A recurring theme in the trial of crypto mogul Bankman-Fried has been his commitment to effective altruism, a philanthropic ideology focused on maximizing impact through charitable contributions and career choices. Bankman-Fried aligned himself with others who shared this philosophy, including the head of engineering and his former girlfriend, who was also the CEO of his […]
Two years after James Zhong was apprehended for stealing 50,000 bitcoins from the dark web marketplace Silk Road in 2012, new details have emerged about the events leading to his arrest. Zhong, a computer expert, lived a lavish lifestyle with expensive cars, luxury hotels, and extravagant purchases. In March 2019, he reported a break-in at […]
Bitcoin’s Lightning Network, a layer 2 payment protocol built on top of the Bitcoin blockchain, has been found to have a major security flaw that puts users’ funds at risk. Former Lightning developer Antoine Riard discovered a vulnerability called the replacement cycling attack, which allows hackers to gain control of the network’s Layer 2 protocol. […]
Lawyer and cryptocurrency advocate John Deaton has criticized the Lightning Network, stating that the ‘Spend The Bits’ protocol on the XRP Ledger is more effective. The Lightning Network is a second-layer solution built on the Bitcoin blockchain to improve scalability and efficiency. Deaton, who is an angel investor and chief legal officer for ‘Spend the […]
The U.S. Department of the Treasury is cracking down on crypto mixing services, which are used to obscure the source of funds in cryptocurrency transactions. While these services can have legitimate uses for privacy-conscious individuals, they are also frequently exploited by cybercriminals. The Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule to designate […]
America’s largest bank, JPMorgan Chase, is facing a lawsuit from a mother and son, Rui Wang and Hengchen Qu, who claim that the bank terminated their accounts and failed to return over $1 million to them. The lawsuit alleges unjust enrichment and breach of contract related to certificates of deposit (CDs) that the plaintiffs purchased […]
Philippines-based crypto exchange Coins.ph is rumored to have suffered a hack that resulted in the potential loss of 12.2 million XRP, equivalent to $6 million. However, some of the funds have already been recovered. The hack reportedly took place on October 17, although Coins.ph has not yet confirmed the incident. On-chain data suggests that the […]
Security researcher and developer Antoine Riard has announced his departure from the Lightning Network’s development due to security concerns and fundamental challenges to the Bitcoin ecosystem. Riard believes that the Bitcoin community is facing a difficult situation as a new type of attack, known as a replacement cycling attack, poses a significant threat to the […]
FTX’s former general counsel, Can Sun, has testified in court about the events surrounding the wave of withdrawals in November 2022. He revealed that founder Sam Bankman-Fried asked him to come up with “legal justifications” for the missing billions in customer deposits. This revelation complicates Bankman-Fried’s defense that he believed the appropriation of funds in […]
Hong Kong’s Customs and Excise Department is taking steps to address the money-laundering risks associated with cash-for-crypto shops in the wake of the JPEX scandal. These shops, which operate without licensing or regulatory oversight, have been promoting investment offerings from JPEX, a crypto exchange involved in a $192.7 million fraud. To fill the regulatory gaps […]
