Dark Web Marketplace Creator Caught with 100k BTC

Russian Sergei Medvedev alleged to be the creator of Infraud darkweb marketplace
09 February 2018   1141

In Bangkok, at the request of the Federal Bureau of Investigation, a 31-year-old Russian citizen, Sergei Medvedev, was arrested, suspected of organizing the Darknet markeetplace Infraud. Settlements on the site were made in the cryptocurrency, the local edition of Bangkok Post reports.

Sergei Medvedev
Sergei Medvedev

Infraud traded forged credit cards, illegal financial information, drugs, weapons and rare species of wild animals. During a search on Medvedev's accounts, FBI officers found 100,000 bitcoins. At the moment of press, 100k BTC is around $824M.

The shadow marketplace was founded in 2010 by Ukrainian citizen Svyatoslav Bondarenko, however, a large international group of hackers was involved in his activities. For seven years, it inflicted US damage on $ 530 million.

The Infraud server was closed by the US authorities on Tuesday, February 6. Previously, 32 members of the group were arrested. Another 18 people, in particular the founder of the site, Svyatoslav Bondarenko, are wanted in 15 countries.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.