×
Bitcoin

GameStop Is Building An NFT Platform On Ethereum (theblockcrypto.com) 39

GameStop has quietly unveiled a new web portal for a non-fungible token (NFT) platform. The Block reports: "We are building a team" the page declares, stating: "We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you've built to: nfteam@gamestop.com."

The exact scope of the project is unclear, though prominently featured on the page is a link to an Ethereum address, indicating that GameStop's team will use Ethereum as a technology base. The smart contract code declares "Game On Anon" and links to GameStop's NFT page and indicates that potential GameStop-released NFTs will utilize Ethereum's ERC721 standard. The code also points to a dedicated token, GME.

Security

DarkSide Will Be Back, As Russia, China, Iran Create 'Safe Havens' For Hackers (cnbc.com) 44

An anonymous reader quotes a report from CNBC: Nation states are serving as safe havens for sophisticated criminal cyber actors and that is leading to an "increased blending of the threat," said John Demers, assistant attorney general at the National Security Division at the Department of Justice, speaking on a CNBC Evolve livestream on Wednesday. He said that is also a reason to believe that DarkSide could be back, or is still operating under a new name.

"When nation states aren't doing their part to investigate and root out hacking activity happening within their borders, then any number of things could have been the answer to ... what happened to the DarkSide infrastructure including that ... they're just off renaming themselves, so we'll see." "Groups like that will come back," he added. "Probably Darkside itself, those actors that comprise that group, will be back if they're not already out there in other forms operating as we're talking about."

Michael Orlando, acting director of the National Counterintelligence and Security Center, said during the CNBC Evolve livestream that ransomware attacks on critical infrastructure rise to the level of national security threat and the "safe haven" aspect is one part of the cybersecurity riddle the government and business world will have to counteract. "We do know that countries like Russia and China, Iran and others certainly create safe havens for criminal hackers as long as they don't conduct attacks against them. But that's a challenge for us that we're going to have to work through as we figure out how to counter ransomware attacks."
DarkSide received a total of $90 million in bitcoin ransom payments before shutting down. The hacker group coincidentally lost control of its web servers and some of the funds the day after President Joe Biden announced plans to disrupt the hackers.
Bitcoin

Bitcoin Mining Council To Report Renewable Energy Usage (bbc.com) 178

A new Bitcoin Mining Council has been created to improve the crypto-currency's sustainability, following a meeting of "leading" Bitcoin miners and Elon Musk. The BBC reports: It's hoped the council will "promote energy usage transparency" and encourage miners to use renewable sources. According to a tweet by MicroStrategy CEO Michael Saylor, who convened the meeting of the group and Elon Musk, the council includes "the leading Bitcoin miners in North America." But research from a group of universities suggested that China accounted for more than 75% of Bitcoin mining as of April 2020. The authors estimated that 40% of China's Bitcoin mines were powered by coal.

[T]he group needs to do more than "disclosing and promoting the use of renewables," Alex de Vries of the website Digiconomist told the BBC. "Even if we had disclosure, that doesn't change the natural incentive of these miners to search out the cheapest and most constant sources of power - which typically comes down to (obsolete) fossil fuels," he said. "Kentucky even came up with a tax break for Bitcoin miners to come and use their obsolete coalfields. So, I'm not seeing this trend towards more renewables." However council member Peter Wall, Chief Executive of Argo, argued that increasingly US Bitcoin miners were choosing renewable power. He felt the council could encourage change."It's early days, it's embryonic. There will be lots of discussions moving forward about the best way to promote sustainable Bitcoin mining and to do it not just in North America," he said.

Bitcoin

China Will Likely Ban All Bitcoin Mining Soon (arstechnica.com) 193

An anonymous reader quotes a report from Ars Technica: Bitcoin took investors on another rollercoaster ride over the weekend after a top regulator in China announced a crackdown on mining, a new tack in the country's ongoing fight against the cryptocurrency. The government will "crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society," said the statement, which was issued by the Financial Stability and Development Committee of the State Council, the country's cabinet equivalent. The committee is chaired by Vice Premier Liu He, who acts as President Xi Jinping's top representative on economic and financial matters.

