{"id":2496,"date":"2021-07-14T13:08:39","date_gmt":"2021-07-14T07:38:39","guid":{"rendered":"https:\/\/xiarch.com\/blog\/?p=2496"},"modified":"2021-07-14T13:08:42","modified_gmt":"2021-07-14T07:38:42","slug":"us-indicts-the-bull-a-dark-web-user-for-insider-trading","status":"publish","type":"post","link":"https:\/\/xiarch.com\/blog\/us-indicts-the-bull-a-dark-web-user-for-insider-trading\/","title":{"rendered":"US Indicts \u2018The Bull\u2019 a Dark Web User for Insider Trading"},"content":{"rendered":"\n<p><p style=\"text-align: justify;\">The U.S. Department of Justice (DoJ) has charged every particular for fascinating insider trading on the darknet. Greece-based Apostolos Trovias, known as the \u201cThe Bull\u201d constantly used encrypted messaging services and the dark web for approaching, exchanging, and selling inside data.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">However, unlike drug dealers targeted in previous actions, the authorities allege Trovias user dark Web Firms as a way to transmit for people willing to buy or sell insider trading data while hiding behind \u201cAnonymizing software\u201d screen names and the bitcoin payments.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">On AlphaBay and other dark web sites like Dream Market and Nightmare Market, the allegation against Trovias offered and eventually sold stock instructions. Although, as the complaint describes (PDF) his customers included at least one IRS agent and an FBI agent working undercover.<\/p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Catching Apostolos Trovias aka \u2018The Bull\u2019 by his Horns<\/strong><\/h2>\n\n\n\n<p><p style=\"text-align: justify;\">This month, U.S. DoJ indicates \u201cThe Bull\u201d aka Apostolos Trovias for insider trading via the darknet, at least since 2016. The 30-year old, Athens-based Trovias supposedly used dark web and encoded messaging applications for years to enlist in securities extortion and money laundering activities.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">The stated extortion scheme was used to require and sell stock trading tips, pre-release earnings, and deal data related to public companies. The scheme negotiated related efforts to help to acquire and monetize classified non-public data, including:<\/p><\/p>\n\n\n\n<ul><li>The attempted creation of an online marketplace to connect, for a commission, individual misappropriating Inside Information to Individual responsible to pay for and trade on Inside Information<\/li><li>The sale of embezzling stock tips based on confidential customer trading data<\/li><li>The sale of pre-release earnings reports and deal data misuse from the publicly-traded organization<\/li><\/ul>\n\n\n\n<p><p style=\"text-align: justify;\">According to FBI (Federal Bureau of Investigation) assistant director, Trovias had created an illegal, profitable business where he traded proprietary information on companies, but unfortunately, get caught:<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">\u201cBehind the disguise of the Dark Web, using encrypted messaging applications and emails, Trovias generated a business model in which he sold out-for profit\u2014proprietary data from various organizations, stock trading instructions, pre-release earnings, and other inside data, as we claim.\u201d<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">\u201cThe Federal Bureau of Investigation runs within the Dark Web too, and as Trovias learned today, we don\u2019t stop administrating the law just because you execute federal crimes from behind the router using your keyboard,\u201d said FBI Assistant Director William F. Sweeney Jr. in a DoJ press release. Inside the same release, law enforcement authorities shared examples of some of the \u201cThe Bull\u2019s\u201d functionality.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">For example, DoJ said, in mid-2017, Trovias had put up for sale, and successfully sold stock guide based on proprietary inside data on some security concerns. Such types of illicit sets of data were sold as part of \u201cWeekly or monthly subscription,\u201d or alone.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">Moreover, to provide sales activity, Trovias utilized end-to-end encrypted messaging applications and email services to transmit with proposed and recent clients.<\/p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The indictment is yet to be Proven in Court<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"615\" height=\"409\" src=\"https:\/\/xiarch.com\/blog\/wp-content\/uploads\/2021\/07\/The-US-Indicts-\u2018The-Bull-a-Dark-Web-User-for-Insider-Trading-image1.jpg\" alt=\"The-US-IndictsThe-Bull-a-Dark-Web-User-for-Insider-Trading-image\" class=\"wp-image-2499\" srcset=\"https:\/\/xiarch.com\/blog\/wp-content\/uploads\/2021\/07\/The-US-Indicts-\u2018The-Bull-a-Dark-Web-User-for-Insider-Trading-image1.jpg 615w, https:\/\/xiarch.com\/blog\/wp-content\/uploads\/2021\/07\/The-US-Indicts-\u2018The-Bull-a-Dark-Web-User-for-Insider-Trading-image1-300x200.jpg 300w\" sizes=\"(max-width: 615px) 100vw, 615px\" \/><\/figure><\/div>\n\n\n\n<p><p style=\"text-align: justify;\">United States Attorney for the Southern District of New York, Audrey Strauss repeated that committing insider trading even using advanced technologies still creates a distinctly common result \u2013 a criminal allegation.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">\u201cToday\u2019s charge established our Office\u2019s enduring commitment to blocking those who follow and use inside information to achieve an unauthorized edge in the stock market.\u201d<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">\u201cAs stated, Apostolos Trovias attempted to hide his insider trading scheme behind a software, screennames, and bitcoin payments,\u201d said Strauss.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">Trovias has been charged with one count of securities extortion, consisting of a maximum penalty of 25 years in prison, and one count of money laundering that carries a maximum penalty of around 20 years to stay inside the prison.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">But, without the court\u2019s judgment, this allegation and claim are \u201cmerely accusations,\u201d and unless and until proven guilty, the prisoner is considered innocent.<\/p><\/p>\n\n\n\n<p><p style=\"text-align: justify;\">The Securities and Commodities and Fraud Task Force is inspecting the prosecution of this case is led by Assistant U.S. Attorneys Matthew Podolsky and Andrew Thomas.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Justice (DoJ) has charged every particular for fascinating insider trading on the darknet. Greece-based Apostolos Trovias, known as the \u201cThe Bull\u201d constantly used encrypted messaging services and the dark web for approaching, exchanging, and selling inside data. However, unlike drug dealers targeted in previous actions, the authorities allege Trovias user dark [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Indicts \u2018The Bull\u2019 a Dark Web User for Insider Trading - Xiarch Solutions Private Limited<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/xiarch.com\/blog\/us-indicts-the-bull-a-dark-web-user-for-insider-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Indicts \u2018The Bull\u2019 a Dark Web User for Insider Trading - Xiarch Solutions Private Limited\" \/>\n<meta property=\"og:description\" content=\"The U.S. Department of Justice (DoJ) has charged every particular for fascinating insider trading on the darknet. Greece-based Apostolos Trovias, known as the \u201cThe Bull\u201d constantly used encrypted messaging services and the dark web for approaching, exchanging, and selling inside data. 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