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Home Cryptocurrency news Bitcoin

Peter Schiff’s Alleged Tax Evading Bank Was Targeted By Bitcoin Ransomware

Tony Spilotro by Tony Spilotro
6 months ago
in Bitcoin
Reading Time: 3min read
peter schiff bitcoin ransomware tax evasion euro bank

Tax haven, financial or wealth evasion on a euro shaped island. A luxury boat is sailing to the island.

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Peter Schiff is one of Bitcoin’s biggest naysayers. The well-known gold bug recently had his dirty laundry aired out for all to see, as part of an alleged tax evasion case involving his Euro Pacific Bank.

As part of an exposé, it was revealed that Schiff’s offshore bank was once the target of Bitcoin ransomware, and could explain his deep-rooted hatred toward the number one cryptocurrency by market cap.

Peter Schiff’s Gold-Backed Bank Was Held Ransom By Bitcoin Hackers

Crypto investors might know Peter Schiff due to his constant bashing of Bitcoin on Twitter. Precious metal investors might recognize the name associated with buying and selling gold.

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Schiff is also well known in the world of finance for accurately predicting the Great Recession that Bitcoin was born during. Since that day, Peter Schiff’s favorite asset has fallen steadily against the leading cryptocurrency by market cap (chart pictured below).

Related Reading | Move Over Bitcoin: Pro-Gold Peter Schiff Blasts the Stock Market Bubble

But that may only be one of several reasons for Schiff’s distaste in the crypto asset.

Euro Pacific’s former IT director, John Ogilvie, revealed to The Age Australia that Schiff’s bank had notable security flaws, that included a ransomware attack where Russians demanded 1000 BTC.

xaubtc gold bitcoin peter schiff tax evasion ransomware

To Peter Schiff's dismay, Bitcoin has outperformed gold since it came into existence | Source: XAUBTC on TradingView.com

Euro Pacific Bank Under The Microscope Over Alleged Tax Evasion

Bitcoin ransomware is a common scam typically involves hackers taking over and locking down computer infrastructure, and then demanding a sum of BTC in exchange for restoring access to these critical systems.

The Age doesn’t go on to explain the end to the Bitcoin ransomware story but has only turned the first few pages on what is alleged to be an international tax evasion operation, fronted by Schiff.

Peter Schiff was recently a guest on 60 Minutes Australia, where he was bombarded with questions regarding the allegations involving his Euro Pacific Bank. The interview ended with Schiff exiting abruptly, refusing to answer more questions.

Related Reading | The Most Common Bitcoin Scams And How To Avoid Them

According to the allegations, Schiff’s bank is part of a multi-national tax sting called Project Atlantis. Euro Pacific Bank was found to serve clients known for financial crimes, and potentially aided customers in skating local tax laws by moving money to the offshore bank located in San Juan, Puerto Rico.

A joint investigation by The Age, The Sydney Morning Herald, 60 Minutes, and The New York Times claims that Euro Pacific Bank’s customers are now being investigated as part of Project Atlantis. Details also suggest that The Perth Mint is also involved in some way.

The Age says, that Schiff’s father was a “martyr of the tax resistance movement” and these allegations suggest that Schiff is following in his father’s footsteps.

Featured image from Deposit Photos, Chart from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptopeter schiffransomwarexbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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