Chinese Engineer Arrested For Stealing 100 BTC

Zhong Mo stole 100 bitcoins from his employer; he may be extended to seven years and fined
03 April 2018   1157

Engineer from Beijing was arrested after stealing 100 Bitcoins from his company. He noticed the unsuccessful hack attempt. So he decided to use the situation and steal coins by himself. After that, 90% of the stolen was returned, but he can still go to jail for up to seven years. This is reported by Bitcoin .com.

The police of the Haidian District confirmed Zhong Mo's arrest. The Haidian District is the place where most of the universities of Beijing are located, as well as the technological and scientific center of Zhongguancun, where the headquarters of many Chinese IT companies are located, which is why this center is called the "Chinese Silicon Valley".

Prosecutors from the department of investigations of scientific and technological crimes of the police in Haidan studied the case and found that the defendant worked in the company as an engineer for repairs and maintenance. It is alleged that during the regular maintenance of the server, he found that someone tried to steal the company's cryptocurrency by hacking, but the attempt wasn't successful. Eliminating the abnormal interference, the engineer took advantage of administrator's authority uploaded a piece of code designed to transfer 100 bitcoins from the company's account to his own account registered on a website outside of China. He also tried to cover up the traces of the crime by taking steps in order to avoid tracking.

Later, the criminal himself became a victim of phishing scam and lost 10 bitcoins. Then, apparently, he got scared and returned the remaining 90 bitcoins of his company. According to the rate on the day of the incident, September 16, 2017, 100 bitcoins cost about 380 thousand dollars.

According to the prosecutor in charge of the case, according to China's criminal law, for an infringement of state laws on the theft of information from a computer system, an engineer is threatened with imprisonment for up to three years, but if the circumstances prove more serious, he may be extended to seven years and fined.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   105

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.