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How Billions of Stolen Bitcoin Stayed Hidden—Until a Slipup

Jimmy Zhong stayed under the radar for nearly a decade, until he made a banking error

(Newser) - The 2012 mystery of who stole a bundle of bitcoin that eventually ballooned to $3 billion in worth puzzled authorities for the better part of a decade, but in 2019, Jimmy Zhong finally made an error that led them to his doorstep. CNBC's investigative report delves into how Zhong...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

Bitcoin Miner Made $31M by Cutting Power Use in Texas

Energy credits paid better for Riot last month than mining

(Newser) - Riot Platforms mined about $8.9 million in bitcoin in August. But that's nothing compared with the company's haul in the same month for selling power back to the Texas grid after Riot reduced its electrical consumption by more than 95% during peak demand periods. "August was...

In Separate Hearings, Crypto 'Bonnie and Clyde' Plead Guilty

Ilya Lichtenstein, wife admit role in 2016 Bitfinex exchange hack

(Newser) - Hours before former President Trump's arraignment in Washington, DC, on Thursday, a couple dubbed cryptocurrency's "Bonnie and Clyde" appeared in back-to-back hearings in the same federal courthouse. New York tech entrepreneur Ilya Lichtenstein and his wife Heather Morgan both pleaded guilty to charges of money laundering conspiracy...

SEC Sues World's Biggest Crypto Exchange

Binance denies wrongdoing, but move rattles Bitcoin investors

(Newser) - It's another big jolt to the world of crypto: The Securities and Exchange Commission on Monday accused Binance, the world's largest cryptocurrency exchange, of engaging in a slew of shady financial practices, reports the Wall Street Journal . In all the SEC filed 13 charges against Binance and co-founder...

Feds: Twitter Hacker Left 'Impressive Trail of Destruction'

UK man pleads guilty to scheme that targeted accounts of 130-plus names, including Musk, Biden

(Newser) - A UK man arrested in Spain two summers ago and accused of hacking into the Twitter accounts of some big names—including the current owner of the platform himself—has pleaded guilty to the plot, which also involved the theft of a hefty amount of crypto. On Tuesday, the US...

Blogger: Each Mac Carries Hidden Bitcoin Manifesto

A tech blogger says Satoshi Nakamoto's original BTC white paper can be found in Macs dating from 2018

(Newser) - Tech blogger Andy Baio recently made a mysterious discovery while trying to fix his printer: Satoshi Nakamoto's 2008 Bitcoin white paper. In a blog post at , Baio writes that it appears as though the paper has been hidden as a PDF in "every copy of macOS...

Latest Crypto Failure Is Especially Troubling
Latest Crypto Failure
Touches 'Real' Bank System
the rundown

Latest Crypto Failure Touches 'Real' Bank System

Silvergate Bank, called a 'cornerstone' of the industry, is shutting down

(Newser) - It's a familiar story of late: Bitcoin and other cryptocurrencies were sinking in value on Thursday after a financial entity's high-profile collapse. In this case, the entity is Silvergate Bank. But this one is different from the collapse late last year of crypto exchange FTX, as Elizabeth Lopatto...

Wall Street Has the Post-Election Blues
Wall Street Has the
Post-Election Blues

Wall Street Has the Post-Election Blues

Dow drops 647 points, cryptocurrencies plummet

(Newser) - Wall Street closed sharply lower Wednesday, giving back a big chunk of the gains built in a three-day rally running up to Election Day. The S&P 500 fell 79.54 points, or 2.1%, to 3,748.57. The Dow Jones Industrial Average fell 646.89 points, or 2%,...

DOJ Recovers Stolen Bitcoin Once Valued at $3.36B— in Popcorn Tin

It was stolen from Silk Road in 2012, is now only worth about $1B

(Newser) - Bitcoin valued at $3.36 billion was stolen from the dark web marketplace Silk Road in 2012. A decade later, it's been recovered, though it's lost quite a bit of value since then. The US Department of Justice announced Monday that the stolen cryptocurrency was seized last November,...

