Inside the Bitcoin Laundering Case That Confounded the Internet - Deepstash
Inside the Bitcoin Laundering Case That Confounded the Internet

Inside the Bitcoin Laundering Case That Confounded the Internet

Curated from: nytimes.com

Ideas, facts & insights covering these topics:

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Bitcoin trades are publicly visible

For six years, as the value of Bitcoin soared, the loot sat in plain sight online as tiny fractions of the giant sum occasionally disappeared in a blizzard of complex transactions.

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Hackers had emerged from hiding

In the years since the Bitfinex hacking, crypto had exploded into the mainstream, and the theft had become notorious: a bounty worth over $4 billion.

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The government moved the stolen Bitcoin

Charged with conspiring to launder billions of dollars in Bitcoin, the couple, Ilya Lichtenstein, 34, and Heather Morgan, 31, were accused of siphoning off chunks of the purloined currency and trying to hide it in a complex network of digital wallets and internet personas.

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Stacks of foreign currency, multiple fake identities, and dozens of encrypted devices

The charges were a watershed in the evolving regulation of digital currency and, to some, a step forward in the government’s ability to trace its illegal laundering.

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Law enforcement has the knowledge, tools, and skills to provide some accountability

Law enforcement has the knowledge, tools, and skills to provide some accountability

Prosecutors say they found evidence that Mr. Lichtenstein and Ms. Morgan were sophisticated criminals, including encrypted devices, false identities and books with secret compartments cut into the pages.Credit...

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Bitfinex hacking was the stuff of legend

Mr. Lichtenstein and Ms. Morgan hardly appeared to be suave, or subtle, digital cat burglars — or the tip of a grand conspiracy.

Ms. Morgan was a regular contributor to Forbes and Inc., writing columns that advised her fellow entrepreneurs on how to protect their digital currency, and recommending rapping as a form of self-care

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In January 2017 a portion of what they stole was moved into small complex transactions

 According to a criminal complaint filed in federal court in Washington, “this shuffling, which created a voluminous number of transactions, appeared to be designed to conceal the path of the stolen”.

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IDEAS CURATED BY

adriananghel

Full time dad and IT enthusiast for the rest.

CURATOR'S NOTE

Inside the Bitcoin Laundering Case That Confounded the Internet

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