Finance and Crypto

What Is The Use Of Cryptocurrencies?

Digital systems are finding their way into the financial sector. More and more financial institutions are aware of the importance of “artificial intelligence”. Financial institutions also place cryptocurrencies more and more prominently.

Main ways of using cryptocurrencies

Bitcoin trading

It is buying and selling of different currencies with the aim of generating speculative profits.

Paying personal expenses

Merchants, some airlines, Microsoft, Dell and some restaurant chains already accept bitcoins as a means of payment.

Crowdfunding

This is where the Bitcoin protocol allows ownership rights to be transferred without the intervention of an intermediary such as a government or agency. Users can invest directly in start-ups or support charity projects.

$3.6 Billion Worth of Bitcoins – Seized by US Investigators

In New York, the judicial body has captured stolen Bitcoins in an alleged hacking in 2016. In light of this event, the justice system reminds investors and traders to secure their cryptocurrency trades by reading reviews like those from Bitconnect. Make a wise decision based on this review and by investigating further other potential trading apps.

US Authorities seizes $3.6 Billion worth of Bitcoins stolen in 2016

The US authorities took hold of stolen Bitcoins worth more than $3.6 billion following a hacker strike on an exchange on crypto trading. According to reports by the Justice Department, this could be the largest capture of monetary assets to date. Said Bitcoins had been stolen in a cyber strike on Bitfinex – an online cryptocurrencies trading platform – in 2016.

The Justice Department furthermore declared the criminal arrest of two suspects associated with the hack. The suspects were charged with fraud and money laundering by stealing cryptocurrencies valued at about 4.5 billion dollars. The pair from New York was thought to have attempted to launder nearly 120,000 bitcoins from Bitfinex. According to detectives, the offenders are at ages 31 and 34 years old and were caught in Manhattan. They are facing 20 years of prison time if found guilty of the charges.

Read also: Everything You Need To Know About Bitcoin Crypto

What will become of the bitcoins initially remained unclear

Bitfinex welcomed the seizure in a press release. The company said it had worked closely with the Justice Department and continued to do so. The reports were not very clear as to how the captured bitcoins will be handled. The report only stated that Bitfinex will certainly consider all legal methods for settlement. The online exchange platform will give more developments once a decision has been made. As outlined by associates of the Justice Department, there will be a court case to allow victims to claim back their stolen bitcoins.

The Justice Department reported about the value of the captured bitcoins. At the time it was stolen, it was valued at around $71 million, which was much lower. For comparison: in mid-2016, the exchange price for the oldest and best-known cryptocurrency was still less than $600. Bitcoin recently cost around $43,000. The previous record high was reached in November 2021 at just over $ 69,000.

Bitcoin is a digital currency that was created on the Internet and is primarily in demand as an investment or speculative object. It has been in circulation since 2009. Bitcoins are generated in complicated computing processes on the users’ computers, but can also be bought on the Internet from exchanges like Bitfinex having recognized currencies like US dollars and euros. The Bitcoin system works on the cornerstone of blockchain technology which is an encrypted database that saves all trades.