Tagged With bitcoin

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As more and more things become connected to the internet, they all become more susceptible to hackers. So it should come as no surprise that even state-of-the-art hotel lock systems are now getting ransomed. Hackers recently penetrated the security system of a four-star hotel in Austria, leaving the hotel unable to create new keys. The system was only restored after the hotel agreed to pay a ransom in Bitcoin.

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On Wednesday, a US federal judge authorised a summons requiring Coinbase, America's largest Bitcoin service, to provide the IRS with the records of every user who traded on the site between 2014 and 2015. Covering the identities and transaction histories of millions of costumers, the request is believed to be the largest single attempt to identify tax evaders using virtual currency to date.

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New details have emerged in the saga of Bitcoin's mysterious creator Satoshi Nakamoto. Last night, the London Review of Books published an incredibly detailed, 35,000-word story about the recent turmoil of Craig Wright, an Australian businessman who claims to have invented Bitcoin. The story offers plenty of fascinating tidbits about the entire Wright saga, but fails to answer a question that's fundamental to the story: How did a man so obsessed with security get hacked so damn badly?

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24,518 Bitcoins considered "the proceeds of crime" and confiscated by police are set to be auctioned in June, making it the first sale of its kind outside the US — where the sale set a standing for the cryptocurrency to be considered legal.

Valued at $18,213,691 in total at current exchange rates, the Bitcoin will be sold in blocks of 2,000 so as not to negatively affect the market.

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Video: Ever wondered what a large-scale Bitcoin mine looks like? Well this video allows you to step inside a Chinese factory where the equivalent of $11 million of the cryptocurrency is generated every single year.

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The saga of Bitcoin's mysterious founder took another bizarre turn today, when Dr Craig Wright, an Australian businessman who claims to be the inventor of the cryptocurrency, reneged on his promise to move early bitcoins. Moving the bitcoins was widely perceived by experts as the primary method for Wright to prove his identity.