Netflix Announces New Doc Series About Crypto Laundering Scheme

Netflix

Netflix has just announced a new doc series about an alleged cryptocurrency laundering scheme. In a recently released blog post, Netflix informed that they have ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars in cryptocurrencies. 

Netflix Works on New Doc Series About Bitcoin Money Laundering

Netflix continues to surprise everyone with a new documentary series linked to Ilya Lichtenstein and Heather Morgan. The couple was arrested in New York City a few days ago as they face charges of laundering 120,000 Bitcoin (BTC). These Bitcoins could be closely related to the hack experienced by Bitfinex in 2016. 

Back in 2016, the largest cryptocurrency in the market was below $1,000. Nowadays, Bitcoin is being traded close to $42,000. In November 2021, Bitcoin reached an all-time high of $69,000. The couple tried to liquidate the digital money by using different online accounts and using fake identities. 

Thanks to forensic companies that were able to trace the cryptocurrencies through the blockchain, law enforcement agencies and investigators linked the funds to the identities of these two individuals. 

According to Netflix’ blog post, Chris Smith is ready to direct and executive produce the documentary along with the executive producer Nick Bilton, who worked on Fake Famous, The Inventor: Out of Blood in Silicon Valley and American Kingpin: The Epic Hunt for the Criminal Mastermind Behind the Silk Road. 

The cryptocurrency market has been many times affected by hacks and attacks, especially cryptocurrency exchanges. Attackers have been targeting large companies that could hold large amounts of money using hot storage wallets. These attacks have been very successful considering that a large number of exchanges had to stop their operations after the hack.

The most remembered hack affected the Mt. Gox cryptocurrency exchange back in 2013/14 when attackers were able to get close to 850,000 BTC that belonged to customers. Some of the coins have been found but most of them remain hidden on different cryptocurrency wallets. 

Nowadays, the number of hacks has been reduced dramatically as crypto-related companies are following the necessary security standards to operate in the market. It is just a matter of time to see what could happen with the New York couple and whether they will be able to give back the funds stolen many years ago. 

Right now, Bitcoin is traded close to $42,500 and it has a market capitalization of $805 billion.

Jonathan Gibson

Jonathan Gibson