Blockstream Open Sources Development of Its Proof of Reserves Tool

On February 4, 2019, blockchain tech company Blockstream announced the development of a “proof of reserves” tool to standardize the authenticity of exchanges’ crypto reserves. The Bitcoin development company has submitted a Bitcoin Improvement Proposal (BIP) to the bitcoin-dev mailing list for consideration.Blockstream stated that it is “open-sourcing the development of the tool for feedback ...

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Op Ed: Should You File a Foreign Bank Account Report for Bitcoin Holdings?

I had the opportunity to participate on a legal panel with David Silver at the Unconfiscatable: Bitcoin Not Blockchain Conference put on by Tone Vays in Las Vegas. It was quite an honor to be part of it; the conference was hands down the best Bitcoin event I’ve attended since Jason King hosted Coins in the Kingdom back in October ...

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Lightning Torch’s Bitcoin Payment Is Running a Worldwide Marathon

A lightning network payment has been making global rounds on Bitcoin’s secondary layer. The payment, slowly accumulating in value with each passing, is 2.8 ($96) million satoshis strong and still going. Dubbed the Lightning Torch, the payment has changed hands nearly 150 times across 39 countries.Traditionally, participants announce their ownership over Twitter to seek out the next recipient. Hopeful torch ...

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Hacker Gets 10 Years in First SIM-Swapping Sentencing in the U.S.

According to a recent report, Joel Ortiz, the 20-year-old student from Boston who was indicted by prosecutors in Santa Clara, California, has been sentenced to 10 years in prison in what is believed to be the very first SIM swapping conviction in the United States.Ortiz was charged last year on 28 counts involving various computer-related violations and crimes concerning information ...

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Court Grants QuadrigaCX Bankruptcy Protection

Today, February 5, 2019, a court in Nova Scotia, Canada, granted bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) to the embattled Vancouver-based cryptocurrency exchange QuadrigaCX. The court appointed Ernst & Young as monitors to help the exchange locate any funds it could use to reimburse users and ordered a 30-day stay of proceedings.The exchange initially made the news ...

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Kraken Advances U.K. Expansion With the Acquisition of Futures Platform

U.S.-based cryptocurrency exchange platform Kraken has completed the largest transaction in its history after it made its foray into the futures trading world with the acquisition of London-based Crypto Facilities.Jesse Powell, chief executive officer of Kraken, stated, “I’m thrilled to welcome the Crypto Facilities team into the Kraken family. Over the coming months, our teams will continue to enhance and ...

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Living on Bitcoin for a Week in San Francisco

When I decided, maybe against my better judgement, to live on bitcoin for a week, the plan was met by a combination of cautions and jokes from friends and loved ones: “Just don’t starve,” “Well, it’s the New Year, a perfect time to start a new diet,” “Will you be able to eat?”, “Have you really thought about it?”I had ...

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Palestinian Fundamentalist Group Hamas Receives Funding via Bitcoin

In a particularly interesting case study for the consequence of Bitcoin’s global impact, the internationally recognized terrorist group Hamas has announced that it will accept bitcoin to fund itself.The de facto ruling party of the Gaza Strip since the reconciliation agreement with rival group Fatah, Hamas holds a majority of seats in the Palestinian Legislative Council and attempts to act ...

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Chainalysis Report: Two Groups Responsible for Most Publicly Reported Hacks

Two “prominent professional hacking groups” are responsible for the majority of publicly reported hacks of cryptocurrency exchanges and other cryptocurrency organizations, concludes a report published by blockchain data analytics firm Chainalysis this week. According to the report, simply called the Crypto Crime Report, the groups generated around $1 billion of hacking revenues for themselves so far.“Hacking dwarfs all other forms ...

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Wrap Your Head Around This: BTC Is Now Featured as a Token on Ethereum

It happened: Bitcoin is now an Ethereum token.Wrapped Bitcoin (WBTC), an ERC-20 token with a 1-1 peg to bitcoin, went live on the Ethereum network on the final day of January, “the first token that makes Bitcoin compatible with the Ethereum chain,” its architects say.Kyber Network, Bitgo and Ren spearheaded the “community led” initiative, which has spread its reach to ...

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