Following the arrest of a suspected pair of crooks who allegedly stole up to 120,000 bitcoins from the Bitfinex crypto exchange hack in 2016, another high-profile crypto crime case could be about to be solved. In the most significant theft in the history of the Ethereum blockchain, more than 3.6 million ethers were also withdrawn in 2016. Check Bitcoin Prime Software to get a piece of detailed information about bitcoin trading.
The ” Forbes” journalist Laura Shin wants to have tracked down those responsible: a 36-year-old programmer who grew up in Austria but is said to have lived in Singapore at the time of the hack. According to a recent forensic analysis of network transactions, he has exploited a loophole in a decentralized Ethereum crowdfunding project called DAO and stole a third of the tokens parked in it.
Ethereum became the Ethereum Classic.
Since the theft threatened to bring the entire Ethereum network into disrepute and impacted the value of the Ether currency, the community, including Ethereum founder Vitalik Buterin, decided to take an extremely controversial step. The blockchain was split in two using a hard fork to make stolen ether practically worthless. As a result, the original Ethereum blockchain, cut off, so to speak, was renamed Ethereum Classic.
Instead of the captured 3.6 million Ether (ETH), which would be worth over eight billion euros today, the hacker was left with 3.6 million Ethereum Classic (ETC) tokens. The community’s plan to become completely worthless over time only worked to a limited extent. Because of the current price of 23.1 euros per ETC, this is still a volume of over 80 million euros – if the alleged hacker still has the captured tokens.
Whitewashing almost impossible
According to Shin, who will publish her research published in “Forbes” as part of a book, the whitewashing of the tokens – similar to the Bitcoin crook couple – was very poor. The alleged hacker is said to have managed to exchange just 0.2 of the 3.6 million ETC for Bitcoin at the time. After that, he or any other people involved are said to have given up in order not to endanger their identity.
According to Shin, the 36-year-old programmer and businessman are behind the hack. He denies the allegations but is said not to have contributed anything to the clarification so far – it would be fatal to him, like the couple arrested in New York, that the blockchain and the don’t forget the internet. With advanced forensic tools, it is now possible to search for clues in the billions of transactions and thus also to clear up cases that took place six years ago. (red, 2/22/2022)
Austrian Bitcoin scammers stole 2.7 million euros.
On Thursday, two suspected bitcoin fraudsters will be tried at the Vienna Criminal Court. The two men reportedly recruited around 300 investors via the internet and personal referrals in 2018 and 2019. Seventy-eight victims are known throughout Europe; around half come from Austria. The damage caused is said to amount to 2.7 million euros. If convicted of severe commercial fraud, the two face up to ten years in prison.
Europe’s stock markets: The stock markets in Europe have also switched to crisis mode. The Dax recorded a loss of four percent and slipped below the 14,100-point mark. The Euro Stoxx 50 was down 3.6 percent. Banks booked hefty losses. Banco Santander, BNP Paribas, ING and Intesa Sanpaolo were each more than eight percent in the red. “It’s a loss of confidence. It’s kind of new territory for a lot of people,” said Neil Wilson, chief market analyst at Markets.com, of the combination of rising inflation, last seen in the early 1980s, and a military operation in Europe. Bucking the trend, armaments companies such as Rheinmetall and BAE Systems benefited from the expectation of higher military spending.
Moscow stock exchange The Russian stock exchange closed in deep red. The RTS index had lost half of its value in the morning and reduced the minus to 38 percent in the further trading course.
Wall Street: The US stock exchanges reacted differently to the Russian attack on Ukraine; Russia made up initial losses again. The Dow Jones index was down more than 2 percent at one point but made up for it in late trading. The broader S&P 500 was up more than 1 percent, while the Nasdaq index rose more than 3 percent.
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