"The wording of the statement did not leave much leeway for cryptocurrency mining," Li Yi, chief research fellow at the Shanghai Academy of Social Sciences, told the South China Morning Post. "When all mining activities are banned in China, it will be a turning point for the fate of bitcoin, as a large chunk of its processing power is taken out of the picture." The Chinese government isn't just worried about financial stability, either. A commentary piece in Xinhua News, the Communist Party's official media outlet, elaborated on the government's stance, voicing concerns about bitcoin's role in money laundering, drug trafficking, and smuggling. It also mentioned bitcoin's profligate energy use. Last week, China warned financial institutions not to participate in crypto-transactions or related services.

The combination of bitcoin's high price and its tremendous energy demand has pushed miners to take extreme positions. Miners in China have flocked to provinces such as Inner Mongolia, where cheap coal power makes mining more profitable. The scale of these facilities reflects how much money investors have sunk into the projects. At least one mining facility in Inner Mongolia draws more than 50 MW. Similarly large operations are popping up in the US, too. In upstate New York, a private equity firm bought and revamped an abandoned power plant just to mine bitcoin. When its data centers are completed, mining will consume 79 percent of the power plant's capacity, or 85 MW. China's warning to bitcoin miners is certain to push many operations out of the country. At least one bitcoin observer said that he anticipates miners pushed out of China will set up operations in Mongolia, Kazakhstan, and Afghanistan.

Bitcoin

Papa John's Celebrates 'Bitcoin Pizza Day' - as Price of Bitcoin Drops to $38,240 (msn.com) 119

Business Insider re-visits the story of why May 22nd is celebrated as "Bitcoin Pizza Day." Exactly 11 years ago today, a software programmer from Florida, Laszlo Hanyecz, became well known in the crypto world after trading 10,000 bitcoins for two Papa John's pizzas. In honor of that purchase, the date is now celebrated in the crypto calendar as "Bitcoin Pizza Day."

"It wasn't like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool," Hanyecz said in an interview with the New York Times in 2013... In 2018, he gave an interview to Cointelegraph. He said: "You know, I don't regret it. I think that it's great that I got to be part of the early history of bitcoin in that way, and people know about the pizza and it's an interesting story because everybody can kind of relate to that and be [like] - "Oh my God, you spent all of that money!"

So today Papa John's is giving away 10,000 slices of pizza to commemorate their place in history, another Business Insider article reports. Justin Falciola, SVP, chief insights & technology officer, tells them that "Celebrating National Bitcoin Pizza Day felt like a natural extension of Papa John's historical tie to the bitcoin story... It's great for consumer brands to show that they're aware of trends and emerging technologies. The benefit to this is meeting consumers where they are and continuing to build a meaningful connection."

The link between pizza and bitcoin was further observed earlier in the week when crypto investor Anthony Pompliano launched a bitcoin-themed pizza service in the US that won't accept the digital asset as payment. As Insider's Shalini Nagarajan reported, the service will partner with independent pizzerias in 10 cities across the US, but won't accept bitcoin payments. All proceeds will go towards supporting research and development of bitcoin, Pompliano said.
The article also points out that "Earlier this week, the crypto market lost 47% of its value in just seven days," and by Friday one bitcoin was worth $37,340.

But another article notes that the 10,000 bitcoins traded for two Papa Johns pizzas would, at one point this year, have been worth $648,950,000.
Bitcoin

Iran Uses Crypto Mining To Lessen Impact of Sanctions, Study Finds (usnews.com) 101

Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found. At its current level of mining, Iran's bitcoin production would amount to revenues close $1 billion a year, according to figures from blockchain analytics firm Elliptic. Reuters reports: The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country's oil, banking and shipping sectors. While, exact figures are "very challenging to determine," Elliptic estimates are based on data collected from bitcoin miners by the Cambridge Centre for Alternative Finance up to April 2020, and statements from Iran's state-controlled power generation company in January that up to 600 MW of electricity was being consumed by miners.

