Cairo Authorities Perform Bitcoin Sting
September 8, 2016
Egyptian authorities refuse to let a 30-year-old dentist get away with trading in digital currency, despite there being no law on the books to prohibit the practice. The Merkle informs us, “Egyptian Dentist Apprehended in Bitcoin Sting Operation in Cairo.” Reporter Traderman reveals:
According to today’s post on the facebook page of The Ministry of the Interior, Mr. Ahmed was captured with $13,900 in cash, as well as a cellular phone and a smart tablet that were used in the trading operation. Authorities setup Ahmed by contacting him about a potential deal on LocalBitcoins, where Ahmed was selling the digital currency for $570 per coin.
The investigation was carried out with the cooperation of the Cairo Department of Public Safety and the Cairo Security Directorate. Mr. Ahmed has apparently confessed to trading bitcoin, but it is unclear what specific law Mr. Ahmed was breaking, as there are no regulations on digital currencies in Egypt.
The write-up tells us manufacturer AMECO, based in Cairo, has been accepting bitcoin apparently unmolested since 2014. Traderman also notes that, as of their writing, about seven Egyptian bitcoin vendors operating on LocalBitcoins, all of whom seem to be running modest operations. It will be interesting to see whether law-enforcement continues to crack down on bitcoin within their borders, and, if so, what justification authorities may offer. Perhaps they will go so far as to pass a law.
Cynthia Murrell, September 8, 2016
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
There is a Louisville, Kentucky Hidden Web/Dark Web meet up on September 27, 2016.
Information is at this link: https://www.meetup.com/Louisville-Hidden-Dark-Web-Meetup/events/233599645/
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