Tag Archives: bitcoin

Two High Profile Bitcoin exchange operators arrested & charged with money laundering

Two men involved in Bitcoin exchanges have now been arrested and charged with money laundering, with federal law enforcement officials claiming the suspects worked together to sell over $1 million worth of the online currency to the Silk Road website.

Charlie Shrem, the CEO of the now closed BitInstant exchange site, and underground Bitcoin exchanger Robert Faiella, are accused of sending the Bitcoins to the Silk Road site so that it could be used by the site’s customers to purchase illegal drugs. The Silk Road site has since been shut down. In theDepartment of Justice’s press release, Manhattan U.S. Attorney Preet Bharara stated:

Truly innovative business models don’t need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act. We will aggressively pursue those who would coopt new forms of currency for illicit purposes.

Shrem was arrested while he was at John F. Kennedy Airport in New York City on Sunday night, while Faiella was arrested at his Florida home today. Both men are charged with one count of money laundering, which has a maximum sentence of 20 years in prison. Both were also charged with one count of operating an unlicensed money transmitting business, which could lead to up to five years in jail. Finally, Shrem was charged with one count of willful failure to file a suspicious activity report, which could add up to five more years in prison for him if convicted.

Source: Justice Department | Bitcoin image via Shutterstock

Two Bitcoin exchange operators charged with money laundering – Neowin.

Bitcoin Adoption – Google hints at future bitcoin support for their payment services

We all know Bitcoin is going to either take over the world or crash and burn taking a lot of people’s dream with it and it seems Google is willing to take on that gamble. Through a series of e-mails it’s been confirmed that the giant search engine is looking at supporting bitcoin on their payments system.

It looks like the company is curious about bitcoin and it’s currently studying how to best incorporate the digital currency into Google Wallet and other payment services.

The news broke last night on a Reddit thread when a user posted screenshots of some back and forth e-mails between himself, Vic Gundotra and Sridhar Ramaswamy, senior VP of Ads and Commerce at Google. “We are working in the payments team to figure out how to incorporate bitcoin into our plans” said Ramaswamy. He also added they would reveal more info when they were a bit surer on their approach.

There’s currently no real word on when we might start to see this integration on our Android handsets but considering the recent string of success that Bitcoin has had, we might not have to wait too long.

Source: RedditForbes | Image via blogthinkbig

Google hints at future bitcoin support for their payment services – Neowin.

World’s First Stolen Bitcoin Tracing Service And Bitcoin Data Recovery – High Profile Digital Forensic Services Company SYTECH Embraces Bitcoin

Sytech Logo

High profile UK based Digital Forensic Services Company SYTECH – (Systems Technology Consultants Ltd.) has been in business since 1978 – working with International Governments, Law Enforcement, Corporate and Private sectors and is known worldwide for its upstanding reputation, accreditation, cost-effectiveness and speedy processing of assignments. SYTECH’s Digital Forensics services’ have been integral to many high profile Court Cases and investigations across the globe including ‘Memogate’, and the recent conviction of UK serial murderer Dale Cregan. In August 2013 SYTECH announced its move into Bitcoin: offering data recovery services to salvage coins from damaged hard drives, mobile phones and other storage mediums. SYTECH is accepting Bitcoin as a payment method for its services, and offering a 5% discount to any client who pays in Bitcoin. In a world first, SYTECH has announced a stolen Bitcoin tracing and recovery service; turning its decades of digital forensics expertise to tracing online Bitcoin criminals and recovering stolen Bitcoin for their clients.

The company is offering a Bitcoin retrieval service to individuals, companies and businesses around the globe who may need Bitcoin recovered from damaged hard drives, memory cards and mobile phones. With its professional standing, years of experience and fast turnaround SYTECH is poised to become the service Bitcoin companies, businesses and enthusiasts will utilise to urgently recover Bitcoin from damaged or compromised storage devices.

Although not yet advertised on the SYTECH website, the company is now accepting Bitcoin as a payment method for any and all services rendered. Clients who pay in Bitcoin will receive a 5 percent discount: the forward thinking Digital Forensics Company is seeking to hold Bitcoin and embrace the numerous benefits of accepting Bitcoin over traditional payment methods.

SYTECH is registered with the UK Register of Expert Witnesses, is Bond Solon Courtroom Trained and Sweet & Maxwell checked. The company will work with clients in both the Corporate and Private sectors to trace and recover stolen Bitcoin and identify the perpetrator(s). If anyone has the proven track record and digital forensic skills to bring Bitcoin cyber criminals to justice it is SYTECH.

As the diversity of offerings and liquidity of the global Bitcoin ecosystem continues to grow, it is not surprising to see a well-established, reputable and professional company such as SYTECH aggressively target the Bitcoin space. SYTECH’s world class stolen Bitcoin recovery service is a world first; a major contribution to the professionalism and stability of the Bitcoin space. With evermore professional Bitcoin companies commencing operations worldwide demand for enterprise level Bitcoin recovery services is projected to rise and forward thinking SYTECH is well positioned to dominate this emerging and important niche of the global Bitcoin ecosystem.

To see the full range of services offered by SYTECH please go to: http://www.sytech-consultants.com/services.htm

To learn more about SYTECH’s move into the Bitcoin space please contact:

Name: Simon Lang – Digital Forensics Manager

Email: simon.lang@sytech-consultants.com

Phone: +44 (0) 1782 286300