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Sindri Steffanson and six others sentenced for Iceland’s biggest mining rigs theft

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Sindri Steffanson and six others sentenced for Iceland’s biggest mining rigs theft
Source: Pixabay

Sindri Steffanson, who was accused and arrested for looting mining equipment worth over $2 million from the mining firm Advania Data Centre, has been slapped with a four and a half years sentence. Sindri and six partners of the major cybercrime in the history of Iceland, have been convicted for a total of nine years and seven months for their involvement in multiple episodes of crimes. After fleeing the jail on December last year, he managed to travel all the way to Germany and was arrested in Amsterdam.

Sindri and his partners stole 100 mining machinery from Algrim Consulting prior to this heist. The crew also attempted to steal rigs from Borealis Data Centre but failed after they accidentally set off an alarm. Advania has been compensated with $200,000. However, the stolen machinery that accounted for nearly 600 mining systems, have not been found yet.



The Bitcoin mining wave in the Nordic island nation escalated following the prices of the digital assets that soared during the mid-2017s. Owing to the cold-climate along with low-cost energy sources, the world’s five largest mining farms are located in this country. With the increase in crypto adoption, there has been an increase in cybercrimes. To tackle the burgeoning security issues in the space, BitGo has collaborated with the trading firm Genesis Global Trading to provide a secure mechanism to execute the trading process.

The clients on its platform can leverage the vast network of trading partners of Genesis and also solve the underlying issue of making liquidity accessible to its consumers, i.e., a platform that renders the crypto consumers to trade the digital assets by keeping it safe on the device and not on an online-mode. The digital currency traded by the users would be kept safe in the cold storage. For this service, the users would not require to create a new account. Besides, there will be no additional fee levied on the users.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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