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Friday, October 22, 2021
Man robbed of 16 bitcoin hunts down suspects, sues their parents

Man robbed of 16 bitcoin hunts down suspects, sues their parents

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Andrew Schober was almost all-in on cryptocurrency. In 2018, 95 percent of his net wealth was invested in the digital tokens, which he hoped he could sell later to buy a home and support his family. But then disaster struck. Schober had downloaded an app called “Electrum Atom” after clicking a link on Reddit, mistakenly…
Bitcoin power plant is turning a 12,000-year-old glacial lake into a hot tub

Bitcoin power plant is turning a 12,000-year-old glacial lake into a...

Enlarge / In this aerial photo of Greenidge Generation's power plant outside Dresden, NY, Seneca Lake is visible in the background. The lake receives warm water from Greenidge's operations. The fossil fuel power plant that a private equity firm revived to mine bitcoin is at it again. Not content to just pollute the atmosphere in…
US seizes $2.3 million Colonial Pipeline paid to ransomware attackers

US seizes $2.3 million Colonial Pipeline paid to ransomware attackers

Getty Images The FBI said it has seized $2.3 million paid to the ransomware attackers who paralyzed the network of Colonial Pipeline and touched off gasoline and jet fuel supply disruptions up and down the East Coast last month. In dollar amounts, the sum represents about half of the $4.4 million that Colonial Pipeline paid…
Bitcoin bubble bursts overnight, dragging down stocks

Bitcoin bubble bursts overnight, dragging down stocks

Aurich Lawson | Getty Images Overnight, a broad selloff of prominent cryptocurrencies has vaporized billions of dollars in value. Bitcoin, the largest cryptocurrency affected, is off more than 18 percent in the last 24 hours. Currently, it's worth just over half what it was in mid-April. Over the past week, more than $600 billion has…
GameStop FOMO inspires a new wave of crypto pump-and-dumps

GameStop FOMO inspires a new wave of crypto pump-and-dumps

After the California Gold Rush, in 1870, two Kentucky swindlers whipped up a scheme to prey on thirsty financiers’ FOMO. They invented a diamond field out West. Investors sunk millions in today’s money into the scheme. All of it, of course, was for naught—a cautionary tale about believing anyone who claims they have a surefire…
Multiple US agencies probing world’s largest cryptocurrency exchange

Multiple US agencies probing world’s largest cryptocurrency exchange

Binance, the world’s largest cryptocurrency exchange, is under investigation by a laundry list of US government agencies, including the US Justice Department, the Internal Revenue Service, and the Commodity Futures Trading Commission, according to a report by Bloomberg. The agencies are probing Binance for potential criminal violations, the report says, though the company has not…
Musk: Bitcoin is bad for climate (and you can’t buy Teslas with it anymore)

Musk: Bitcoin is bad for climate (and you can’t buy Teslas...

Enlarge / Elon Musk in 2020. Tesla CEO Elon Musk announced on Wednesday that Tesla would stop taking bitcoin as payment for the company’s electric vehicles. The change comes less than two months after the automaker began accepting the cryptocurrency. Why the about-face? Musk now says he has concerns over bitcoin’s carbon footprint. Tesla’s purchase policy…
Bitcoin’s value just passed $1 trillion

Bitcoin’s value just passed $1 trillion

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Bitcoin's price soared past $56,000 on Friday, pushing the combined value of all bitcoins past the $1 trillion mark—at least in theory. That's more than the market capitalization of Facebook, though Apple, Alphabet, Amazon, and Microsoft are worth more. Bitcoin's value has almost doubled from $29,000 since the start of the year. I say "in…
Mastercard will support cryptocurrencies—but not the ones you think

Mastercard will support cryptocurrencies—but not the ones you think

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Mastercard said on Wednesday that it is planning to support cryptocurrencies natively on its network. If this actually happens, it will be a big deal, helping to further legitimize virtual currencies and dramatically expand the market for their use. However, Mastercard says that it's only going to support cryptocurrencies that meet a number of requirements—including…
Cops can’t access $60M in seized bitcoin—fraudster won’t give password

Cops can’t access $60M in seized bitcoin—fraudster won’t give password

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Aurich Lawson / Getty Images Officials in Germany have seized a digital wallet believed to contain $60 million in bitcoins obtained by fraudulent online activity. The original owner of the wallet was convicted of installing bitcoin mining malware on peoples' computers without permission and has served more than two years in prison. But the wallet…

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