Police arrest 3 Bulgarians in $5M crypto theft case

Authorities in Bulgaria arrested three suspects who were believed to have stolen cryptocurrencies worth $5 million, Reuters reported.

According to the interior ministry and prosecutors’ office, the three appeared to have good knowledge of cryptocurrency trading, which they used along with “innovative methods” as well as “specialized software” in their operations.

Two of the three suspects were taken into police custody “by order of the Specialized Criminal Court,” while the third paid “cash guarantee” amounting to BGN50,000 ($28,900).

During the arrest, police found cryptocurrencies worth $3 million, computers used to conduct the theft, flash drives, and many notebooks listing accounts of people real and fictitious used for the operation. Police seized a car worth about BGN60,000 ($34,700) from the location.

Over the years, Bulgarian officials have seized numerous cryptocurrencies all related to criminal activities. The $3 million worth of cryptocurrencies taken by Bulgarian officials could be added to the country’s growing stash of cryptocurrency. Last year, authorities managed to collect over 213,000 BTC. Experts believe Bulgaria is sitting on one of the world’s most massive crypto stash valued at over $800 million at today’s prices.

According to a report by CipherTrace, a U.S.-based cyber security firm, theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year. These new figures are up nearly 250 percent from the level seen in 2017.

Earlier this year, Japanese exchange Coincheck had over $530 million worth of crypto stolen. Bitgrail, another exchange in Italy, lost $195 million. The frequency, severity, and amount of cryptocurrency being stolen is only increasing.

On Nov. 14, a 21-year-old man was arrested by the U.S. federal agents for allegedly stealing $1 million of cryptocurrency from a Silicon Valley executive. The young man is believed to have hacked the executive’s phone. The 21-year-old, who used a SIM-swapping scheme to steal the cryptocurrencies, victimized six others, resulting in his arrest. He is now facing 21 counts of felony charges.

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Quadency brings professional grade trading platform to crypto

After months of successful testing with users who had signed up for early access, Quadency’s advanced crypto asset trading platform is now live for both retail and institutional traders.

While everyone from blockchain startups to investment banks launched new exchanges this year to keep up with crypto’s rapid growth, the team at NYC-based Quadency was hard at work improving the way traders manage their holdings - regardless of exchange. Plagued by a fragmented mix of assets, cumbersome user experiences, and a general lack of standards across order types and functionality, the ecosystem had left much to be desired for serious traders.

Through these growing pains, industry veteran and Quadency CEO Rosh Singh saw an opportunity. “I was amazed that many top-ranking exchanges lacked basic features that traders coming into crypto from varying backgrounds would expect. Without these tools, everyone’s just shooting blind.” Unable to find a comprehensive solution that fit the bill, Singh and his team set out to bridge the gaps with their professional grade, all-in-one trading and portfolio analytics solution.

Well received by early users, Quadency’s easy-to-use platform offers a masterful integration of industry-leading charting tools and advanced order management features. Layered over multiple exchange options (including Binance, Coinbase Pro, Bittrex, Kucoin, and Poloniex to date), these features compliment personalized dashboard widgets that give investors a holistic view of their portfolio across exchanges. With security a top priority, CTO Tony Tran notes:

“In the age of trustless, decentralized systems, trusting a third party with API keys may at first seem conflicting; but leveraging financial industry best practices, I’m confident we deliver a superior user experience without sacrificing best of breed security protocols. All new exchange integrations and trading features also undergo rigorous testing to ensure the safety of our users is not compromised as the platform grows.”

Beyond the retail offering, Quadency has been developing solutions for hedge funds and investment firms. Rosh, whose background spans forex trading, personal finance, and compliance, explained, “Our modern architecture is designed from the ground up with consideration for the needs of institutions looking to enter this exciting space - including custom tailored security protocols, historical and real-time data products, aggregate portfolio analytics, and algorithmic trading to name a few.”

For more info visit Quadency.com

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