NCA Insider Jam For £4.4M Silk Road Bitcoin Theft
One ex-NCA agent don jam jail for plan big Bitcoin theft and money laundering wey dey connected to Silk Road 2.0 investigation. For 2022 audit, investigators notice say some seized crypto assets don disappear. Dem find out say e carry 50 BTC sotay for evidence vault — part of bigger loss wey first estimate be 1,600 BTC. E channel di funds through Bitcoin Fog and crypto debit cards wey linked to Silk Road 2.0 co-founder Thomas White. Chainalysis track di flows, recover devices and transaction records. For May 2024, Paul Chowles get 5.5 years jail sentence for fraud and money laundering. Di Bitcoin theft show insider risk, blockchain transparency, plus need for strong security controls. Crypto traders suppose dey look out for regulatory moves and better institutional safeguards to protect market integrity.
Bearish
Dis news dey bearish for Bitcoin. Insider tins wey dem thief dey make people no too trust how institutional custody dey handle crypto assets security. Traders fit dey reduce their positions because of di big uncertainty. For short time, di expose of insider risk and big Bitcoin theft fit put pressure for prices. For long run, dem fit call for stronger controls and better blockchain monitoring to improve market stability, but di immediate effect na negative.