Over $8.5 Million in Bitcoin seized by Police of Israel

Large measures of anti-money laundering action has been taken by the cyber department of the State Attorney’s Office
27 May 2018   1521

The organization filed an indictment, stating that Hilmi Git had managed to commit more than 20,000 swindling transactions with Israeli credit cards, laundering the money via the Bitcoin network. Halmi Git, a resident of Hebron, has been charged of multiple scams with credit cards, providing means for committing a crime, carrying out fraudulent trade activity, and laundering the proceeds through Bitcoin. 

According to the report, the Git managed to pile up a total of 1,071 Bitcoin over the course of his crimes. At that time of press, Bitcoin is trading at $7,342.21, making the total value of Git’s fraud at a little over $7.8 million. 

Git processed a forum network and websites used to deliver information on how to commit a range of computer violations. One of these forums is affirmed to have provided stolen credit card information. At the time when the entry to the forum was free, members could acquire a “VIP” membership to gain “fresh” credit card data. Git issued various guides in violation with the country’s Computers and Money Laundering Law. Git also managed another scam, fraudulently realizing mobile phones – often members of his own forums –  at significantly reduced prices.

The indictment dispalys a scheme in which Git would require that the customer transfer his money for the phone, after which point he would proceed to block the client from the forum without ever actually having sent the customer their phone. He would go on to issue a positive feedback message on behalf of the deceived customer, expressing gratitude for the cheaper mobile phone. 

The Israeli State Prosecutor’s Office declares that Git had demanded all the payments to be made in Bitcoin. As such, he has reportedly managed to accumulate more than 1,071 Bitcoin between 2008 and 2018. The Bitcoin wallet of the defendant has been seized and the funds in it are to be confiscated if and when he is found guilty of his crimes.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   254

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.