Crypto News | Iceland Mining Heist Equipment in China

It would seem that our favorite Iceland mining heist saga has not yet reached its conclusion. In February, we wrote about the massive theft, one of the largest-scale crimes in the country’s history. In April, we reported on the perpetrator being arrested by the police in Netherlands after fleeing Iceland through Sweden. In a new development, sources have revealed that the 600 stolen crypto miners and other miscellaneous equipment may be stashed away in China. Prompted by the news that 600 mining devices had been seized in the Chinese city of Tianjin, Icelandic police have contacted Chinese authorities in an effort to discern whether the two incidents may be related. The equipment stolen in this Iceland mining heist is worth approx. $2 million, and the fact that the number of confiscated devices exactly matches the number of machines stolen in three separate mining heist incidents in Iceland in December and January points to the fact that the investigation may soon be drawing to a close.

Apart from Iceland mining heist, European crypto exchanges are fighting other battles. A number of prominent exchanges have started to put pressure on lawmakers to introduce suitable and uniform regulations. Eric Demuth, the CEO of Bitpanda, an Austrian exchange, said that most exchanges would love to see some regulation, as it would allow them to see exactly where they stand. On the one hand, EU regulators have always supported documents that claim to support the development of new technologies. On the other hand, though, they haven’t followed through on their promises, since meaningful change is being held back by loud voices saying that the crypto industry is too small to warrant any kind of urgency. Meanwhile, Europe is in danger of lagging behind some major international players, including South Korea, which will likely make ICOs legal again after introducing the proper regulatory framework.

In India, the courts have got their work cut out for them, with both Kali Digital and Flintstone Technologies suing the country’s central bank over the recent crypto restrictions, in effect since April. The Reserve Bank of India (RBI) will have to appear in court on May 24, when it will be asked to explain its decision to stop banks from dealing with crypto traders and crypto-related businesses. Obviously, cryptocurrency exchanges will support the claim that the one-sided move was unconstitutional and illogical.

In the aftermath of what happened to Coincheck, it would seem that the close scrutiny of the Japanese Financial Services Agency (FSA) is finally paying off, with the agency coming up with five relatively simple rules that all crypto exchanges in Japan should follow in the future in order to “forestall another digital currency heist like the Coincheck scandal.” The first rule is concerned with data storage and management. The cryptocurrencies have to be stored offline and all transfers have to be protected by multiple passwords. The second rule necessitates the implementation of AML measures. The third rule asks that all customer assets be managed separately from the exchange’s won assets. The fourth rule is perhaps the most controversial, stating that some cryptocurrencies may end up banned, particularly those assets that offer a high degree of anonymity. The fifth rule says that the exchanges must prevent employees from manipulating the system for personal gain. For that reason, shareholders must be separate from management and development roles need to be separate from asset management roles.

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Author: Max Rothstein

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