"Iran has recognised that bitcoin mining represents an attractive opportunity for a sanctions-hit economy suffering from a shortage of hard cash, but with a surplus of oil and natural gas," the study finds. The electricity being used by miners in Iran would require the equivalent of around 10 million barrels of crude oil each year to generate, around 4% of total Iranian oil exports in 2020, according to the study. "The Iranian state is therefore effectively selling its energy reserves on the global markets, using the Bitcoin mining process to bypass trade embargoes," the study reads. "Iran-based miners are paid directly in Bitcoin, which can then be used to pay for imports - allowing sanctions on payments through Iranian financial institutions to be circumvented."

United States

US Treasury Calls For Stricter Cryptocurrency Compliance With IRS, Says They Pose Tax-Evasion Risk (cnbc.com) 125

The Treasury Department on Thursday announced that it is taking steps to crack down on cryptocurrency markets and transactions, and said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service. From a report: "Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion," the Treasury Department said in a release. "This is why the President's proposal includes additional resources for the IRS to address the growth of cryptoassets," the department added.

"Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on." Bitcoin traded off its highs for the day on the Treasury headlines and was last up just 1%, according to Coin Metrics. Previously in the session, it was up more than 9%. A growing number of Wall Street analysts have over the past month sounded the alarm that regulators at Treasury and the Securities and Exchange Commission could soon take a more active role in cryptocurrency regulation.

Bitcoin

Bitcoin, Dogecoin See Big Drops After China Reiterates Ban On Crypto Services (cnet.com) 185

Bitcoin, Dogecoin, Ethereum and seemingly every cryptocurrency out there took a big hit Wednesday following the news of China reconfirming its criticism of the crypto service. This appeared to contribute to a sell-off across the board and is even affecting the stock market. CNET reports: The China Internet Finance Association said it will not allow the country's financial institutions to partake in any business related to cryptocurrency due to the volatile nature of the digital coins, according to a Chinese media report Tuesday that was spotted earlier by Coindesk. This move isn't new. China took a similar stance back in 2017, which also resulted in a massive Bitcoin selloff.

Bitcoin's price dropped sharply Wednesday morning to a low of just below $32,000. It has since rebounded to $37,000, according to Coindesk, which still makes it a loss of 12% for the day. Ethererum and Dogecoin also saw drops at about the same time and are down 12% and 13% respectively.

Businesses

Colonial Pipeline CEO Tells Why He Paid Hackers a $4.4 Million Ransom (wsj.com) 160

The operator of the Colonial Pipeline learned it was in trouble at daybreak on May 7, when an employee found a ransom note from hackers on a control-room computer. By that night, the company's chief executive came to a difficult conclusion: He had to pay. From a report: Joseph Blount, CEO of Colonial Pipeline, told The Wall Street Journal that he authorized the ransom payment of $4.4 million because executives were unsure how badly the cyberattack had breached its systems or how long it would take to bring the pipeline back. Mr. Blount acknowledged publicly for the first time that the company had paid the ransom, saying it was an option he felt he had to exercise, given the stakes involved in a shutdown of such critical energy infrastructure. The Colonial Pipeline provides roughly 45% of the fuel for the East Coast, according to the company. "I know that's a highly controversial decision," Mr. Blount said in his first public remarks since the crippling hack. "I didn't make it lightly. I will admit that I wasn't comfortable seeing money go out the door to people like this. But it was the right thing to do for the country," he added.

[...] Mr. Blount said Colonial paid the ransom in consultation with experts who had previously dealt with the criminal organization behind the attacks. He and others involved declined to detail who assisted in those negotiations. Colonial said it has cyber insurance, but declined to provide details on ransomware-related coverage. In return for the payment, made in the form of bitcoin, about 75 in all, according to a person familiar with the matter, the company received a decryption tool to unlock the systems hackers penetrated. While it proved to be of some use, it was ultimately not enough to immediately restore the pipeline's systems, the person said.

