Withdrawal of $169M from the exchange, Russian detained

Are these situations connected? Let's figure it out
26 July 2017   1629

Distributed database that is used to maintain a continuously growing list of records, called blocks.

Law enforcement agencies of Greece detained a Russian, wanted by the US authorities on suspicion of laundering $ 4 billion through transactions with bitcoins. This is reported by The Associated Press referring to the statement of the Greek police.

The suspect was detained in the morning of July 25 in one of the hotels. His name is not called, it is known only that he is 38 years old. During the detention from the hotel room in which he lived, electronic equipment was seized.

What was the scheme of money laundering is not specified.

The charge for money laundering to a man was filed in 2011. According to the Greek authorities, the detainee is headed by a criminal group that owns one of the world's largest cybercrime sites. The name of the site is not specified.

Also, an interesting coincidence arise. Popular cryptocurrency exchange is anavailable for more than 24 hours now.

At the moment, btc-e.nz is available, but there is only a stab with Twitter.

btc-e.nz stab
btc-e.nz stab


Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Reddit users, that are writting under #btce, suggest that the exchange could be closed or be hacked. It is also possible that fraudsters have access to funds in bitcoin-purses.

Indirectly, this version is confirmed by Twitter users who reported that unknown hackers withdrew  $ 169M from the exchange.

One Twitter user even created a "timeline".

Does these two situations connected? Well, time will show. 

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   29

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.