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Bitcoin is no Fraud but There are Real Concerns: Royal Bank of Canada CEO

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Wild Case of Religion, Bitcoin, Hacking, Ends in Prison Sentences

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Wild Case of Religion, Bitcoin, Hacking, Ends in Prison Sentences

Criminal hacking is nothing new, but this case has it all: religion, bitcoin, and ransomware. It’s hard to turn away. Unfortunately real people and their lives were impacted, along with the early reputation of the world’s most popular cryptocurrency.

Also read: Unlicensed Bitcoin Exchange Coin.mx Operator Sentenced to Five and a Half Years in Prison

Praise the Lord, Pass the Code

It’s a criminal enterprise stretching across as many different borders as it does strange elements. From Israel to Russia, Florida and New Jersey, U.S. v. Murgio 15-cr-00769 is part familiar tale of greed and covering tracks mixed with the very latest in cyber-related criminality. Toss in some religion and cryptocurrency, and Hollywood would laugh such a plot out of the studio.

The leader of a non-denominational Christian congregation might’ve taken pause at donations totaling 150,000 USD. According to his attorney, however, Pastor Trevon Gross accepted money as gifts toward his ministerial work, never bribes.

How exactly he gets involved with the likes of a native Ukraine-Russian tech genius, an Israeli criminal mastermind, and a Florida restaurateur is explained by the Federal Bureau of Investigations (FBI) and Secret Service.

Pastor Gross will be sentenced this month.

Pastor Gross, it turns out, had taken reign of a 100 plus member church federal credit union, operating for nearly 40 years to low-income residents. Pastor Gross and Anthony Murgio, a litigious Floridian restaurant owner dabbling in cryptocurrencies, arranged 150K USD in bribes funneled as consulting fees. This, authorities claim, gained Mr. Murgio access to the church’s bank.

Mr. Murgio exploited lack of overt laws governing cryptocurrencies at the credit union level to run 60 million dollars in transactions through its coffers, the FBI alleged, an excellent return on investment.

Bitcoin Not to Blame

Headlines have termed it the “Bitcoin Scam,” but clearly it had little ultimately to do with the conspirators’ actions.

Collectables Club Private Members Association was Mr. Murgio’s front-memorabilia business through which bitcoins were laundered, law enforcement points out. Having access to a federal credit union meant an underground bitcoin exchange could be created if the right specifications were set.

Enter Russian-emigre programmer Yuri Lebedev who wished to create “cutting edge technology,” and did something like that for Coinmx, he admitted as the latest of the co-conspirators to be sentenced. According to Bloomberg, Mr. Lebedev wanted to “build something ‘that would make me exceptional. I got carried away,’” the article continues, “there are no shortcuts.”

Coinmx was born, with help and guidance from exchange owner Gary Shalon, the FBI asserts, an Israeli accused of notorious ransomware hacks against JP Morgan while profiting from the credit union exchange. Mr. Shalon maintains his innocence.

Secret Service insists Mr. Lebedev and “co-conspirators acquired control of HOPE FCU,” the church’s bank. Pastor Gross “was the Chairman of the Board of HOPE FCU,” summary of the indictment reads, “and assisted their efforts in exchange for bribes.”

Judge Nathan, however, gave Mr. Lebedev “considerably less time than the maximum of 10 years recommended by U.S. sentencing guidelines, finding he was neither a leader nor a mastermind, and noting he had no criminal history,” Bloomberg points out. “He did what he was told to do,” the judge sympathized.

Mr. Lebedev will serve a year and four months for his participation.

Pastor Gross is facing up to 35 years in prison, and remains on staff at his church.

The church’s credit union was seized and liquidated.

Do cases like these bring negative attention to bitcoin? Tell us in the comments below!

Images courtesy of: Abiline jail, Youtube, LinkedIn. 

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LWF Announces Upcoming ICO Presale

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Just like Uber did for shipping, Local World Forwarder (LWF) aims to change the concept of logistics with P2P and decentralization. The world’s first decentralized logistics platform, LWF has announced its ICO presale, which begins on Monday, October 23, 2017. [Note: This is a press release.] When someone thinks about logistics, the first companies that come to mind are DHL, UPS and, why not, Amazon or other major service providers involved in the global delivery system. More than 88%<br />Read More<br />The post LWF Announces Upcoming ICO Presale appeared first on Bitcoinist.com.

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Microsoft CEO Issues Blockchain Challenge to Interbank Messaging Service Swift

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Technology firm Microsoft chief executive officer (CEO) Satya Nadella has issued a challenge to the interbank messaging service Swift to develop ‘useful’ applications of Blockchain technology.

Nadella issued the challenge during the last day of the three-day Sibos 2017 annual financial conference, which was hosted by Swift.

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When asked onstage by Swift CEO Gottfried Leibbrandt on his opinion whether Blockchain technology lives up to its lofty reputation, Nadella said:

“There’s real tangible progress that can be made. But, I think it’s in your hands that it has to be converted into things that are very useful.”

Other highlights of the Nadella interview

During his question and answer with Leibbrandt, Nadella also talked about the activities of Microsoft involving Blockchain technology. He cited an example of the Microsoft Azure Blockchain Council launching as a means to support the adoption and advancement of the technology.

Nadella also reminisced on his days as a programmer at Microsoft, in which he framed Blockchain technology as the fulfillment of his long-held personal dream – to see the emergence of a distributed database that is trusted by its users and where various organizations can collaborate.

“Ever since at least I’ve been in this industry, we’ve always looked for a distributed database with a trust harness that allows multiple organizations to collaborate, and that performs. Clearly, the Blockchain and the distributed ledger that exists underneath it, I think is a very novel implementation, which I believe can have massive implications.”

Swift’s Blockchain programs

Meanwhile, Swift has been advancing its own research and development (R&D) projects on the technology, despite claims by several experts that Blockchain can render Swift’s service obsolete. Swift’s platform already connects 11,000 banks around the world.

Microsoft Blockchain-related initiatives

Under Nadella, Microsoft has been actively involved in developing various Blockchain-powered projects and pilot tests, including partnership with one of the major banks in Israel, identity app in partnership with Brazilian Ministry, and Coco framework for Blockchain-based businesses.

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Source: Cointelegraph

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Microsoft CEO Issues Blockchain Challenge to Interbank Messaging Service Swift

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Does Blockchain technology live up to its lofty reputation? Microsoft CEO Satya Nadella answered.

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