Nearly $30 billion was spent on NFTs last year, according to analytics firm Chainalysis, and one of the companies that’s benefitted from the boom is OpenSea. The firm has a $13 billion valuation thanks to its well-timed entry into the hot new sector, becoming one of the biggest NFT marketplaces in the world. With success has come headaches, as scam artists began to target NFTs and the people who buy and sell them. Now the four-year-old New York firm and other marketplaces are struggling to find a balance between boomtown and lockdown. Continue reading Cybercriminals Target NFTs on OpenSea, Other Marketplaces

Led by the IRS Criminal Investigation branch, federal agents seized more than $3.6 billion in stolen Bitcoin last week, resulting in its largest seizure ever. Tracking the 119,754 Bitcoin stolen in 2016 from Hong Kong’s Bitfinex currency exchange across several continents, thorough the dark web and many transfer schemes was an amazing feat that says as much about the skill of U.S. law enforcement as it does the breadcrumb trails left by cryptocurrency. Engineered to be traceable (some say transparent), blockchain does offer a degree of anonymity that makes it attractive to crime. Continue reading Feds Mine Crypto Trail and Find $3.6 Billion in Stolen Bitcoin

A CES 2022 session on “Decoding Crypto,” moderated by Transform Group founder and chief executive officer Michael Terpin, touched on the growth and evolution of cryptocurrency as well as regulatory issues and recent developments. Terpin enthused over the sector’s dramatic growth, while panelists Blockchain Association founding executive director Kristin Smith, Celsius Network chief growth and product officer Tushar Nadkarni and Filecoin Foundation founding director Clara Tsao had their own yardsticks to analyze crypto’s evolution. Continue reading CES: Decoding the Regulatory, Technical Aspects of Crypto

Cryptocurrency and NFTs seem to be getting a much different reception from the average consumer than the tech titans that helped launch the crazes. While entrepreneurs such as Elon Musk, Jack Dorsey and Chris Dixon have dropped millions-to-billions into various blockchain piggy banks, Ubisoft gamers, startups on Kickstarter and artists like Brian Eno are speaking out against everything from NFTs to digital coins. Gamers, in particular, have made their disapproval known, somewhat surprising given they’re typically first-movers, eager to try new technologies and push boundaries. Now, reports are emerging of a schism in the game world. Continue reading New Blockchain Divide Between Consumers and Tech Titans

Even before Jack Dorsey tweeted his resignation as Twitter CEO — and announced that another company he co-founded and runs as CEO, Square, will on December 10 change its name to Block — there was speculation that Twitter will soon be purchased. The rumors have been fueled by a belief that Twitter has potential beyond its stagnant share price — $44.47 as of yesterday’s close, slightly less than $44.90 the day of its November 2013 IPO — evidenced in its strong branding and popularity with elites. Top tech exec Parag Agrawal’s ascent to CEO is the corporate equivalent of staging in real estate.  Continue reading Talk of Twitter Sale Brews with Square/Block Floated as Suitor

Twitter founder Jack Dorsey has resigned as the company’s CEO, with chief technology officer Parag Agrawal promoted to fill that slot. Dorsey, who was concurrently serving as CEO of financial services firm Square and has recently become active in cryptocurrency, will retain his Twitter board seat until expiration of his term at the 2022 shareholders meeting. “I want you all to know that this was my decision and I own it,” Dorsey said in a tweet yesterday. “There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.” Continue reading Jack Dorsey Steps Down, Parag Agrawal New CEO of Twitter

The $1.2 trillion infrastructure bill that made it to President Biden’s desk Friday for upgrades to the nation’s roads, bridges, pipes and ports also includes $65 billion to “ensure every American has access to reliable high-speed Internet.” Building high-speed networks in unserved areas and making broadband affordable for low-income families are priorities for an administration in pursuit of digital equity. The White House estimates 30 million U.S. households don’t have access to reliable Internet, a problem heightened by the need to learn and work at home during the COVID-19 pandemic.  Continue reading Federal Infrastructure Plan Includes $65 Billion for Broadband

