Russian Hacking Dependent on Bitcoin: Price Unaffected Thus Far

Written by:
Guest
Published on:
Jul/13/2018

US Deputy Attorney General Rob Rosenstein announced Friday afternoon a series of bombshell indictments related to alleged Russian meddling in the 2016 US Presidential elections.  The indictment claims the scheme was dependent on the cryptocurrency bitcoin.

It was those bitcoin transactions that apparently contributed to the hackers getting caught.

"To hide their connections to Russia and the Russian government, the Conspirators used false identities and made false statements about their identities," Special Counsel Robert Mueller wrote in the indictment. "To further avoid detection, the Conspirators used a network of computers located across the world, including in the United States, and paid for this infrastructure using cryptocurrency."

The price of bitcoin did not appear to be affected by the news as it hovered around the $6200 mark.

The Russians conspired to launder somewhere around $95,000 through cryptocurrency transactions as a means of purchasing infrastructure the hackers used to conduct their campaign, Mueller alleged. The Russian officials did so to "capitalize on the perceived anonymity" of cryptocurrencies like bitcoin.

"The use of bitcoin allowed the Conspirators to avoid direct relationships with traditional financial institutions, allowing them to evade greater scrutiny of their identities and sources of funds," Mueller wrote.

- Jagajeet Chiba, Gambling911.com

Business/Financial News

How Does a Pay Per Head Work?

A Pay Per Head business is one in which you pay X amount of dollars per customer per week to have another company run nearly every aspect of your bookmaking business.

How Much Profit do Bookies Make?

How Much Profit do Bookies Make?

Bookies are people that accept action on various sports, and most bookies have an average weekly hold percentage of around 5%.

QuadrigaCX Founder Dies With Only Access to Exchange Password: Made Out Will Days Prior

The CEO and founder of Canadian cryptocurrency exchange QuadrigaCX wrote his will just 12 days prior to his death, but he neglected to disclose the crypto exchange password.

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

Online bookies need to be aware of 6 fetal errors that cause agents to close shop for good. Find out if you’r making these mistakes and if your sportsbook is spilling potential profits everywhere.

Choosing the Best Sports Betting Software Platform

Choosing the Best Sports Betting Software Platform

Recently, the popularity of sports betting in the U.S. and around the world has seen a tremendous boost in popularity. Furthermore, the internet has seen a large increase in new sportsbooks in the past 6 months. 

Syndicate