An IT contractor stole $38,000 in crypt coins while repairing a company’s computers

An IT specialist was jailed for 20 months at Liverpool Crown Court on 11 June, after stealing crypt coins worth more than £30,000 (USD 38,000).

According to St Helens Star, freelance contractor Mark Andrews of St Helens had been hired to repair a company’s computer systems last year, when he found and stole digital assets belonging to the company’s owner.

CipherTrace: Nearly $1.4 billion in crypts were stolen in the first five months of 2020

The IT contractor received the „keys to the kingdom“
The victim had previously purchased a number of crypto currencies that he had stored in a private folder on his commercial network. By April 2019, the value of this had increased to £31,244 (USD 40,000).

He employed Andrews to solve problems with the company’s IT software, paying £1,320 (USD 1,720) for the work.

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However, even though Andrews had access to the company’s network, he gained access to the victim’s private folder and stole all the crypt coins he had.

Be careful who you trust

When the victim realized what had happened, she reported it to the police, who confiscated Andrews‘ computer and discovered the transactions.

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The police managed to recover £17,000, although Andrews had already spent £14,000 to pay off his debts. It was also found that he had four previous convictions for offences, including obtaining property by deception.

Before Andrews was jailed, he told the court he felt „very stupid“ and „couldn’t believe what he did. A statement from the victim of the businessman whose cryptomoney was stolen said the incident had really affected his ability to trust people.

While the number of Bitcoin Revolution stolen in this incident is a drop in the ocean compared to the $1.4 billion stolen in the first five months of 2020, it highlights the need to be aware of the keys that are stored on devices that are serviced or maintained. It also reminds the public that not all crypto coins are stolen from high-profile hacks.

Russia proposes fines of up to 2 million rubles and 7 years‘ imprisonment for illegal use of crypto coins

 

Russian lawmakers have suggested penalties of up to 2 million rubles ($27,800) and seven years in prison for the illegal exchange of digital assets and crypto-currencies.

According to reports by the Russian commercial channel RBC, draft amendments to the administrative and criminal offence codes were received but have not yet been agreed by law.

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Degrees of sanction
The suggested sanctions are small-scale, starting with administrative sanctions for violating the proposed rules governing transactions that use digital currencies to pay for goods or services provided.

In that case, the goods may be seized, along with fines issued from 20,000 to 200,000 rubles ($278 to $2,780) to individuals, from 50,000 to 400,000 rubles to employees, and legal entities may be fined from 100,000 to 1 million rubles.

Miners in Europe prepare for

  1. bitcoin’s security model: a deep dive
  2. copyright office responded
  3. announced in january
  4. santiago stock exchange
  5. finally launched its native token
  6. ~$60 million hack
  7. acquired the startup
  8. site redesign to accommodate multiple cryptocurrencies
  9. intel’s spectre and meltdown bugs
  10. as akon tells it

halving, but energy costs remain a barrier

Fines apply for organizing the illegal movement of digital assets or providing means for issuing digital currency within the Russian territory.

The same acts may be considered criminal violations if they cause great harm to citizens, organizations or the state. This will result in higher fines, as well as up to five years of forced labor or seven years in prison.

There is also a fine for buying digital assets for cash on Russian territory and transferring funds from the kryptonie to Russian bank accounts.

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Kryptonian companies migrate
Yuri Pripachkin, president of the Russian Association of Kryptomonas and Blockchain, says the new package of laws essentially comprises a complete ban on cryptomonas and will not allow Russian companies to benefit from this technology.

He believes the new rules, if implemented by law, could lead to a mass exodus of companies out of Russia to relocate to neighboring countries with more encryption-friendly jurisdictions, he said:

In fact, the Russian government proposes to build a new iron curtain on the digital economy with its own hands.

Russia has not known what direction to take with crypto currencies for several years, although it has recently taken more concrete steps to regulate digital assets.