Bitcoin

Ethereum Staking Will Drop Power Consumption By 99% (cryptobriefing.com) 195

After Ethereum transitions to proof-of-stake, the blockchain's power consumption is expected to drop by more than 99%, making it about 7,000 times more energy efficient than Bitcoin. Crypto Briefing reports: Ethereum will reduce its energy consumption by 99.95% following its transition to proof-of-stake, according to a new blog post from Carl Beekhuizen of the Ethereum Foundation. Beekhuizen estimated there are 87,000 at-home stakers using about 100W of energy for a total of 1.64 megawatts. Additionally, there are another 52,700 exchanges and custodial services that use about 100W per 5.5 validators for a total of 0.98 megawatts. Based on those estimates, Beekhuizen says that Ethereum will consume about 2.62 megawatts when it switches to proof-of-stake.

Beekhuizen added that this estimate may be too large. He noted that his own personal staking setup was optimized to use 15W, while some staking services use as little as 5W per validator. This means that Ethereum will no longer use the energy equivalent of a country or even a city. Instead, its total consumption will be comparable to a small town that contains around 2100 homes.

Bitcoin

Hackers Behind Colonial Pipeline Attack Reportedly Received $90 Million In Bitcoin Before Shutting Down (cnbc.com) 60

An anonymous reader quotes a report from CNBC: DarkSide, the hacker group behind the recent Colonial Pipeline ransomware attack, received a total of $90 million in bitcoin ransom payments before shutting down last week, according to new research. Colonial Pipeline was hit with a devastating cyberattack earlier this month that forced the company to shut down approximately 5,500 miles of pipeline in the United States, crippling gas delivery systems in Southeastern states. The FBI blamed the attack on DarkSide, a cybercriminal gang believed to be based in Eastern Europe, and Colonial reportedly paid a $5 million ransom to the group.

On Friday, London-based blockchain analytics firm Elliptic said it had identified the bitcoin wallet used by DarkSide to collect ransom payments from its victims. The same day, security researchers Intel 471 said DarkSide had closed down after losing access to its servers and as its cryptocurrency wallets were emptied. DarkSide also blamed "pressure from the U.S.," according to a note obtained by Intel 471. In a blog post Tuesday, Elliptic said DarkSide and its affiliates bagged at least $90 million in bitcoin ransom payments over the past nine months from 47 victims. The average payment from organizations was likely $1.9 million, Elliptic said.
"To our knowledge, this analysis includes all payments made to DarkSide, however further transactions may yet be uncovered, and the figures here should be considered a lower bound," said Tom Robinson Elliptic's co-founder and chief scientist.

According to Elliptic, $15.5 million of the $90 million total haul went to DarkSide's developer while $74.7 million went to its affiliates. The majority of the funds are being sent to crypto exchanges, where they can be converted into fiat money, Elliptic added.
Crime

The Bizarre Story of the Man Who Invented Ransomware in 1989 (cnn.com) 67

Slashdot reader quonset writes: To this day no one is sure why he did it, but in 1989 a Harvard-taught evolutionary biologist named Joseph Popp mailed out 20,000 floppy discs with malware on them to people around the world. At the time he was doing research into AIDS and the discs had been sent to attendees of the World Health Organization's AIDS conference in Stockholm.

Eddy Willems was working for an insurance company in Belgium and his boss asked him to see what was on the disc...

CNN picks up the story: Willems was expecting to see medical research when the disc's contents loaded. Instead he became a victim of the first act of ransomware — more than 30 years before the ransomware attack on the US Colonial Pipeline... A few days after inserting the disc, Willems' computer locked and a message appeared demanding that he send $189 in an envelope to a PO Box in Panama. "I didn't pay the ransom or lose any data because I figured out how to reverse the situation," he told CNN Business.

