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$72 million Worth of Bitcoin Stolen!
HONG KONG Nearly 120,000 units of digital currency bitcoin worth about US$72 million was stolen from the exchange platform Bitfinex in Hong Kong, making it the second-biggest security breach ever of such an exchange. The bitcoin was stolen from users' segregated wallets. Bitcoin plunged just over 23 percent on Tuesday after the news broke. It is not yet clear whether the theft was an inside job or whether hackers were able to gain access to the system...
Related topics : bitcoin digital currency exchange
$30 Billion Bitcoin Fortune Lost Forever?
Hundreds of millions of dollars worth digital coinage - perhaps billions of dollars worth - may have been lost in the past decade alone. Of the 16.4 million Bitcoins said to be in circulation in the middle of 2017, close to 3.8 million may have been lost. An estimate of the value of the loss works out to more than $30 billion.
In what's known as cold storage, one of the best features of Bitcoin is its ability to be stored offline on local hardware. Having a cryptocurrency “wallet” on a hard...
Related topics : bitcoin dollar worth / bitcoin one million dollars
Hackers Make Off With Millions After Bitcoin Attack
Hackers emptied the entire contents of a digital wallet belonging to NiceHash, a cryptocurrency company. NiceHash didn't say how much was stolen, but customers speculate that it could total around $63 million in bitcoin. Many of the funds belonged to the company's customers, who use the site to exchange their computer processing power for cryptocurrency. The contents of a digital wallet belonging to cryptocurrency company NiceHash, which included potentially millions of dollars worth of...
Related topics : bitcoin security breach / make a secure bitcoin wallet
Goldman Sachs The Delve Into Bitcoin?
Goldman Sachs could be setting up a bitcoin trading shop.
According to a report by The Wall Street Journal's Paul Vigna, Telis Demos, and Liz Hoffman, the Wall Street powerhouse is in the very early stages of potentially setting up a bitcoin trading operation.
A Goldman spokeswoman told The Journal, “In response to client interest in digital currencies we are exploring how best to serve them in this space."
If Goldman follows through, they would be the first blue-chip financial services firm...
Related topics : bitcoin trading value
Bitcoin Not Considered Threat to U.S. Banking System
According to a top U.S. banking regulator Wednesday, cryptocurrency Bitcoin currently does not pose a threat to the stability of the U.S. banking system. While speaking during his first press briefing since being sworn in to lead the Office of the Comptroller of the Currency, Joseph Otting downplayed Bitcoin, saying lenders have mostly steered clear of taking positions in the virtual currency. Ottig explained, "Maybe they have traces of it in some investment, but mostly the banks have stayed...
Related topics : bitcoin banking system
$1 Million Ransom Paid In Bitcoin For CEO's Release
Armed gang members kidnapped a top executive at U.K.-registered cryptocurrency exchange Exmo Finance this week. The Financial Times reported, they only released him after they were paid a $1 million equivalent ransom in bitcoins.
Per the report, Exmo manager Pavel Lerner was accosted by men in dark clothes and balaclavas. He was shoved into a black car while near the company’s main offices in Kiev, Ukraine on Tuesday. by Thursday he was freed after giving his captors information on how to...
Related topics : bitcoin 1 million
U.S. Holds Final Auction of Bitcoins From Silk Road Case
On Thursday the U.S. government began its final auction of the bitcoins seized during the prosecution of the creator of the online drug market, Silk Road. The site was black market where the virtual currency could be used to buy illegal drugs and other goods. The auction started at 8am Eastern Standard time. The government will auction about 44,341 bitcoins worth roughly $17.8 million. Bitcoins have become the preferred currency for moving money quickly and anonymously around the world without...
Related topics : virtual currency black market
Wikipedia Picks Up $140,000 In Bitcoin Donations In One Week
In late July, Wikipedia announced that it would accept donations in bitcoin. In its first week of accepting bitcoin, Wikipedia racked up $140,000 in new funds, according to Coinbase, the service that powers its cryptocurrency influx. The Wikimedia Foundation, parent to Wikipedia, doesn’t intend to hold bitcoin, but instead convert it to dollars at the time of donation. TechCrunch also noted that the Foundation raised $18.7 million last year, making this $140,000 less than one percent of its...
Related topics : accept bitcoin donations
Coinbase Exchange Hits A Bump After Crashing
Coinbase is a US-based cryptocurrency trading platform. On Monday afternoon, the company saw its Global Digital Asset Exchange crash for a brief time. According to an alert on its website, the exchange stopped executing trades for clients at around 2:50 p.m. ET. The alert cited issues relating to their application programming interface, the technology that communicates information between computers. The company said, "All markets are now in post-only mode and we are preparing to re-enable...
Related topics : coinbase exchange trade
Bank Of America Loading Up On The Tech Behind Bitcoin
Bankers may not think bitcoin will ever go fully mainstream, but they clearly believe there is value in the technology that powers such cryptocurrencies, known as blockchain.
http://qz.com/578974/bank-of-america-is-trying-to-load-up-on-patents-for-the-technology-behind-bitcoin/
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Related topics : bank of america bitcoin patent