Sheep market Scam- Sterling 60 Million lost by Bitcoin investors

One of the biggest challenges to the Bitcoin and other Cryptocoin systems is the robbing of their bitcoin holdings by criminals. Having adopted a peer to peer system for creation of the currency and challenging the fiat currency system, it is the responsibility of the BTC community itself to safeguard the interests of the holders.

Recent heist involving Sterlings 60 million from sheepmarket.com highlights the risks. However, some of the knowledgeable users have started tracking the stolen BTCs through the block chains and trying to trace the criminal.

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This case indicates the clear necessity of a policing system that can prevent such crimes. While many may consider this as a backward step towards sacrificing anonymity, in due course people will realize that giving up anonymity in preference to securing their genuine wealth.

A consideration should be given therefore to redflagging transactions so that such frauds are prevented. This will also ensure that Governments will shed their current suspicions on the system and accept it to the main stream of economics.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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