He was one of the lucky ones: Some people lost their life's work.

"I started to get calls from medical institutions and organizations asking how I got around it," said Willems, who is now a cybersecurity expert at G Data, which developed the world's first commercial antivirus solution in 1987. "The incident created a lot of damage back in those days. People lost a lot of work. It was not a marginal thing — it was a big thing, even then...." It's unclear if any people or organizations paid the ransom.

CSO reports that Popp was eventually arrested and charged with multiple counts of blackmail after law enforcement identified him as the owner of the P.O. box where the ransom checks were to be sent.

CNN adds that "One of the biggest problems about ransomware nowadays is that ransoms are often paid with cryptocurrency, such as bitcoin, which is exchanged anonymously and not traceable."
Bitcoin

'I Made Doge In Like Two Hours': Dogecoin Creator Says He 'Didn't Consider' Environmental Impact (independent.co.uk) 82

One of the creators of dogecoin has noted that he "didn't consider" the environmental impact of the cryptocurrency, which was initially created as a joke. The Independent reports: The comments from Billy Markus, one of the people who helped create dogecoin in the first place, when it was intended partly as a joke, came in response to a tweet from Elon Musk. Mr Musk had been attempting to clarify his position on cryptocurrency generally, in the wake of his statement about Tesla. "To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal," Mr Musk had written. In response, Mr Markus sent a crying face emoji, which he later clarified he had meant to indicate "aw man, you right, environment stuff." In reply to that, Mr Markus was asked whether he had considered energy usage when creating the cryptocurrency. "i made doge in like 2 hours i didn't consider anything," he wrote.

Dogecoin was created in 2013, in reference to the meme and to poke fun at the vast numbers of cryptocurrencies that had been launched. But Mr Markus helped build the technical foundations that allow it to practically work, too. Like bitcoin, dogecoin requires miners to undertake complex cryptographical puzzles to create new bitcoins. That system, known as proof-of-work, relies on large amounts of computing power that use considerable amounts of energy, much of which is generated from fossil fuels.

Bitcoin

Ethereum Founder Regifts Unsolicited DOGE Knockoffs, Donates a Billion Dollars Worth of SHIB To an Indian COVID Relief Fund (coindesk.com) 49

Vitalik Buterin, founder of Ethereum, has signalled dog-themed memecoin creators to bark up another tree, reports CoinDesk. From the report: In a move that captivated the attention of Crypto Twitter on Wednesday, the Ethereum founder re-gifted tokens sent to his public wallet by the creators of Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA). Notably, Buterin donated 50 trillion SHIB tokens (worth a nominal $1.2 billion at press time) to the India Covid Relief Fund kicked off by Polygon founder Sandeep Nailwal late last month. Memecoin creators started sending large amounts of their tokens to the Ethereum figurehead in recent days. Vitalik was sent trillions of SHIB tokens worth over $8 billion dollars at one point. The knockoff tokens are beginning to tank.
Bitcoin

Australia's Wright Launches Lawsuit Over $5.7 Billion Bitcoin Haul (reuters.com) 52

An Australian computer scientist who alleges he created bitcoin has launched a London High Court lawsuit against 16 software developers in an effort to secure bitcoin worth around 4 billion pounds ($5.7 billion) he says he owns. From a report: In a case that was promptly labelled "bogus" by one defendant, Craig Wright is demanding that developers allow him to retrieve around 111,000 bitcoin held at two digital addresses that he does not have private keys for. In his second London lawsuit in three weeks, Wright alleges he lost the encrypted keys when his home computer network was hacked in February 2020. Police are investigating.

Wright, who is bringing the case through his Seychelles-based Tulip Trading firm, concedes he is a controversial figure since alleging in 2016 that he wrote the bitcoin white paper -- which first outlined the technology behind the digital assets -- under the pseudonym Satoshi Nakamoto in 2008. The claim is hotly disputed. The Australian, who is autistic and lives in Britain with his wife and two of his three children, alleges in his latest lawsuit that developers have breached their duties to act in the best interests of the rightful owner of globally-traded assets.

