down those who took part in the robbery. Eight defendants from Pakistan, India, and Bangladesh were initially charged by prosecutors. However, only three Pakistani men, all aged 38, eventually received jail time. The other suspects have been acquitted since there was no sufficient evidence.

A gruesome side of crypto

Another similar crime occurred in the Al Muraqqabat area of Dubai back in April 2018. A 10-member gang stole AED7 mln (about $1.9 mln). While gang members were ‘inspecting’ their office, they laid an ambush for two brothers.

Last week, a trio of fake police officers tortured a cryptocurrency trader in Denmark (in front of his 4-year-old daughter) in order to steal his crypto funds.

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Alex Morris

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀
OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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