Connect with us

Bitcoin

$4 Billion Bitcoin Money Laundering Scheme Sees First Indictment by U.S. Jury

Published

on

Controversy has swept the bitcoin community after a Russian man was indicted by a U.S. jury for using digital currency to launder more than $4 billion for criminal networks.

// -- Discuss and ask questions in our community on Workplace.

Russian “Mastermind” Apprehended

Alexander Vinnik – the alleged “mastermind” behind the money laundering scheme – was arrested in a small village in northern Greece on Tuesday following an investigation led by the U.S. Department of Justice. Just 24 hours later, the Russian national was indicted by a U.S. jury as being the operator of BTC-e, a bitcoin exchange used to launder money for drug traffickers and cyber criminals.

Reuters reports that the website Vinnik was running had “7 million bitcoins deposited, and 5.5 million bitcoins in withdrawals.”

Vinnik has been on the U.S. Ministry of Justice watch list since 2011. Authorities have also linked him to the failure of Mt. Gox, whose collapse in 2014 raised fears about the imminent demise of the cryptocurrency system.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Also Read: Alleged BTC-E Admin Arrested for Laundering $4 Billion in Bitcoin

Cyber Crime: Bitcoin’s Enduring Legacy

Although bitcoin’s image in the mainstream has improved over the past three years, some of its detractors view it as nothing more than a conduit for illegal activity, with money laundering being only one example. The federal take-down of Silk Road in 2013 highlighted the extent to which cryptocurrency was being used to evade the authorities.

In 2016, a high-profile breach of Hong Kong-based exchange Bitfinex also shone negative spotlight on the crpytocurrency market, raising concerns about a lack of insurance protocols.

Bitcoin Prices Stable

The indictment of Vinnik had little impact on the cryptocurrency market, with bitcoin prices trading around 2,675.00, according to Bitstamp. That represents a gain of 2%. Prices fluctuated between $2,550.00 and $2,601.00 during the Asian session.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Analysis

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

Published

on

The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

// -- Discuss and ask questions in our community on Workplace.

While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
6 votes, average: 4.50 out of 56 votes, average: 4.50 out of 56 votes, average: 4.50 out of 56 votes, average: 4.50 out of 56 votes, average: 4.50 out of 5 (6 votes, average: 4.50 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Chinese Crackdown Triggers Next Leg of Correction

Published

on

The cryptocurrency segment is crashing again, with double-digit losses across the board, and with several coins shedding around 30% in one day amid the widespread and heavy selling. The sell-off was triggered by reports on a new set of measures by the Chinese authorities limiting crypto trading, which added to the still looming South Korea related regulation worries. Bitcoin tested the mini-crash lows at $11,300 today in early trading, dipping slightly below that level before a strong bounce started.

// -- Discuss and ask questions in our community on Workplace.

The most valuable coin is now between two crucial support/resistance lines, with the other ahead at $13,000, and as the downtrend is entering its more mature phase the $10,000 and $9,200 levels could come in play, with a possible dip to the support zone near $7,650.

BTC/USD, Daily Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Interestingly, the coin is still hovering within the daily range of the crash of December 22nd, and that points to a very active and volatile period ahead near the low at $11,300, as automatic orders will likely get triggered on both sides of the market.

The short-term setup is bearish, and although it’s possible that the primary support level will hold, odds still favor another leg lower, following the exponential run-up at the end of last year that pushed sentiment into bullish extremes.

BTC/USD, 4-Hour Chart Analysis

Altcoins

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
17 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 517 votes, average: 4.82 out of 5 (17 votes, average: 4.82 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

Published

on

The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

// -- Discuss and ask questions in our community on Workplace.

BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is concidered a failure either way.
13 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 513 votes, average: 4.92 out of 5 (13 votes, average: 4.92 out of 5)
You need to be a registered member to rate this.
Loading...



Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending