Cybercrime Gang Used BTC To Launder $1.24B

Cybercriminals from Russia and Ukraine attacked more than 100 financial institutions
27 March 2018   1097

The Spanish police forces arrested a gang of russians and ukrainians nationals who are suspected in stealing more than $1.24 billion from financial institutions worldwide and converting them into Bitcoin (BTC). This is reported by Cointelegraph.

According to the Spanish police and Europol, the leader of the gang from Ukraine “Denis K.” and his three partners accomplices of Russian and Ukrainian origin, have been identified and arrested in the Alicante city. In 5 years criminals were able to still round EUR 1 000 000 000 ($1.24 bln) from financial institutions across the globe.

Criminal targeted more than 100 financial institutions; they alleged were able to get away every time with aroun 10 000 000 EUR. As alleged by police, almost all banks from Russian are the victims of the gang; about 50 of them did lose money in the attacks.

Gang used phishing emails with malicious attachments to bank officials to gain access to internal banking networks. Malware provided criminals with control over infected hardware, allowing them to compromise ATMs and use the machines to withdraw unlimited sums of money

Criminals didn’t spend the stolen cash but instead exchanged it into bitcoins. Once converted, the cryptocurrency was used for purchasing different assets, including real estate and vehicles in Spain.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.
 

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.
 

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.