Tagbitcoin crime

Authorities Dismantle $10 Million Crypto Money-Laundering Ring in Spain

bitcoin crime, bitcoin ATM

By CCN: A crypto money-laundering ring that was offering its services to other criminal enterprises has been dismantled in Spain. The Crime as a Service operation is believed to have laundered approximately $10.08 million (€9 million) using bitcoin and other cryptocurrencies. Guardia Civil (Spanish Civil Guard) arrested eight people in connection with the crime while charging eight more for...

Binance Hacked: Bitcoin Exchange Suffers $40 Million Security Breach


By CCN: Binance, the No. 1 cryptocurrency exchange based on trading volume, has been hacked. Changpeng "CZ" Zhao, who is at the helm of the exchange, made the announcement on Twitter after previously sharing that "unscheduled server maintenance" was unfolding. The Binance CEO tweeted that it "was not the best of days." As it turns out, it was much worse than imagined, with hackers making away...

Blockchain-Challenged Authorities Take Down Crypto's Largest Dark Web

dark web

By CCN: It appears safety standards for criminals on the dark web are shrinking quickly. Following a series of raids in both Germany and the United States, American and European officials have succeeded in taking down what they call one of the world’s “largest online criminal trafficking operations.” The problem is it took authorities two years to take down the bad guys, paving the way for...

Bitcoin Laundering: Two NY'ers Convicted in $3 Million Drug-Infused Scam

bitcoin crime

By CCN: Callaway Crain and Mark Sanchez recently pleaded guilty to money laundering in New York. Investigators allege the pair earned close to $3 million selling steroids and controlled substances, mostly in bitcoin. They were first arrested almost exactly a year ago. $2.8 Million Over Six Years for Homemade Steroids Crain and Sanchez operated on the clear and dark webs and left New York in 2015...

‘Bitcoin Is the Greatest Scam in History,’ Says Founding PayPal CEO. Wrong.

One could say that former PayPal chief executive Bill Harris is not fond of Bitcoin, but that would be an understatement. Writing in an op-ed published by tech outlet Recode, Harris argues that Bitcoin is not only a bad investment but is also a “colossal pump-and-dump scheme, the likes of which the world has never seen.” Harris does not break any new ground on the Bitcoin-bashing front, and he...

Malicious Cryptocurrency Mining: A $100 Million Hacker’s Dream


Talos, a leading cyber security intelligence firm, estimates that malicious breaches in cryptocurrency mining operations could be netting hackers more than $100 million a year. Why Hacking Miners Is The New Trend Hackers aren’t just going after mining operations because cryptocurrency is worth a lot of money (we’ll do the math in a minute). They do it because it’s easy to get away with it...

US Secret Service Agent Get 2 Extra Years for Silk Road Bitcoin Theft


A former U.S. Secret Service agent who was sentenced to 71 months in prison in 2015 for stealing thousands of dollars worth of bitcoin during an investigation into darknet marketplace Silk Road, has been sentenced to an additional two years in prison for another cryptocurrency theft. Shaun Bridges, 35, was sentenced by the U.S. District Court Judge Richard Seeborg in San Francisco yesterday...

Pastor Sentenced to Five Years for Aiding An Illegal Bitcoin Exchange


A New Jersey pastor has been sentenced to five years in prison after being found guilty of attempting to aid an illegal bitcoin exchange evade scrutiny from banks and regulators. Trevon Gross, 47, was sentenced on Monday by U.S. District Judge Alison Nathan in Manhattan, reports Reuters. He was also ordered to pay a $12,000 fine. The bitcoin exchange involved in the case was Coin.mx. Back in...

Australia and New Zealand Hit in Extortion for Bitcoin Plots


Extortion for Bitcoin has become more and more common within the United States, with families, businesses and even police departments under attack. Anywhere from a couple of bitcoins to one hundred or more are demanded. The problem has been domestic, but now other major Bitcoin markets like Australia and New Zealand are feeling the effects of those desperate enough for Bitcoin that they turn to a...

Blackmailers to Czech Republic: Give Us Bitcoin or We Give You Ebola


In one of the most sinister Bitcoin-related blackmail schemes to date, an as yet unidentified group of individuals has threatened to spread Ebola in the Czech Republic unless they receive their ransom demand of one million euros in Bitcoin. It may sound like a Tom Clancy novel or an episode of 24, but in this case, the truth is much stranger than fiction. Capitalizing on the fear surrounding the...