February 25, 2026

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Europol Arrests Unnamed Man For Politely Persuading Eurobanks To Part With Cash

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Europol Arrests Unnamed Man For Politely Persuading Eurobanks To Part With Cash

On Monday, March 26, armed thugs representing themselves as "Spanish National Police, with the support of Europol, the US FBI, the Romanian, Belarussian and Taiwanese authorities and private cyber security companies" arrested a yet-unnamed "mastermind" — who stands accused of causing "cumulative losses of over EUR 1 billion for the financial industry". And apparently this is not difficult:

"In all these attacks, a similar modus operandi was used. The criminals would send out to bank employees spear phishing emails with a malicious attachment impersonating legitimate companies. Once downloaded, the malicious software allowed the criminals to remotely control the victims’ infected machines, giving them access to the internal banking network and infecting the servers controlling the ATMs. This provided them with the knowledge they needed to cash out the money."

I.e. chair warmers were asked politely to install "Back Orifice" — and they (whether out of stupidity, or in exchange for a cut of the take — we are not told) obliged. As for MS-Windows, installed on bank infrastructure and in ATM boxes all over Europe: it, in turn, worked precisely as it was designed to work.

As of the time of this writing, the number of "bank employees" arrested in connection with their indispensable work in making this heist possible — stands at: zero. Likewise, the number of Microsoft executives held to answer for the very existence of "infectious attachments" as a concept — stands also at zero.1

The "mastermind" and his merry men also stand accused of Bernankeization without a license:

"Databases with account information were modified so bank accounts balance would be inflated, with money mules then being used to collect the money."

Magicking money into existence from thin air is, we learn, A-OK when carried out from a well-pedigreed bag of lard parked in an Aeron in New York — but not so much when it is done by non-bluebloods and on the wrong side of the Atlantic.

The accused, presently nameless — and held incommunicado — also stand to be punished for the unforgivable USG.crime of having "laundered via cryptocurrencies".

On the other hand, the EU bureaucracy informs us that the "perpetrator" of this "crime" supposedly was "vacationing in Spain" — rather suspiciously similar to the previous three major USG.kidnapping-under-the-colour-of-law victims; evidently crafting a replacement cover story for USG thugs' free hand in lifting people straight from the streets of Bucharest & elsewhere, would overrun the budget?  

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Adam Back to Jihan Wu: SegWit Not ‘Complicated,’ Fixes Satoshi’s Bug

Hashcash inventor Adam Back has said Segregated Witness (SegWit) “fixes” an original bug in bitcoin from creator Satoshi Nakamoto.


Back: SegWit ‘Fixes Satoshi Bug’

As part of a Twitter exchange Friday, Back rebuffed criticism from bitcoin Unlimited proponent Jihan Wu, demonstrating how SegWit is beneficial to the virtual currency’s core protocol.

Wu, who is a co-founder of mining conglomerate Bitmain, had said that the technology would make the network “more complicated.”

adam-back

“SegWit is not more complicated,” Back wrote.

“It fixes Satoshi’s bug that txid=H(tx,sig) to txid=H(tx) this is not complicated, and it is necessary to fix.”

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What’s more, if implemented, SegWit can can actually help reduce the so-called “technical debt” burden of complicated code albeit having its own tradeoffs, which are assessed here.

The segwit code has been heavily reviewed, which helps resist the introduction of technical debt at both a code and design level…Segwit has multiple independent reimplementations, which helps discover any unnecessary complexity and technical debt at the point that it can still be avoided.

SegWit: Complicated & Straightforward

Wu’s stance echoes a broader opinion from the Chinese community in particular that SegWit creates unnecessary complexity within bitcoin.

In an interview with Bitcoinist this month, for example, Leon Liu, CEO of P2P trading service Bitkan, said that this was a reason why the technology “is not the best solution for bitcoin scaling.”

“Segwit will not be the best solution for bitcoin scaling, it will make the bitcoin network more complicated,” he stated.

At the same time, efforts have been made to allay such fears, Blocktrail CTO Ruben De Vries commenting last year that SegWit “is not very complicated if you already know the ins and outs of the bitcoin protocol.”

segregated-witness

Back meanwhile has praised attempts at educating the wider community on the nature of scaling solutions without resorting to ‘political’ siding.

An explainer on SegWit by Andreas Antonopoulos garnered considerable praise, Back describing it as “the best he’d seen on the topic.”

On its benefits, Antonopoulos wrote in the blog post, which originally came out in August last year:

“Firstly, segregated witness reduces the overall cost of transactions by discounting witness data and increasing the capacity of the bitcoin blockchain.

“Secondly, segregated witness’ discount on witness data corrects a misalignment of incentives that may have inadvertently created more bloat in the UTXO set.”

Litecoin Bounce on SegWit Rumors?

SegWit is traditionally considered ‘complicated’ compared to merely increasing the bitcoin block size, despite the latter requiring a hard fork of the virtual currency.

Currently, the proposal is still behind bitcoin Unlimited though both need at least 95% to activate.

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Outside the bitcoin debate, rumors surfacing that Litecoin is to activate SegWit may have led to a surprise expansion in value of the altcoin by around 30%.

What do you think about the contrasting opinions on SegWit? Will it add complexity to bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

The post Adam Back to Jihan Wu: SegWit Not ‘Complicated,’ Fixes Satoshi’s Bug appeared first on Bitcoinist.com.

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