Owing to the ready availability of geothermal energy together with a low rate of crime, Iceland has grown to be the world’s leader in digital currency. This was not to last, however, as it attracted thieves.
Located at the Advania Data Center, a formerly abandoned US naval base near Reykjavik airport, the cryptocurrency data center was attacked at night by small-time thieves, in search of precious Bitcoin technology.
The compound seems empty except for its hangar-like buildings. How it worked was, the building contained computers that were used to generate and encode complex stacks of encrypted data. With backing from Advanias network, cryptocurrency took the world by storm and garnered millions every year
The attack took place at night, and it was reported that the thieves rook off with a loot of $500000worth in Bitcoin computers, motherboards, graphics cards, and power accessories. The robbery was the fifth in a series of hits on cryptocurrency data centers, with an oral haul of million dollars in tech appliances
It was speculated though that the thieves do not know how to operate the machines. That, coupled with encryption, ensured that the cryptocurrency was inaccessible. Despite that, the true value of what was stolen did not lie in the physical loot, but it’s capability when places in the right hands
Though the perpetrators were caught, some likely suspects are well-known burglars. Among them is 32 year old Stefansson, who walks freely around after serving his four-year sentence. According to Stefansson, the heist is something to brag about, with him coining it as his ‘biggest one yet.’ Despite this, Iceland has the fewest number of crimes in the world per year, so much so that its prison population was highest at 180 inmates
Despite its criticisms, cryptocurrency saved Iceland’s economy. At a time when the country was searching for a way out of debt, the responsibility was placed on banks to make money fast. However, after a while, the country was knee-deep in more significant obligations. Then came German cryptocurrency entrepreneur Marco Streng
Cryptocurrency took hold fast in the country, and the country soon became prosperous. And with it came a new crime wave. Stefansson claims the idea was given by a mysterious man to steal the computers and set up his cryptocurrency. With that much money on the line, Stefansson was bait
With such examples, it is evident that the rose of fast earning cryptocurrency is both advantageous and disastrous. With its right use, it can be a source of good, but does it come with unwanted effects. And how much are we willing to pay for it
This post was originally published on Crypto Coin Guardian