Connect with us

Bitcoin News

Drug dealers who relied on Bitcoin’s ‘anonymity’ get 30 years behind bars

Members of a Bitcoin-fueled drug ring that used the dark web to import crystal meth into the UK have been sentenced to more than 30 years behind bars. Most drugs were imported from Canada in a popular comparison website’s freebie toys. The group is believed to have sold more than 1 kilo of controlled drugs…

Drug dealers who relied on Bitcoin’s ‘anonymity’ get 30 years behind bars

Members of a Bitcoin-fueled drug ring that used the dark web to import crystal meth into the UK have been sentenced to more than 30 years behind bars.

Most drugs were imported from Canada in a popular comparison website’s freebie toys. The group is believed to have sold more than 1 kilo of controlled drugs – including cocaine and ecstasy – worth tens of thousands of pounds during a fourth-month period in 2017.

Once sold, dealers distributed the substances to customers through a ‘ring-and-bring’ phone line.

Patrick Palmer, the prosecutor, said approximately $78,000 (£61,000) worth of drugs and at least $58,126 (£45,037) in cash were recovered.

Gang leader Hassan Jalilian, also known as either Josh or Neema, managed the operation from his then-girlfriend Cheryl Scott’s flat in Leeds, Yorkshire. He also recruited former addicts Michael Bendo and Gohar Manzoor to distribute and sell the drugs on the city’s streets.

Jalilian transformed a property in the outskirts of the city into a drug factory. He was in the midst of turning the facility into a gym as a decoy when Border Force officials intercepted various parcels containing drugs.

Jalilian was jailed for 11-and-a-half years and disqualified from driving for seven-and-a-half years. His ex girlfriend Scott was jailed for five years. 

Bendo got eight years, Manzoor seven and four months. Manzoor’s wife Razna Begum was handed a 12-month community order, and ordered to complete a 10-day rehabilitation activity requirement.

We’ve covered many stories about criminals using Bitcoin BTC for its purported anonymity, and unless you’ve been living under a rock, you’ll have realized the cryptocurrency is anything but anonymous, and criminals almost always get caught.

Unlike cash, which is completely untraceable, Bitcoin transactions leave a trail on the blockchain, meaning law enforcement can follow the ‘money.’

It goes without saying that Bitcoin‘s reputation has suffered significantly as a result of criminals using it to fund illicit activities, but let’s not forget that cash, which for some reason doesn’t suffer from the same branding problem, affords greater anonymity.

Ultimately, buying drugs with Bitcoin is a really bad idea.

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Published April 26, 2019 — 12:26 UTC

Yessi Bello Perez

Yessi Bello Perez

April 26, 2019 — 12:26 UTC

Source

Continue Reading
Advertisement
Loading...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin News

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

Source

Continue Reading

Bitcoin News

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

Read next:

South African voters fear mobile political campaigns will steal their personal info

Source

Continue Reading

Crypto Live Prices

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
Advertisement
Loading...
Advertisement
Advertisement

Trending

Copyright © 2018 Crypto141.com