Real-time cryptocurrency
news aggregator

New Jersey Pastor Accepted Bribes of $150000 in Bitcoin Scheme - Newsweek

Published 2 years ago

New Jersey Pastor Accepted Bribes of $150000 in Bitcoin Scheme - Newsweek

Financial Newsweek via

A New Jersey pastor was found guilty of pocketing $150,000 from shady bitcoin traders in exchange for giving them control of a credit union he headed so they could run it as a front for their bitcoin exchange. The pastor, Trevón Gross, was found guilty along with programmer Yuri Lebedev by a Manhattan federal court jury on Friday. Anthony Murgio, the founder of the exchange,, pleaded guilty in January. Keep up with this story and more by subscribing now In 2013, Murgio founded and Lebedev helped run it. The exchange operated through a phony front company called Collectables Club in order to fool banks into thinking illegal bitcoin transactions were legitimate sales of stamps and sports memorabilia. By posing as a site for philatelists and sports nerds and by miscoding credit and debit card transactions, the pair tricked banks into processing more than $10 million in bitcoin-related deals, according to prosecutors. “When the banks caught on to their scheme,” acting Manhattan U.S. Attorney Joon Kim said in a statement, “Lebedev and others bribed Trevón Gross so they could have a captive credit union to process those transactions, undermining the credit union’s safety and solvency.” Gross’s defense attorney, Henry Klingeman, said in an email, “On behalf of Pastor Gross, we will now seek a judgment of acquittal from the court and—if and when the time comes—a fair and lenient sentence.” Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

Why the US and Russia Are Fighting Over a Suspected Cybercriminal From Greece - Newsweek

The U.S. Department of Justice indicted Alexander Vinnik, 37, in July, accusing him of masterminding a $4 billion money laundering scheme using the cryptocurrency bitcoin. The Russian’s lawyer, Xanthi ... Read More

Bitcoin and Blockchain: A Russian Money Laundering Bonanza? - Newsweek

And it’s not just attracting cybercriminals—the Kremlin wants to get in on the cryptocurrency revolution by issuing state-backed such as bitcoin, work on a technology known as blockchain, a decentral ... Read More

The Future of Money: Bitcoin and Other Cryptocurrency Technologies Are a Way of Life in This Small Swiss Town - Newsweek

One of the 10 bitcoin ATMs installed across Switzerland by Zug-based Bitcoin Suisse, the machine accepts Swiss francs and euros in exchange for a slip of paper with a code that represents the equivale ... Read More

Bitcoin Botnet Aims to Makes Money From Smart Devices - Newsweek

IBM researchers discovered a bitcoin mining component in a new variant of Mirai—a form of malware that exploits security vulnerabilities to take control of devices connected to the so-called Internet ... Read More

Bitcoin Just Became More Valuable Than Gold. Why Does the Price Keep Rising? - Newsweek

The price of bitcoin hit all-time  highs for four days in a row this week, peaking at $1,293 on Friday. The milestone marks a significant change in fortunes since January 2016, when one of the cryptoc ... Read More