London Hacker Detained; More Than Half Million Dollars In Bitcoin Seized

A man called Grant West, 26 years old, was detained today by the London Police Department for hacking several financial institutions and selling their information online. The London Police department informed that the cybercrime division took more than half million dollars in bitcoin, the product of the hacker wrongdoings according to a report from AP.
Grant West modus operandi was as it follows: he planted emails directed to financial institutions with phishing malware and then proceeded to extract financial sensitive data. This data was then sold in the deep web black markets, and he was paid in bitcoin to avoid detection of police and cybercrime intelligence.
The police department believes that the hacker could have been involved in more than 18 cases of data breaches, and in his residence, they found a memory card with information of more than 50 million accounts.
The method that the police used to pinpoint the hacker location was not explained, but they said that is the first time in the whole story of the department that they solve a case of this kind.
At its inits, bitcoin was used in the dark web, for making untraceable operations that involved shady businesses in sites like Silkroad, the dark web market that the FBI took down more than three years ago. Since then, the cryptocurrency market has been straightened out by the regulatory framework on some countries.
But even now, bitcoin is still used for making illegal transactions to avoid detection by police authorities, even when the blockchain can be traced with forensic procedures. That is why most countries are enforcing anti-anonymity law and money laundering compliance from exchanges to minimize the use of cryptocurrency by the criminals. But even with those measures, it is difficult to do so. With anonymous cryptocurrencies like Monero and Zcash available, the use of crypto assets in illegal transactions seems unstoppable, at least for now.

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