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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bulgarian Authorities Arrest Three Suspects over Alleged Crypto Theft Worth $5 Million

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Crypto

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Three individuals from Bulgaria were arrested over the suspected theft of nearly $5 million in crypto like Bitcoin and Ethereum.

Three Bulgarians Arrested over Crypto Theft

Authorities in Bulgaria arrested and charged three suspects with the alleged theft of $5 million in cryptocurrencies, according to the prosecution, and the ministry of interior – a branch of the Bulgarian government responsible for maintaining order and upholding the law.

According to Reuters, police were able to seize nearly $3 million worth of cryptocurrencies, the computers the suspects used to commit the cyber theft, as well as additional evidence including notebooks the suspects used to keep track of the real and fake names they were using as part of their scheme.

The investigation also led prosecutors to believe that the scam was highly advanced, using “innovating methods and specialized software for the theft.”

Bulgaria Adds to Their World’s Largest HODL Stack

The $3 million worth of cryptocurrencies seized by Bulgarian officials could be added to the country’s growing stash of cryptocurrency. Around mid-way through 2017, Bulgarian officials made a series of arrests that culminated in over 213,000 BTC being seized.

Bulgaria is said to be sitting on one of the world’s largest Bitcoin stashes as a result. Only the creator of Bitcoin, Satoshi Nakamoto, holds more Bitcoin than the European country. The value of Bitcoin from that set of cyber criminal stings amounts to over $800 million at today’s prices.

However, back in December when Bitcoin reached its all-time high of $20,000, the same number of Bitcoins were worth over $4.25 billion.

What Bulgaria plans to do with the coins, or if they are still in the country’s possession is anyone’s guess. Bulgaria’s seized Bitcoin reserves even beat out the United States’, but the U.S. has been auctioning off seized Bitcoin dating back as far as the Silk Road case.

Silk Road was a dark web drug-dealing marketplace where users could purchase marijuana, cocaine, and more using Bitcoin and other cryptocurrencies, before it was ultimately taken down in 2013.

Crypto Theft Continues to Rise, Will the Downtrend Deter Criminals?

The $3 million stolen in this latest example only adds to the already massive total of cryptocurrency stolen throughout the year.

Research from blockchain security firm CipherTrace has revealed that during the first three quarters of 2018, $927 million in cryptocurrencies have been stolen. Previous year totals only amounted to $266 million, suggesting that crypto-related theft is growing rapidly.

This year, Japanese exchange Coincheck had over $530 million worth of crypto stolen alone. Italian exchange Bitgrail lost $195 million. The frequency, severity, and amount of cryptocurrency being stolen is only increasing.

Related Reading: Crypto Money Laundering to Reach $1.5B in 2018

Things might even be worst than they appear. If the cryptocurrencies stolen were at the same value as late December prices when they were stolen, this figure would have easily crushed over $1 billion stolen so far this year. But as cryptocurrency prices drop, so does their value at the time of theft helping to keep the number tamed.

One thing that has yet to be seen: Does the continued downtrend and dwindling prices eventually deter cybercriminals from targeting cryptocurrencies and crypto exchanges? Hopefully at least one positive comes out of a grueling year in the crypto space.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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