The latest cryptocurrency news show that there is a man who created his own Bitcoin ATM in order to trick users and take away their information. The DIY Bitcoin ATM launderer has pleaded guilty of money laundering and other related crimes. Named Kunal Kalra, he is a resident of Westwood, California who is now examined by the court.
As the news show, the DIY Bitcoin ATM launderer used his machine as well as other means to clean more than $25 million between 2015 and 2017. The court documents also reveal that Kalra exchanged Bitcoin for cash with a range of criminals – some of which including dark net drug dealers.
One report featured on TheNextWeb, shows that the California-based Kalra goes by a few aliases which include “kumar”, “shecklemayne”, and “coinman”. The DIY Bitcoin ATM launderer pleads guilty and as the court documents show, his high value cash for Bitcoin trades constituted the operation of an unlicensed money transmitting business.
Many best cryptocurrency news sites report about Kalra who is now thought of only accepting transactions of more than $5,000. However, he would ask few, if any, questions about where the money had come from. The news state that this DIY Bitcoin ATM launderer was most active between May 2015 and October 2017.
His private clients enjoyed many privileges – one of which was the high value cash for Bitcoin trades with scant background checks. The court knows this because during one of the many traps that Kalra has fallen into – he was told that the money was involved in drug trafficking. This is how an undercover agent in 2017 asked to exchange $400,000 of drug money into Bitcoin – and the DIY Bitcoin ATM launderer agreed to the deal.
Kalra has yet to be sentenced but may face up to a maximum of a life sentence in prison. As part of his operation, he is thought to have used bank accounts in other people’s names and some of them were fake business accounts. The court documents show that $889,000 in cash and 54.3 Bitcoin have been seized from the DIY Bitcoin ATM launderer – as well as many other crypto assets as the altcoin news show.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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