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Don’t Delete Coinbase, No Other Firm Does More for Crypto

Don’t delete coinbase, no other firm does more for crypto

Don’t Delete Coinbase, No Other Firm Does More for Crypto

Don’t delete coinbase, no other firm does more for crypto

Roger Ver is among the most polarizing characters in the crypto industry. He often goes against the grain, even if it earns him notoriety. Such is the case with recent comments made by Ver, defending San Francisco-based Coinbase in the face of the ongoing #DeleteCoinbase boycott.

Few people have done more to further the adoption of bitcoin and cryptocurrencies than Ver, so while his defense of Coinbase carries much weight, he’s been wrong in the past in his support of cryptocurrency exchanges and it’s cost crypto investors dearly.

Roger Ver: Coinbase Pushes Crypto Adoption, Don’t Support #DeleteCoinbase

This past week, a scandal at Coinbase over the recent acquisition of Neutrino has led to an angry mob situation in the cryptocurrency world. As part of the acquisition, Coinbase absorbed employees from Neutrino that were tied to a controversial software company called Hacking Team, that was responsible for providing governments, law enforcement agencies, and dictator regimes with tools to surveil individuals.

The Hacking Team’s work goes against much of the values cryptocurrencies were built upon, such as privacy, and removing the control governments have over individuals, which called Coinbase’s integrity and commitment to the space into question. The community’s distaste and unrest quickly turned into taking action, launching a ferocious social media campaign dubbed #DeleteCoinbase, where crypto investors are encouraged to ditch Coinbase for other alternatives across the market.

Related Reading | Why Did Major Crypto Exchange Coinbase Suddenly Add XRP?

However, Bitcoin.com CEO Roger Ver has come to the defense of Coinbase, suggesting that few other companies can claim to have done as much to push crypto adoption forward as the San Francisco-based crypto giant.

Ver, as an investor, has done more to promote cryptocurrency adoption than any other individual. It’s earned himself the nickname bitcoin Jesus due to his early evangelism in the space. His defense of Coinbase is likely to hold a lot of weight, however, Ver has been wrong about defending crypto exchanges in the past.

Roger Ver Famously Claimed Mt. Gox Was Solvent, Is His Defense of Coinbase an Omen?

While Ver’s support of Coinbase makes sense, his defense of a now infamous cryptocurrency exchange caused a lot of investors much loss and grief.

Ver is quoted as claiming the now defunct crypto exchange Mt. Gox, which was among the first exchanges to bring bitcoin to the masses, was solvent prior to the exchange’s eventual collapse only months after the comments were made.

Related Reading | Roger Ver’s Bitcoin.com is Reportedly Under Government-Sponsored Attack

Months before it was revealed that Mt. Gox had lost 850,000 BTC of its customer’s funds, Ver filmed a video defending the exchange. Ultimately, Mt. Gox went bankrupt and the case has since moved to civil rehabilitation in hopes of returning some of the lost funds to early bitcoin investors.

Ver and his high school friend Jesse Powell, who is also co-founder of crypto exchange Kraken, had gotten involved with Mt. Gox in 2011 during the bitcoin bear market. Calling Ver’s defense of Coinbase further into question, is his long-time friend’s negative comments about Coinbase.

While Powell and Kraken are in direct competition with Coinbase, and are likely using the moment of weakness to capitalize, there’s no denying that there’s validity in Coinbase appearing to be actively destroying the brand equity they’ve worked so hard to build. 

Featured Image from Shutterstock

Published at Sun, 10 Mar 2019 12:18:02 +0000

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How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer

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An ethical hacker breached the database of a phony darknet website offering hitman services and leaked the data. The information from the data dump helped the FBI in their investigation of a man who murdered his wife.

In November 2016, Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, killed his wife in “one of the most bizarre cases ever seen,” police officers reported. The husband tried to mask the murder as a suicide, including putting a 9 mm pistol next to Amy Allwine’s elbow. However, detectives arriving on the scene identified the case as murder and collected evidence — mostly electronic devices, such as computers — belonging to Mr. Allwine. Later on, in January, investigators arrested and charged Mr. Allwine with second-degree murder based on the forensic evaluation of the confiscated electronic equipment.

In May 2016, a hacker called “bRpsd” breached the database of a controversial hitman service offered on a darknet website. The service, “Besa Mafia,” offered a link between customers and hitmen, who could register on the site anonymously. The price for a murder ranged between $5,000 and $200,000, but clients seeking to avoid fatalities could also hire a contractor to beat up a victim for $500 or set somebody’s car on fire for $1,000.

The hacker uploaded the data dump to a public internet website. The leaked files contained user accounts, email addresses, personal messages between the Besa Mafia admin and its customers, “hit” orders and a folder named “victims,” providing additional information on the targets.

The breach highlighted the fake nature of the website, which operated only to collect money from the customers. Chris Monteiro, an independent researcher who also hacked into the site, stated the owner or owners of Besa Mafia had made at least 50 bitcoins ($127,500 based on the current value of the cryptocurrency) from the scam operation.

According to a message posted by a Besa Mafia administrator and uncovered in the dump, “[T]his website is to scam criminals of their money. We report them for 2 reasons: to stop murder, this is moral and right; to avoid being charged with conspiracy to murder or association to murder, if we get caught.”

The leak of the Besa Mafia database helped the police investigating the murder of Mrs. Allwine. As the officers analyzed her husband’s devices, they discovered the suspect had accessed the dark web as early as 2014. Furthermore, investigators identified the pseudonym Mr. Allwine used on the darknet, “dogdaygod,” which was also linked to his email, “dogdaygod@hmamail.com,” in some cases. Detectives found bitcoin addresses in the conversations between Besa Mafia and Mr. Allwine, which linked the husband directly to the “dogdaygod” pseudonym, providing authorities with necessary evidence for the case.

Eventually, law enforcement agents analyzed the data dump bRpsd leaked and discovered Mr. Allwine’s email in the list. In addition, investigators found messages between the suspect and the Besa Mafia admin. According to a criminal complaint, Mr. Allwine paid between $10,000 to $15,000 to the supposed hitman service to kill his wife. The complaint detailed how Mr. Allwine had decided to have the hitman shoot Mrs. Allwine at close range and burn down the house afterward.

However, once the funds were transferred, the Besa Mafia communicator told Mr. Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” thus rendering him unable to complete his “service.” The complaint cited Sergeant McAlister who reported that during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”

It is likely that the ethical hacker’s data breach had an impact on Mr. Allwine’s case; on March 24, 2017, the Washington County District Court charged him with first-degree murder. In addition, officers have gathered more evidence in the case — a drug called scopolamine was discovered at 45 times higher than the recommended level in Mrs. Allwine’s body. Investigators subsequently discovered that her husband had also ordered the substance on the dark web.

The post How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer appeared first on Bitcoin Magazine.