Connect with us

Business

Crypto mixer founder argues 30-year prison sentence is ‘unwarranted’

Published

on

Roman Sterlingov, the alleged operator of the Bitcoin Fog cryptocurrency mixer, is challenging what his legal team describes as an “unwarranted” prison sentence. Sterlingov, a dual citizen of Russia and Sweden, was sentenced after being convicted of operating the Bitcoin Fog platform, which authorities claim facilitated the laundering of over $330 million in cryptocurrency transactions.

Sterlingov’s defense argues that the sentence is unjust, asserting that the prosecution failed to provide sufficient evidence linking him directly to the operation of Bitcoin Fog. The defense also contends that Sterlingov’s case reflects broader concerns about the criminalization of privacy-enhancing tools in the cryptocurrency space.

Bitcoin Fog, which launched in 2011, was one of the first cryptocurrency mixers, offering users the ability to obscure the origins and destinations of their Bitcoin transactions. While mixers like Bitcoin Fog are often used to enhance privacy, they have also been scrutinized by law enforcement for their potential use in illicit activities, including money laundering and drug trafficking.

Sterlingov’s legal team plans to appeal the sentence, arguing that the case sets a dangerous precedent for the use of privacy tools in the cryptocurrency industry. They maintain that privacy should not be equated with criminality and that Sterlingov’s conviction represents an overreach by authorities.

The case has garnered significant attention within the crypto community, where debates over privacy, regulation, and individual rights continue to intensify. The outcome of Sterlingov’s appeal could have far-reaching implications for the future of privacy tools in the digital currency ecosystem, as well as the legal boundaries of their use.

Sterlingov’s sentencing comes at a time when regulators worldwide are increasingly targeting cryptocurrency mixers and other privacy-focused technologies, arguing that they facilitate illegal activities. The appeal process will likely serve as a critical test of how the legal system balances privacy rights against efforts to combat financial crime in the evolving landscape of digital assets.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk