CRYPTO NEWS

Kenyan Law Enforcement Agency Arrests Two Students Accused of Using Stolen Funds to Buy BTC

Two Kenyan students accused of hacking credit cards and using the ill-gotten funds to buy bitcoin have been arrested by the Directorate of Criminal Investigations, a statement from the law enforcement agency has said. After converting the cryptocurrency to local currency, the two students would use the fraudulently acquired funds to sustain their lavish lifestyle.

The Students’ Lavish Lifestyle

A Kenyan law enforcement agency, the Directorate of Criminal Investigations (DCI) said it has arrested two university students it accuses of hacking credit cards and using these to “purchase bitcoins and convert them to Kenyan currency.” In a statement, the agency said the so-called notorious gang of two was nabbed in Milimani, an affluent neighborhood in Kenya’s fourth-largest city, Nakuru.

In a Twitter thread explaining how the offense was carried out, the DCI revealed that the two — Francis Maina Wambui aka Nick, 26, and Zellic Alusa, 25 — had resorted to a growing criminal practice. The agency explained:

The students create fake email accounts which they use to hack credit cards of innocent persons, especially those living in foreign countries and use them to buy bitcoins.

According to the DCI, the two students would then use the stolen funds to sustain their lavish lifestyle. The students also reportedly used the stolen money to entertain women and buy properties. Following the raid on an apartment where the duo was operating, the DCI said among the documents recovered was “a land sale agreement entered on May, 25, for a property valued at Sh 850,000 [$7,240] in Juja.”

Strengthening of Cyber and Digital Forensic Lab

The statement added that the other items which were recovered include five laptops, four mobile phones, two wifi gadgets, three hard drives, and SIM cards.

Meanwhile, the DCI’s announcement of the arrest has come just a few days after Kenyan President Uhuru Kenyatta called for the “strengthening of the Cyber and Digital forensic lab to deal with contemporary crimes that involve misuse of technology.”

The announcement of the arrests also came after local media reports warned that Kenyans may have lost funds to another crypto Ponzi outfit.

What are your thoughts on this story? Let us know what you think in the comments section below.

Bitcoin, Ethereum price levels to watch

The crypto market is coming off one of its worst months as June draws towards a close, with the crypto market capitalization once again moving closer to the $1 trillion mark thanks to fresh resilience among buyers. Bitcoin and Ether, the top two cryptocurrencies by market cap, currently trade around $20,850 and $1,190 respectively. The::Listen

The crypto market is coming off one of its worst months as June draws towards a close, with the crypto market capitalization once again moving closer to the $1 trillion mark thanks to fresh resilience among buyers.

Bitcoin and Ether, the top two cryptocurrencies by market cap, currently trade around $20,850 and $1,190 respectively. The leading crypto assets have an intraday high of $21,469 and $1,245 and both have managed to stay above the key support levels established over the week.

But where do the two cryptocurrencies go from here? What levels should investors watch on the downside?

Analyst says the 200-week moving average is key

According to Bloomberg analyst Joanna Ossinger, the key price levels are at the 200-week moving average. For Bitcoin, that is currently around the $22,000 level, while for Ether, it’s near the $1,100 mark.

However, the “round levels of $20,000 for Bitcoin and $1,000 for Ether are still a big deal,” she said during Monday’s Bloomberg Markets and Finance show

These levels provide the critical support zones for BTC and ETH respectively in case of fresh selling. If BTC/USD and ETH/USD hold above these zones, then buyers could be looking at new momentum above their 200-week moving averages.

On the downside, crypto analyst Rekt Capital says BTC could drop to prices near $16,000.

For Ether, il Capo says a drop to $700-$800 is possible.

The post Bitcoin, Ethereum price levels to watch appeared first on CoinJournal.

Kenyan Law Enforcement Agency Arrests Two Students Accused of Using Stolen Funds to Buy BTC

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