A British telecoms engineer who worked on a deal between the world’s biggest bitcoin exchange, Bitstamp, and British media giant News International in 2013 is believed to have made a small fortune in the digital currency.
The revelation comes as the price of bitcoin continues to rise as a result of a recent government crackdown on money laundering and terrorist financing.
The source, known only as Michael, told The Associated Press that he and his team, based in Britain, worked on deals involving the Bitstamps exchange, which was a subsidiary of News Corp.’s media empire.
Michael told the AP he sold a stake in the exchange in August 2013 and the remainder of the assets in the sale in December 2013, including its trading platform, trading software and other assets.
He said he received a $1,000,000 commission for each transaction, as well as a lump sum payment of $10,000.
News International said in a statement that it was unaware of any other bitcoin deals that involved Michael.
“News International has a strict compliance and compliance-driven approach to the way we do business,” the statement said.
“The company takes the issues raised by the AP in relation to our business practices very seriously and is committed to providing its customers with the highest level of customer service.”
Bitcoin is the most widely used digital currency and the digital version of the traditional currency of the United States.
It’s traded on the internet under different names, such as Litecoin, Peercoin and Dogecoin.
Bitcoin has a global price of about $1 trillion.
The value of one bitcoin, the smallest currency in the world, has surged more than 4,000 percent in the last year, according to data compiled by the Bitcoin price index.
Bloomberg News first reported the story on Thursday.
AP reporter Mike Cernovich contributed to this report.