$2.47 Worth Crypto Stolen From Istambul Crypto Company

Hackers communicated thru the PlayerUnknown’s Battlegrounds in-game chat
14 February 2019   811

The cryptocurrency company based in Istanbul fell victim to criminals who stole Bitcoins and other cryptocurrencies from its accounts totaling 13 million lire (about $ 2.47 million). This is reported by the local Daily Sabah.

The company, whose name was not disclosed, went to the police with a statement after it discovered that it had stolen large amounts of bitcoins, Ether and XRP.

A division of the Turkish police in the fight against cybercrime conducted an investigation, the results of which confirmed the fact of hacking two wallets belonging to the company. The police also managed to track the movement of stolen funds thanks to the records in the blockchain and identify the intruders. It is noteworthy that they coordinated their actions through the chat of the popular online game PlayerUnknown’s Battlegrounds (PUBG).

In the course of the special operation, police conducted searches at the place of residence of suspects to steal funds in several cities, arresting 24 people. During the time, cash was seized, and a stolen cryptocurrency worth 1.3 million lire ($ 247,000) was discovered, which was eventually returned to the company.

Six detainees by the court in Istanbul were left under arrest, the rest were released under judicial control.

Note that this is not the first such case in Turkey in recent months. So, in November last year, 11 people were detained in Istanbul on suspicion of theft of bitcoins worth more than $ 80,000.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   233

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.