British Hacker convicted for Stealing $600,000 in Bitcoin

A UK hacker was prisoned for 10 years and 8 months for selling 63,000 stolen credit and debit cards on the dark web: $600,000 in Bitcoin was seized by Police
28 May 2018   1324

Grant West, a 26-year old computer hacker from Kent (United Kingdom), was described as a “one man cybercrime wave” for having stolen the personal data of approximately 165,000 people via “phishing” scheme. The prosecution affirmed that he profited over £180,000 (about $240,000) from the scam and converted the proceeds into Bitcoin, which would then be kept in multiple accounts.

West is supposed to send emails looking like to be from Just Eat, an online food order and delivery service, to extract credit and debit card details from his victims. He was adjudged to more than 10 years in prison after accepting the charges, which included conspiracy to commit fraud, computer misuse, and drug offences. Judge Michael Gledhill presided over the trial.

Masquerading as Just Eat, Grant West suggested a voucher in recovery for answering questions between July 2015 and December 2015. The phishing scam cost the firm over £200,000 (approximately $267,000), but there is no evidence their servers were hacked by West. Other high profile hack victims include British Airways, Barclays, Sainsbury’s, Asda, Uber, Argos, Coral.

The Police seized £25,000 (about $33,000) in cash and £500,000 (about $666,000) in Bitcoin. Judge Michael Gledhill declared £1.6 million (approximately $2.3 million) worth of cryptocurrency is not accounted for. 

When such inadequate security is confronted with a criminal of your skills and ambition it is totally unfit for purpose and worthless. This case should be a wake-up call to customers, companies and the computer industry to the very real threat of cybercrime.
Michael Gledhill
Judge, UK

The hacker once had a number of client`s details, he would then sell them on Alpha Bay, an online dark web market 10-times larger than Silk Road which was taken down by the officials in July 2017.

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   320

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.