Finnish and Russian Exchanges Receive Highest Amount of Funds from Criminal Sources: Report

News
Tue, 06/02/2020 - 14:25
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Alex Dovbnya
Finland-based peer-to-peer crypto exchange LocalBitcoins remains a magnet for criminals, according to a CipherTrace report
Finnish and Russian Exchanges Receive Highest Amount of Funds from Criminal Sources: Report
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According to a new report released by blockchain sleuth CipherTrace, Finnish and Russian cryptocurrency exchanges remain in the lead when it comes to the percentage of ill-gotten cryptocurrencies received last year (12.10 percent and 5.23 percent, respectively).


The U.K. is in a distant third place with a 0.63 percent share of tainted crypto, but it is still way ahead of the global average (0.17 percent).

Ciphertrace
image by ciphertrace.com

 

All roads lead to Hydra 

Helsinki-based LocalBitcoins, the most popular peer-to-peer exchange by trading volumes, accounts for 99 percent of all crime-related Bitcoin funds.   

Because of this, Finland has already topped the CipertTrace list for the third straight year.    

Meanwhile, Russian exchanges receive five percent of all their crypto directly from popular criminal sources. 

Back in 2018, the lion’s share of illicit funds received by U.K. exchanges came from Hydra, the largest darknet market place in Russia, but it was responsible for only 31.2 percent of funds in 2019.      

More than $1.4 bln in crypto losses

CiperTrace notes that 2020 is on track to be the most prolific year for cryptocurrency criminals after 2019 when almost $4.5 bln was lost to scammers, hackers, and thieves.     

Out of the $1.4 bln worth of crypto that has already been stolen in 2020, 98 percent of these ill-gotten funds come from Ponzi schemes and other frauds (close to $1.3 bln).

PlusToken-linked Chinese scam Wotoken, whose operators went on trial earlier this month, became the highlight of the most recent report after netting a whopping $1.1 bln.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)