Travel Management Company CWT Pays $4.5M Bitcoin to Hackers

Ransomware hackers initially demanded $10 million to restore access to travel firm CWT’s computers and delete any stolen data. U.S.-based corporate travel firm CWT paid $4.5 million in a Bitcoin ransom to hackers who stole sensitive files from the company. According to a July 31 report from Reuters, representatives from CWT (formerly Carlson Wagonlit Travel) paid ransomware hackers 414 Bitcoin (BTC) on July 27 — roughly $4.5 million at the time — over two transactions. Blockchain data shows the criminals transferred the funds to a different address within an hour.…

Read More

Triple-Entry Bookkeeping: How Satoshi Nakamoto Solved the Byzantine Generals’ Problem

In 2008, Satoshi Nakamoto essentially solved the infamous computational issue called the “Byzantine generals’ problem” or the “Byzantine Fault.” Throughout the history of man, people used ledgers to record economic transactions and property ownership. A ledger is often referred to as the “principal book,” and entries can be recorded in stone, parchment, wood, metal, and with software as well. Ledgers were used for centuries, but the shared ledger system became really popular in 1538 when the church kept records. In Mesopotamia, which was about 5,000 years ago, scientists discovered Mesopotamians…

Read More

A General Strategy on How to Select a Crypto Fund, Part 1

A basic framework of useful metrics to assess the true risk of a crypto fund as a quantitative screening tool. Digital assets, as a new asset class, exhibit interesting characteristics that could benefit a diversified portfolio of traditional assets. There are, however, many ways to get exposed to digital assets — passive investment, actively managed, short or long term investing, etc. — and with over 800 funds of all sizes, ranging from passive index to active trading funds to venture capital funds and fund of funds, it can be hard…

Read More

Decentralized Energy is Key to a DeFi Future

Decentralized finance should include decentralized energy as it uses DApps and blockchain and has the same logic, says Lition. Decentralized Energy (DeEn) leverage DApps and smart contracts on Ethereum to conduct transactions and trade energy assets. In a paper released July 31, Lition, a Berlin-based sustainable tech startup that has launched a blockchain-based marketplace allowing consumers to choose between multiple energy providers, DeEn has the same “structure, advantages, and logic” as DeFi, or Decentralized Finance. DeFi should include DeEn Similar to DeFi where trades of digital assets are peer to…

Read More

Bitcoin Drama, Ether Rally, Teen Held Over Twitter Hack: Hodler’s Digest, July 27–Aug. 2

There’s been plenty of drama on the crypto markets this week — Bitcoin surged to $12,000 only to crash spectacularly, and Ether has continued to rally. Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin rallies 13% to break through $11,000 After weeks of stagnation, Bitcoin finally roared to life this week. Late…

Read More

Former China Central Bank Exec Pushes for Digital Currencies

Former Bank of China vice president says digital currencies can be a substitute for cash on circulation. The former vice president of China’s central bank pushed for central bank digital currencies positioning it as a substitute for cash in circulation. Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, said digital currencies can certainly be a substitute for cash but it shouldn’t be confined to just that, according to the Global Times. Wang said digital currencies can reshape monetary structures. These…

Read More

China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains

The Beijing Arbitration Commission has published an article clarifying that bitcoin’s use as a commodity has never been banned in China. It explains that the Chinese authorities’ attitude toward controlling bitcoin revolves around three areas. China Recognizes Bitcoin as Commodity The Beijing Arbitration Commission published an article on the legal nature of bitcoin in China on Thursday. The Beijing-based independent, non-profit organization offers services in arbitration, mediation, and other dispute resolution mechanisms. The article was authored by economist Wang Jin, an arbitrator for the commission. “There are still differences in…

Read More

Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, LINK, VET, LTC

Bitcoin price corrected sharply after reaching $12,000 but the strong bounce from BTC and altcoins shows bulls are intent on pushing prices higher. Bitcoin’s (BTC) rally above the $10,000–$10,400 zone has attracted several traders who had been waiting for a trending move to start. Yusuke Otsuka, the co-founder of Japanese crypto exchange Coincheck, said that several Japanese traders who had been dormant have started trading again this week.  Monex Group CEO Oki Matsumoto also said that many traders who missed buying gold at lower levels are interested in Bitcoin as…

Read More

Tencent Builds Blockchain Platform for China’s Oldest Wine Producer

Tencent to build a blockchain-based wine traceability platform for China’s oldest wine producer. Chinese tech giant Tencent has revealed its plan for creating a blockchain-based wine traceability platform in collaboration with Changyu, China’s biggest and oldest wine producer, according to local news on July 31. It is said to be a nationwide first for the country’s domestic wine industry. According to Changyu, the platform is designed to trace every step of the wine-making and sales processes, including planting, brewing, distribution and management. It will issue a unique traceable certificate for…

Read More

Stablecoins, Ceilings and Digital Currencies: Bad Crypto News of the Week

Check out this week’s Bad Crypto podcast. Stability? What stability? Bitcoin has burst through its ceiling, leapt 15% and is now tickling a new ceiling of $11,000. The new move has put Bitcoin’s actual price at around double the realized price. On Black Thursday, the realized price was higher than the actual price. So how much higher will Bitcoin go? Max Keiser expects the coin to reach $28,000… then push on up into six figures. As for who’s been creating the demand, a study from Cornerstone Advisors has found that…

Read More