Fraudsters Create $1 Million worth of Fake Bitcoins

Posted by: Maxine Brimmer (3 years, 10 months ago)

One of the biggest fears expressed by governments and financial institutions since the rise of Bitcoin is the susceptibility of digital currency to counterfeiting, fraud and manipulation. As Bitcoin grows more powerful by the day, the digital currency naysayers are proved right at least in part by a pair of German cyber-crooks.

This week, German police arrested 2 people accused of illegally generating around $1 million worth of Bitcoins. The two were caught during a computer fraud investigation after the German authorities began to suspect that they were responsible for spreading malware online.

With a slew of recent crimes involving stolen Bitcoins occurring around the world, it isn’t surprising that counterfeiting wouldn’t be too far behind. Bitcoin has come under fire from governments around the world because lack of regulation makes the digital currency a breeding ground for illegal payments and shady transactions. Whilst Bitcoin is a relatively new market, these two aren’t the first to try and generate the currency on their computers.

Despite crimes, arrest, and worry from regulators, Bitcoin continues to soar, which each individual coin worth around $1000 as of this week.

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