Sindri Stefansson, who was involved in the biggest heist that left the Iceland police baffled, is sentenced to four and a half years jail along with his teammates. Cryptocurrency laundering is a serious issue that needs to be addressed and suppressed at the earliest.
Cryptocurrency Laundering Calls For Innovative Safety Measures
Cryptocurrency beyond doubt is surging and spreading its wings in all the sectors of the economy. Despite that, there are certain loopholes in the concept that is creating issues in the economy. Cybercriminal like Sindri Stefansson made it to headlines after escaping from jail and looting crypto assets worth in millions, last year. Nevertheless, as per the reports, he has been arrested and put into detention last week.
Cryptocurrency laundering is posing as a major concern in the economy. Stefansson’s case made headlines around the world because low-crime Iceland, with its population of little over 338,000, is a difficult place to be a fugitive – let alone flee from. In the heist, Stefansson and his crew were reportedly able to steal 225 fully functional Bitmain mining rigs with the help of an insider and wore security uniforms as part of their deception, as mentioned in Bitcoin News.
Seeing the rise in the percentage of thefts, BitGo has offered its customers a safer way to trade in cryptocurrencies. By the end of the month, BitGo’s customers will be able to buy or sell Bitcoin, Ether and other digital assets without the coins ever leaving cold storage. In other words, they’ll stay on devices not connected to the internet, making them harder to steal. BitGo is offering this through a partnership with Genesis Global Trading, a trading firm, as reported on Business Report.
Chief Executive Officer Mike Belshe said in an interview that, being able to buy or sell in offline-mode means coins aren’t sent to exchanges, cutting the risk of cryptocurrency laundering, human error or running afoul of compliance requirements.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]