ep 13 Cryptocurrency Heist and Spotify Money Laundering Allegations
Cryptolog Newscast7 Syys 2023

ep 13 Cryptocurrency Heist and Spotify Money Laundering Allegations

  • Major Cryptocurrency Heist at Stake.com:

    • Stake.com, a leading online cryptocurrency casino, witnessed one of this year's most substantial heists on September 4th, losing a whopping $41.3 million.
    • The perpetrators took $25.6 million in Binance Smart Chain and Polygon and about $15.7 million in Ethereum.
    • Despite the significant loss, Stake.com has confirmed that other cryptocurrencies, including BTC, EOS, XRP, LTC, and TRX, remain unaffected. They have since resumed regular services.
    • Cybersecurity experts from PeckShield and ZachXBT have delved into the details of the heist, emphasizing its sophistication.
    • While such thefts are alarming, no evidence currently links this to any state-sponsored cybercrime. However, groups like the North Korean Lazarus Group have been responsible for significant crypto thefts in the past.
    • This event accentuates the need for stringent security measures within the booming crypto sector.

  • Alleged Money Laundering via Spotify:

    • A worrying trend suggests criminals are using Spotify to launder money via cryptocurrency.
    • As per a report from Sweden, criminals convert illicit cash into cryptocurrencies like Bitcoin, then use these to buy fake plays on Spotify, inflating song popularity.
    • This manipulation leads to higher revenue for artists, who then reportedly give a share back to the criminals, thus "cleaning" the money. Some officials even term Spotify a "cash dispenser" for criminals due to this scheme.
    • Spotify has contested these claims, stating there's insufficient evidence to support these accusations.
    • The situation underscores the challenges in ensuring the safety and integrity of widely-used digital platforms in today's tech-driven world.

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