• Kucoin $285M hack recovered insured
    Cryptocurrencies

    KuCoin hack’s $285M recovered or insured: CEO Johnny Lyu

    The exchange’s CEO said that all but $44.5 million worth of the stolen crypto was retrieved with help from other exchanges; otherwise it was a great year

    According to an open letter by CEO Johnny Lyu, a collaboration between KuCoin, its partners and other cryptocurrency exchanges allowed the firm to recover 78% of the losses—equivalent to $222 million—while cooperation with law enforcement allowed the company to retrieve a further 6%, or $17.45 million.

  • 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…