Bitcoin

eBay Embraces NFTs (techcrunch.com) 22

eBay is joining the NFT frenzy, telling Reuters today that going forward it will allow the sales of NFTs on its platform, a mainstream embrace that follows billions of dollars in NFT purchases over the past few months. TechCrunch reports: The e-commerce company seems poised to slowly build up sales of digital collectibles on the platform, starting with a smaller group of verified sellers on the platform. "In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform," eBay exec Jordan Sweetnam told them. eBay has invested heavily in infrastructure for physical collectibles like trading cards, as well as items like sneakers and watches which they help verify for buyers.
Television

Elon Musk Begins Hosting 'Saturday Night Live' - As the World Watches 189

This afternoon Elon Musk tweeted a special URL allowing viewers outside the U.S. to simultaenously livestream his 90-minute appearance on Saturday Night Live for the first time in more than 100 countries, starting at 11:30 p.m. EST. The A.V. Club had a sardonic reaction to the livestreaming on YouTube: Good news for anyone looking at tonight's upcoming broadcast of Saturday Night Live — in which labor-busting vaccine skeptic Elon Musk will be given a platform to broadcast his techno-dystopian brain contents to the world — and thought, "Wow, there's not enough Google involved here." Well, not anymore.
Musk has already appeared in a two promos for the show. (Though CNN quips that the tonight's live show means NBC is "relying on Musk to filter his thoughts in real time, despite little evidence, historically, of him holding back on just about anything he wants to say — even when under scrutiny by federal regulators.") And the rest of the world is getting ready too. While Tesla brought the Cybertruck prototype to its New York City store, Lucid Air made plans to broadcast an ad for its coming 500-mile-range electric car that will compete with cars from Musk's Tesla.

Meanwhile, Bleeping Computer reports that Twitter scammers have been hacking into verified Twitter accounts and changing the profiles to impersonate SNL's, then replying to Musk's tweets with URL's lead to cryptocurrency giveaway scams. "We have determined that the scammers have made at least $97,054.62 over the past two days. The Ethereum giveaway scams also earned them $13,758." And the Dogecoin scammers netted at least $42,456.

And this week Slate also noted a spike in the price of Dogecoin. The joke cryptocurrency based on a shiba inu meme is up — uh, let me check — about 20 percent since this time Tuesday, has just about doubled in price since April 27, and as of this moment is up about 26,000 percent for the year (lol). It's trading around 64 cents as I type this... [I]t's probably not worth overthinking this. We're living in the stonks era. Elon is going on a sketch comedy show and is hinting that he might bring up a dumb digital token that everyone finds inherently funny. Now CNBC is hauling on experts to illuminate what the hell is going on, and members of the financial media are having to write earnest explainers about why you should invest in the dog money with caution, as if a single sane person would think otherwise.

What makes the whole rally uniquely amusing, compared with, say, the rise of Bitcoin, is that it's a willfully dumb affront not just to traditional finance, but also to the broader crypto community — which has, shall we say, mixed feelings about Dogecoin, mostly because they think it makes their project, which they tend to treat with self-righteous seriousness, look very silly... Dogecoin is the, well, underdog of the crypto world, the currency that was looked down upon by much of the Bitcoin- and Ethereum-boosting elite. Except now it has an $82 billion market cap. The dogecoiners — basically the sweet, dumb, bong-ripping frat of the crypto world — find all this hilarious.

So what will happen tonight? Ultimately castmember Michael Che, who co-hosts the show's parody newscast segment Weekend Update, joked that while some of the show's performers objected to Musk's appearance, he saw the selection of Musk as both "polarizing" and "exciting."

"You know, what's funny is that I would say I know about 20 to 25% of the white people that get to host the show anyway. So Elon, I was like, 'Oh, I know who he is at least.'"

