Skip to main content

Russian Cybercriminal Sells $13 Million in Counterfeit Coins for Crypto

Russian authorities have detained a group of cybercriminals that are said to have sold a large amount of counterfeit money on the dark web (underground network) in exchange for cryptocurrencies.

According to an April 7 report from primexbt news:

Offenders have successfully sold more than one million Rubles of counterfeit money, worth about $13 million at the time of issue.

Crime rages on Russia's largest black market



According to a report by the Interior Ministry, the intruders circulated counterfeit money through a darknet shop of Russia's largest black market, Hydra. The store is operated under the name “Bank of Russia”, an alternative title for the Central Bank of the Russian Federation. According to the authorities, the counterfeit money from this shop is of "high quality".

See more: Ethereum price highest since March 12 thanks to positive reaction around ETH 2.0

Counterfeit money has been exchanged for cryptocurrency

This gang has been operating for about a year, trading fake rubles in exchange for "virtual currency only". First discovered in the Republic of Tatarstan, the amount of counterfeit money is believed to have spread to several regions of Russia. According to this report, lots of coins have been sold for only 30% of their true value, even when exchanging in bulk (from $6,500 and up) the value is only about 10-15%.

The Russian Interior Ministry said this was the first fraud related to counterfeit money in the country. However, Russia is not the first country facing crypto-related counterfeiting cases. In September 2019, the Portuguese police along with Europol (*) seized nearly $80,000 in capital from merchants who were selling counterfeit money in exchange for Bitcoin (BTC).

Comments

Post a Comment

Popular posts from this blog

Compare Bitcoin investment and Bitcoin trading at Primexbt

In recent months in 2021, bitcoin has broken out in value from $5,000 to $69,000, attracting a huge wave of interest from both professional and casual traders. When participating in this volatile bitcoin trend, the first thing you need to do is decide whether to trade or invest in this cryptocurrency.The suitability of these two options depends on many factors, ranging from a willingness to take risks to a long- or short-term investment strategy. To help you make the right decision, we've listed some characteristics of both below: Bitcoin Trading on primexbt It is possible to speculate on the price without actually owning it Leverage can be applied to open a position with a very small amount of money Can trade quickly without having to wait for the exchange It can find opportunities to sell and buy BitcoinsGreater short-term profit potential, while also higher risk Invest in Bitcoin Allows you to get the most out of your purchased bitcoin ownership Must make purchases through excha...
Post a Comment
Read more

Tron DApps Available on Samsung App Store

Tron is expanding its ecosystem of cooperation with Blockchain Samsung in a new field that incorporates Blockchain games, which will be made available on its mobile devices. The Tron (TRX) project was announced on April 27, stating that applications built with Blockchain will be available on the Samsung Galaxy store. Tron DApps Available on Samsung App Store Tron and its tokens are backed by Samsung's Blockchain Vault, which stores private keys in a secure storage box. The integration is announced alongside Bitcoin (BTC) and Ethereum (ETH). As Tron has announced, Samsung's app store will include "Blockchain apps like Cuties, Super Player, Meerkat Mining, and Timeloop." It should be noted that Blockchain Cuties is a cross-platform game, and more and more Ethereum users are participating, even though transactions mostly take place on Tron. According to Dappradar.com, Super Player is probably currently an Ethereum-specific project. The other two applications are not yet ...
Post a Comment
Read more

Director of BIS Innovation Hub: COVID-19 reveals the value of DLT

Benoît Cœuré, director of the Innovation Hub at the Bank for International Settlements, recently said that central bank digital currencies, or CBDCs, crypto, have been “highly centralized.” amid the corona pandemic. On April 17, speaking during a webinar organized by Accenture, the Bretton Woods ReReinventing Committee and the Chamber of Digital Commerce, Cœuré said that “the crisis has revealed the value of technologies that have the potential to help the industry. economic expansion of its activities”. He also revealed that the Bank for International Settlements (BIS) is looking into tokenization or crypto as a possible solution, to restart some segments of the economy during the lockdown period because of Covid-19. Corona pandemic reduces cash consumption The head of Innovation Hub highlighted the decline of cash payments during the Covid-19 pandemic, and affirmed that the current economic situation creates a lot of discussion around CBDCs: “Central bank digital currency is being di...
Post a Comment
Read more