Category Archives: Cryptocurrency

BitCoin, LiteCoin, etc.

SoulConfiscator 012 Bitcoin CryptoCurrency Credit Card Andreas Antonopoulos P2P BTC4 Game Simpsons – Video

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SoulConfiscator 012 Bitcoin CryptoCurrency Credit Card Andreas Antonopoulos P2P BTC4 Game Simpsons
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SoulConfiscator 012 Bitcoin CryptoCurrency Credit Card Andreas Antonopoulos P2P BTC4 Game Simpsons - Video

#BTC4 Bitcoin Game Juego Español English Dinero Money Innovacion P2P CryptoCurrency Simpsons ProTip – Video

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#BTC4 Bitcoin Game Juego Espaol English Dinero Money Innovacion P2P CryptoCurrency Simpsons ProTip
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#BTC4 Bitcoin Game Juego Español English Dinero Money Innovacion P2P CryptoCurrency Simpsons ProTip - Video

Feds Nabbed For Big Bitcoin Heist Involving Gox And Silk Road

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New information in the Silk Road case is sending ripples of schadenfreude through the cryptocurrency community as it reacts to a foiled effort by two US Federal Agents to skim thousands of Bitcoin out of Silk Road and Mt. Gox coffers.

According to a statement issued by the United States Department of Justice on Monday, two federal agents are charged with wire fraud, money laundering and falsifying government documents for stealing Bitcoin while working on the Silk Road investigation.

The agents were part of a Baltimore-based task force investigating the Silk Road marketplace. Their mission included the task of building a relationship with Ross Ulbricht (aka Dread Pirate Roberts the accused owner of Silk Road who was found guilty last month). The two agents leveraged their status as federal agents to mislead, pressure, and personally profit from their activities during the investigation all of it which went unreported or unnoticed to the departments that employed them.

Information in the criminal complaint revealed that the Baltimore task force gained administrator access to Silk Road after arresting one of its employees. Secret Service Agent Shaun Bridges then logged into the Silk Road admin account that afternoon to personally conduct sizeable thefts from Silk Road accounts.

This theft was the cornerstone of the alleged kill for hire requests that were part of the case against Ulbrichts. After the BTC went missing, Ulbricht had offered money to kill an employee who he believed stole from the Silk Road. Little did he know that it was Bridges, acting as the employee, who did the siphoning.

Whats interesting is that these Bitcoins were moved from Silk Road to Mt. Gox by Shaun Bridges where he could exchange them from BTC to USD, giving him time to set up a LLC and open a bank account so he could send the funds back to the United States.

During that same time the other federal agent charged, Carl Force, reached out to Mark Karpeles of Mt. Gox via Linkedin and asked if he would back Force on a sale of 250 bitcoins. Force said he was a federal agent but was looking for other employment.

During this time, Bridges funded his bank account with nine wires from Mt. Gox totaling $820,000 in a three month period. After completing these bank transfers, Bridges signed the seizure warrant against Mt. Gox, confiscating $5 million USD shutting down the Bitcoin exchange in the process. The affadavit charged that Mt. Gox was acting as a money services business without a license, unlawfully allowing people to exchange bitcoins to fiat currency an activity which Shaun Bridges had conducted just days before.

A lovely email from Carl Force after the Mt. Gox seizure mockingly told Karpeles that he should have partnered with him an offer which was declined by Karpeles a couple days before the shutdown. Its important to note that Carl Force, a DEA Special Agent for 15 years was doubly employed during this time as a Compliance Officer for a Bitcoin exchange called coinMKT where he personally invested $110,000 USD worth of bitcoin.

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Feds Nabbed For Big Bitcoin Heist Involving Gox And Silk Road

Ripple, a Cryptocurrency Company, Wants to Rewire Bank Authentication

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A digital-currency company thinks it can protect the personal information used to perform identity checks in the financial industry.

Companies built around Bitcoin and other digital currencies mostly focus on storing and transferring money. But at least one company is trying to prove that some of the underlying technology can have a much wider impact on the financial industry.

That startup, Ripple Labs, has already had some success persuading banks to use its Bitcoin-inspired protocol to speed up money transfers made in any currency, especially across borders (see 50 Smartest Companies 2014: Ripple Labs). Now it is building a system that uses some similar cryptographic tricks to improve the way financial companies check the identity of their customers. The system could also provide a more secure way to log in to other online services.

Verifying identity is a constant, expensive headache for financial institutions, which are bound by strict regulations designed to curtail money laundering and support for blacklisted organizations such as terrorist groups. Most banks turn to one of a handful of large data brokers, such as Experian or Acxiom, to power their ID checks. When you open a new account, a bank gathers key personal information and sends it to its broker to verify your identity, and to confirm that you arent on any block list.

Under Ripples system, the same basic process would take place. However, your personal information would be used to generate a unique cryptographic token. A bank could send the token to a data broker that has its own token, made using your personal information at an earlier time. The math underpinning Ripples system would allow the broker to confirm that the data you had given the bank was correct, without either the bank or the broker ever revealing the data itself.

Apples mobile payment technology uses similar technology to protect credit card numbers (see 10 Breakthrough Technologies 2015: Apple Pay). When you use Apple Pay, only a cryptographic token representing your credit card number is transferred to the merchant. That token can be used to charge your card, but it wont reveal anything to anyone who manages to steal it, and it cannot be reused.

Stefan Thomas, chief technology officer of Ripple, says its ID verification system should reduce the risk that personal data will be stolen or accidentally leaked and should also be faster than the systems used today, which have developed gradually over decades and still use outdated technology. He says Ripple decided to develop the technology after it became clear that the financial system needed more than just new ways to transfer money.

Thomas adds that by cutting costs and security risks, Ripples system might allow cheaper data brokers to emerge. It could also make it easier for banks to operate in poorer parts of the world, where verification systems can be particularly expensive to operate, even for U.S. banks, he says. And Ripples engineers are also working on ways their protocol can be used to log in to online services.

Sarah Jane Hughes, a law professor at Indiana University who specializes in payment systems, says Ripple has identified a legitimate opportunity. Companies spend a lot on complying with identity verification rules, and mistakes are expensive, she says. For example, PayPal agreed to pay $7.7 million to the U.S. Treasury last week for failing to block just under 500 transactions involving people subject to U.S. sanctions. If you could do verification more rapidly and with a greater degree of certainty, it would be hugely valuable, says Hughes.

However, Hughes says, switching to a new system would not be easy for most financial institutions. They would probably have to retain the old system for some time for compatibility reasons. That means Ripples idea would have to deliver significant benefits to gain traction.

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Ripple, a Cryptocurrency Company, Wants to Rewire Bank Authentication

EB72 – Siân Jones: Cryptocurrency Regulation Update: Uk, Isle Of Man, California, Bitlicense – Video

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EB72 Sin Jones: Cryptocurrency Regulation Update: Uk, Isle Of Man, California, Bitlicense
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EB72 – Siân Jones: Cryptocurrency Regulation Update: Uk, Isle Of Man, California, Bitlicense - Video