Two sixty year old Ukranians demanded bitcoin (BTC) or else they would bomb strategic locations in Kiev, Ukraine’s capital. According to law enforcement authorities in the European nation, the two were detained for demanding ransom and allegedly threatening the government.
The Security Service of Ukraine arrested the duo after conducting a meticulous analysis of street camera footage and phone data. The street camera footage captured a smaller bomb that the criminals detonated near a subway on July 21st. The small bomb served as a warning to the police.
Criminals have been using bitcoin to demand, store and make payments. Blockchain experts alleged its because crypto transactions are difficult to trace. “Untraceability makes bitcoin an attractive hub for criminals” Meanwhile, data from blockchain analytic software, Crystal Blockchain indicated the bitcoin address on the threat message had initiated only a single transaction worth 0.00012258 Bitcoins.
The transaction was from an unknown address sent across the P2P crypto marketplace - LocalBitcoins. Additionally, the funds worth a meagre $1.36 were sent only a day before detonating the subway bomb. Nonetheless, there isn't any clear indication of a connection between both bitcoin addresses.
Bitcoin and Privacy Coins Facilitating Crime Aficionados
Several criminals have been taking advantage of the untraceability and anonymity of crypto. Some have managed to get away, while a handful have been arrested by authorities.
However, bitcoin is not completely unknownymous but other privacy coins such as Monero have high cryptographic levels that are impossible to trace. Nonetheless, several instances of legal indictments have gone a notch higher to prove crypto is no longer private.
For instance 31-year old Ross Ulbritch was sentenced to life imprisonment back in 2015 for creating a bitcoin marketplace for illicit drugs. Elsewhere in Czech Republic, Tomas Jirikovsky had his assets frozen after allegedly laundering over $40 million worth of bitcoins. Notwithstanding, dozens have had their luck but for the two Ukranians, lady luck smiled not at them.
