• Criminal
    Bitcoin

    New documents shine a light on Iceland’s ‘Bit Bitcoin Heist’

    7 convicted suspects will serve time for cocaine possession and a weird attempt at growing marijuana

    Our favorite Bitcoin story of all time seems to be closing as Iceland’s courts found ringleader Sindra Þór Stefánssyni guilty of stealing over 100 crypto mining rigs in Iceland. The incredible story—which at one point had Sindra breaking out of prison and fleeing the country on the same plane as the Prime Minister—now seems to have come to an end with him heading back to prison and no Bitcoin mining equipment recovered.

  • FBI
    Alt coins,  Cryptocurrencies,  Media,  People

    Victim of $2 million livestreamed theft claims FBI involvement, responds to allegations

    Ian Balina seems to be having a rough week and some are now making big accusations

    We love a good heist story. But there’s a big difference between the Icelandic heist where $2 million in mining rigs were stolen and the story from Monday where a single crypto YouTuber named Ian Balina lost $2 million to hackers. “I’ll be ready to talk when the criminal has been arrested,” he told Modern Consensus Tuesday. “We have identified who did it and this is a lot bigger than me. Other big names in crypto have been hacked by this criminal. Currently working with FBI, that’s all that I can say.” A representative from the FBI field office in New York City could not confirm they were investigating the…

  • Criminal
    Bitcoin

    Two Russians arrested in Iceland’s big bitcoin heist

    Could two shipping containers lead to the $2 million in stolen bitcoin mining servers?

    Police in Iceland have arrested two Russian nationals after finding two suspicious shipping containers with two huge electrical cables leading to the Westman Islands off the coast of the mainland. Police also have two more Icelandic men in custody on the mainland. The small island nation has been on high alert since a string of break-ins caused $2 million in bitcoin mining computers to go missing. A source at ON Power, Iceland’s largest energy producer, tells us these cables are powerful enough to run the stolen mining rig made up of 600 servers. Previously, 11 people including one security guard—all Icelanders—were arrested in connection with the case.  Cryptocurrency networks depend on…

  • Pirate
    Bitcoin

    Pirates, witches, lava, and bitcoin: Ocean’s 11 meets Iceland 11

    What makes a $2 million bitcoin mining heist uniquely Icelandic.

    It’s a crime so perfect, one can imagine a blockbuster movie about it.  The camera pans to an otherwise unsexy server farm on the frozen tundra of Iceland’s southwest Reykjanes peninsula, home to about 22,000 people. The area is ridiculously quiet in December—literally not even a mouse would be out of hibernation. Cut to the nearby Blue Lagoon—empty of all tourists after closing. Security cameras are triggered only by the occasional mink, fox, or reindeer crunching around the sparse vegetation. That is until December when 11 people, including one security guard, were arrested in a complex bitcoin-mining rig heist. Police still have not recovered the $2 million in gear including…