The U.S. Treasury Department has issued guidelines specifying how to ensure virtual currency transactions comply with the government’s sanctions policies, a move by the Biden administration to thwart ransomware attacks, money laundering and other abuses. The new rules emphasize using geolocation tools that block IP addresses from sanctioned countries, ongoing monitoring of sanctioned entities and individuals and periodic review of transactions involving blacklisted virtual currency addresses. Treasury’s Financial Crimes Enforcement Network has had virtual currency rules in place since at least 2011, but this update gives the directives new teeth. Continue reading Treasury Issues Crypto Guidance for Sanctions Compliance

Payments flagged by U.S. banks as suspected ransomware in 2021 are on pace to nearly double those of 2020, according to reports filed with the Treasury Department. Almost $600 million in potential ransomware payments have been filed with the federal government from January through June, which is more than 40 percent more than the tally for full-year 2020. Reflecting the fact that governments worldwide describe cybercrime as a critical national security threat, the first International Cybersecurity Challenge is scheduled for Greece in June 2022, where 25 Americans aged 18 to 26 are set to compete. Continue reading U.S. Advances Cybersecurity Steps as Ransomware Doubles

The U.S. Department of Justice has formed the National Cryptocurrency Enforcement Team (NCET) to investigate the use of cryptocurrency for criminal purposes. The new unit will examine cases involving virtual currency exchanges and money laundering. Members will also investigate so-called “mixing and tumbling” services, which involve charging a fee to send cryptocurrency to an address while obscuring the source of funds. The group, which include experts from the offices of U.S. Attorneys, will also work on tracing and recovery of assets lost to fraud, hacking or ransomware extortion. Continue reading Department of Justice Launches a Cryptocurrency Crime Unit

Amidst political turmoil and economic struggle, El Salvador has announced it is adopting Bitcoin as its national currency, becoming the first country in the world to do so. But things got off to a rough start this week as the Bitcoin e-wallet went offline for several hours as consumer download demand overwhelmed government servers. El Salvador President Nayib Bukele said the country will spend more than $225 million to launch Bitcoin. Global Bitcoin enthusiasts supported the initiative by buying $30 of Bitcoin, but that didn’t prevent the currency from declining 9.9 percent Tuesday evening. Continue reading El Salvador First Country to Make Bitcoin a National Currency

Twitter has selected startup founder and cryptocurrency developer Jay Graber to head up its open-source project Bluesky. Although Twitter funds Bluesky, it will operate independently of the social giant. Twitter chief executive Jack Dorsey stated that Bluesky is his “biggest focus right now,” and Graber explained that she is “excited to take on this role and build the future of social media.” Dorsey established Bluesky to create protocol technology that would break down the boundaries between various social media services. Continue reading Twitter Chooses Crypto Developer to Lead Its Bluesky Project

AMC Entertainment Holdings is in the midst of changes intended to appeal to its Reddit investors. In addition to opening new locations, chief executive Adam Aron said the company would start accepting Bitcoin at U.S. locations by the end of 2021. After AMC was brought to the verge of bankruptcy by COVID-19 lockdowns, its revenue tripled in the June quarter compared to the previous 2021 quarter. In the wake of that news, share prices rose 4.6 percent to $35.36 in after-hours trading. Its stock ended in 2020 at $2.12. Continue reading AMC Opens New Theater Locations, Plans to Accept Bitcoin

Andreessen Horowitz launched a $2.2 billion cryptocurrency fund focused on blockchain and digital asset startups. The venture capital firm’s first crypto-focused fund was introduced three years ago, during the last bear market dubbed “crypto winter,” when cryptocurrency’s value plummeted 80 percent from a 2017 high. Andreessen Horowitz partners Katie Haun and Chris Dixon, who run the company’s cryptocurrency group, stated that they “believe that the next wave of computing innovation will be driven by crypto.” Continue reading Andreessen Horowitz Debuts $2.2 Billion Cryptocurrency Fund

Bitcoin is touted as a secure, decentralized and anonymous way to conduct financial transactions, one reason why cybercriminals use it or some other cryptocurrency when conducting illegal business, whether it’s drug trafficking or ransomware. But this week the Justice Department revealed that it traced and recovered 63.7 of the 75 Bitcoins ($2.3 million of the total $4.3 million) that Colonial Pipeline paid in ransom to release its computer systems. The feds declined to detail how they recouped the Bitcoin. Meanwhile, El Salvador has become the first nation to formally adopt Bitcoin as legal tender. Continue reading Bitcoin Ransom Recovery May Impact Cryptocurrency Status