He Lost $187M in Bitcoin, Has Idea How to Get It Back

James Howells' latest plan involves AI

(Newser) - James Howells' claim to fame is the fortune that he lost. In 2013 the computer engineer accidentally tossed a hard drive containing 8,000 bitcoins. At their current value of about $23,400 a pop, those missing bitcoins are worth roughly $187 million; at their November 2021 peak, it would...

Tesla Sells 3/4 of Its Bitcoin Holdings

Amid ongoing production issues

(Newser) - Tesla had what the Guardian describes as a "shaky" second quarter, reporting a 32% drop in profit from the first quarter's record levels and having a difficult time meeting demand due to production issues. Amid all this, it has sold 75% of its bitcoin holdings, $936 million worth,...

Dow Jumps 500 Points, but Is It a 'Dead Cat'?

Market is opening strong, though analysts disagree on whether the rally will be fleeting

(Newser) - The stock market was making big moves again on Tuesday, but this time in a direction that should make investors happy. The Dow jumped more than 500 points in early trading on Tuesday to reclaim its 30,000 threshold. The rise of 1.6% was eclipsed by the benchmark S&...

Selloff Pushes Bitcoin Price Below $20K

Other cryptocurrency collapses combine with worries about economy to shake market

(Newser) - Bitcoin has now lost 72% of its value from its high point in November, after the price dropped below $20,000 on Saturday. And Ether slipped below $1,000. The cryptocurrency selloff partly has been prompted by concerns—shared by stock traders—about inflation and the Federal Reserve's steps...

Economist Who Hates Crypto Recasts a 'Moon' Prediction

With market in free fall, Peter Schiff suggests a crash landing is coming

(Newser) - The stock market f ell into a bear market on Monday, but as badly as stocks are getting hammered, the cryptocurrency sector is getting hammered even harder. The fallout continued Tuesday, as Coinbase—the largest cryptocurrency exchange in the US—announced it was cutting 18% of its workforce, reports the...

Wall Street Is Now in a Bear Market
Wall Street Is Now
in a Bear Market

Wall Street Is Now in a Bear Market

Indexes, cryptocurrencies plunge worldwide

(Newser) - Wall Street entered a bear market Monday as the S&P 500 sank 3.9%, bringing it more than 20% below the record high it set in January. Fears about a fragile economy and stubbornly high inflation have slammed the stock market in recent days and sent Treasury yields surging...

Coinbase to Users: You Could Lose It All if We Go Bankrupt

But the company's CEO says there's 'no risk' of crypto exchange going bankrupt

(Newser) - Coinbase, America's largest cryptocurrency exchange, holds around $256 billion in cryptocurrencies and traditional currencies—and it alarmed some users this week when it warned that those holdings could be lost if the company files for bankruptcy. The company said "the crypto assets we hold in custody on behalf...

Bitcoin Sinks, and One Nation Happily 'Buys the Dip!'

El Salvador, where the cryptocurrency is legal tender, has so far lost a lot of money on its bet

(Newser) - By Bloomberg's count, the government of El Salvador has shelled out $103 million since last year to buy 2,301 Bitcoins. As of Tuesday morning, those crypto coins were worth about ... $74 million. That is a sub-optimal return on investment. But President Nayib Bukele, who led the successful push...

Biden Cryptocurrency Order Seen as 'Watershed Moment'

It's 'as close to an embrace of crypto as you could have hoped for,' analyst says

(Newser) - The price of bitcoin surged Wednesday as President Biden signed an executive order on cryptocurrencies that the White House described as the first "whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets." In a statement , the White House, noting that an estimated 40...

Widow of Cryptocurrency CEO Saw Her Own Riches Vanish

Jennifer Robertson details the aftermath of Quadriga CEO Gerald Cotten's death

(Newser) - Some of her late husband's friends messaged Jennifer Robertson on WhatsApp to ask why she hadn't told them he died, and to get details on where the funeral was. Except they weren't Gerald Cotten's friends. In a piece adapted for the Walrus from her book Bitcoin ...

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