Stolen Bitcoin worth 31 thousand crore rupees recovered in USA. A couple has been arrested in this incident. They were charged by the US Department of Justice with laundering stolen bitcoins.
In 2016, the hack of the cryptocurrency mining company Bitfin was responded to all over the world. It was the biggest heist in the history of cryptocurrency. At that time, approximately one hundred and nineteen thousand seven hundred and fifty-four bitcoins worth seventy-one thousand dollars were stolen. The current market value of which is around thirty one thousand crore rupees.
This money transaction (Stolen Bitcoin) was found while investigating money laundering of a couple. Thirty-four-year-old Illion Stine and his wife Heather Morgan, thirty-one, were arrested on Tuesday morning local time in Manhattan, New York.
It is known that they are both American citizens of Russian origin. If the charges are proved, the couple can face a maximum of twenty years in jail.
About Bitcoin (BTC):
Bitcoin is a decentralized digital currency, often referred to as a cryptocurrency. It was invented in 2008 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto and was released as open-source software in 2009. Bitcoin is often abbreviated as BTC.
Here are some key features and concepts related to Bitcoin:
Blockchain Technology: Bitcoin operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. This ledger is public and immutable, making it difficult to tamper with transaction history.
Decentralization: Unlike traditional currencies issued and regulated by governments and central banks, Bitcoin is decentralized. It is not controlled by any single entity, government, or organization. Instead, it relies on a network of nodes (computers) to validate and record transactions.
Cryptography: Bitcoin transactions are secured using cryptographic techniques. Users have a private key that allows them to sign transactions, and they have a public key, which serves as their address. The security of Bitcoin relies on the robustness of cryptographic algorithms.
Mining: Bitcoin transactions are validated and added to the blockchain through a process called mining. Miners use powerful computers to solve complex mathematical puzzles, and when they successfully solve a puzzle, they are rewarded with newly created bitcoins and transaction fees.
Limited Supply: There is a maximum supply limit of 21 million bitcoins that can ever be created. This scarcity is built into the Bitcoin protocol and is intended to mimic the scarcity of precious resources like gold.
Volatility: Bitcoin’s price is known for its extreme volatility. Its value can fluctuate significantly over short periods, which can present both opportunities and risks for investors and users.
Use Cases: Bitcoin was initially created as a peer-to-peer electronic cash system, allowing users to send and receive payments without the need for intermediaries like banks. Over time, it has gained recognition as a store of value, and some people view it as “digital gold” due to its scarcity.
Legal and Regulatory Considerations: The legal status of Bitcoins varies from country to country. Some countries have embraced it as a legitimate form of payment, while others have imposed restrictions or outright bans on its use.
Wallets: To store and manage bitcoins, users need a digital wallet. Wallets can be software-based (online, desktop, or mobile) or hardware-based (physical devices).
Investment: Many people buy and hold Bitcoin as an investment, hoping that its value will increase over time. This has led to the emergence of Bitcoin as a speculative asset class.
Payment Acceptance: Some merchants and businesses accept Bitcoin as a form of payment for goods and services. However, acceptance remains limited compared to traditional fiat currencies.
Risks: Bitcoin carries various risks, including price volatility, regulatory uncertainty, and the potential for loss of funds if private keys are lost or stolen.
It’s important to note that the cryptocurrency space is continually evolving, and new developments and technologies related to Bitcoin.
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