Share your own reactions in the comments.
Bitcoin

WallStreetBets Forum Members Targeted in Telegram Cryptocurrency Scam (bloomberg.com) 26

Members of Reddit's WallStreetBets forum were targeted in a probable cryptocurrency scam that could have left its victims with at least $2 million in losses. Bloomberg reports: Using the Telegram messaging service, an account called "WallStreetBets - Crypto Pumps" offered users the chance to buy a new token known as WSB Finance before it was listed on crypto exchanges, in what is referred to as a pre-mine sale. The account isn't affiliated with the infamous stock message board. The account running the sale told users to send Binance Coin, known as BNB, or Ether to a cryptocurrency wallet and then to contact its "token bot" on Telegram to receive WSB Finance coins. Those coins were never delivered. A second message then went out on Telegram telling those that had already sent payment that because of a problem with the bot, they'd have to send an equal amount again or they would lose their initial investment. Now thousands of people are taking to Telegram to voice their regrets and try and track down the person or persons behind the account.

More than 3,451 Binance Coin tokens were removed Tuesday from the wallet listed in the Crypto Pumps messages, according to data from BscScan, a validator on the Binance Smart Chain, a blockchain network that runs so-called smart-contract applications. At Binance Coin's current price of $625, that comes to more than $2.1 million and doesn't account for any Ether the account may have been sent. The "WallStreetBets - Crypto Pumps" account has since been deleted from Telegram, but whoever controlled it left those waiting on their payouts with a clue as to where there funds were going: "Buying lambo now."

Businesses

Coinbase To Close San Francisco Offices For Good, Will Have No Headquarters (sfgate.com) 32

The biggest U.S. cryptocurrency exchange, Coinbase, has announced it will close its San Francisco offices for good. SFGate reports: The company -- founded in June 2012 by former Airbnb engineer Brian Armstrong -- has had a speedy rise to the top in the nascent crypto industry, though its practices have also sometimes stoked controversy. [...] Coinbase's 1,200 employees are now decentralizing, and the company will no longer have a physical headquarters at all. The announcement on Twitter on Wednesday that the company's Market Street offices would shutter next year wasn't a total shock. A year ago, Armstrong announced the company would be "remote first" and not have a specific headquarters. Coinbase say they will instead offer some smaller offices elsewhere, but didn't give details. "Closing our SF office is an important step in ensuring no office becomes an unofficial HQ and will mean career outcomes are based on capability and output rather than location," the company said in a statement. "Instead, we will offer a network of smaller offices for our employees to work from if they choose to."
Bitcoin

Dogecoin Spike Crashes Robinhood Token Trading (theverge.com) 64

Robinhood's trading app crashed for around an hour this morning, as Dogecoin hit record highs and Ethereum continued to gain ground. The outage is reminiscent of the Robinhood-GameStop fiasco last January, where Robinhood deliberately blocked users from trading GameStop stock as it catapulted in value. The Verge reports: Robinhood ran into issues processing cryptocurrency trades this morning, during a spike in the price of Dogecoin that sent users flocking to the app. The website DownDetector shows the outage starting around 9:30AM ET and reducing in severity about an hour later. Robinhood confirmed that it experienced a "partial outage" in crypto trading and said the issues had been resolved as of 11:15AM ET. The outage was particularly noticeable since it came during a spike (and subsequent dip) in Dogecoin prices. Coins were priced at around $0.40 USD at the beginning of the day. Around 8AM ET, they spiked past $0.50 USD and reached as high as $0.60 USD near 10AM ET.

Users were quick to voice their frustrations with the app on Twitter, seeing it as a repeat of the situation that happened in January when Robinhood limited trading on buzzy, soaring stocks, including GameStop and AMC. In the app this morning, a message told users, "We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible." Meanwhile, the price ticker on Dogecoin continued its rapid flip up and down.

Slashdot Top Deals