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Mastermind Behind Iceland’s "Biggest Bitcoin Heist" Sentenced to Four and a Half Years in Prison

According to a media report on January 22, Sindri Stefansson, the mastermind behind Iceland’s “Biggest Bitcoin Heist” has been sentenced to four and a half years in prison. Stefansson and his team allegedly stole 600 mining computers from Avania, a mining company in 2018.

600 Mining Equipment Valued at $2 Million Gets Stolen

Sindri Por Stefansson is reportedly among those who made away with 600 mining equipment valued at $2 million. The affected company is Avania and has since been compensated with about $200,000 for their loss. The accused, on the other hand, was sentenced to four and a half years in prison. Six other persons involved in the crime are also facing a total of nine years and seven months in jail.
Revealing how the crime took place, the media outlet said Stefansson and his team had disguised as security men. They had also sought the help of an insider to achieve their aim. Although the team successfully made away with the machines, reports confirm that the whereabouts of the equipment are still unknown.

Stefansson Escaped From Sogn Prison and Flew to Stockholm

Before his sentencing, Stefansson fled from the Sogn prison and boarded a flight at the international airport in Keflavik using someone else’s passport. The accused, however, revealed that he had booked the flight from his mobile phone where its use is not prohibited. Stefansson also said he had escaped through his cell’s window, before flying to Stockholm and boarding a Train, bus, and taxi to Amsterdam.
The latest crime from the group is one among many others. Based on reports, the team had also made several attempts in the past. One of such is a crime that involved 100 mining rigs being stolen from Algrim Consulting. In September, three mining companies also sued the group $1.7 million in damages.

High Level of Bitcoin Mining Operations in Iceland

Iceland is said to be a region taken advantage of by cryptocurrency mining companies. The high-level interest in this country with a population of about 338,000 is attributed to its cold weather. The latter helps to keep the computers cool while they are put under a lot of work. Also, the country’s large amount of renewable energy has made it a region of interest for these companies.
Also in crypto-related crime, BTCNN on January 21 revealed that two executives in Komid, a Korean cryptocurrency exchange have been sentenced to jail. The allegations against the duo, involve the use of bots to manipulate trading orders. They were also charged for creating fake accounts to falsify trades.

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