Kvě 09

Industry Report: Liberty Leads to Imprisonment, Wright Steps Away

Source: bitcoin

Bitcoin Industry Report

Eager to catch up on the latest digital currency news? A Liberty Reserve head honcho will now serve time behind bars, and Dr. Craig Wright is backing away from claims that he’s the real Satoshi Nakamoto. These are only some of the stories you might have missed, so take a gander and get the latest scoop below:

Also read: Industry Report: Dr. Satoshi, BitPay Launches Bitcoin Debit Card


Bitcoin and alternative currency have long been labeled magnets for criminal activity. So it doesn’t help when one of its own masterminds is planted in an eight-by-nine cell for alleged money laundering. Arthur Budovsky, the co-founder of Liberty Reserve, was sentenced to 20 years in prison for purportedly “conspiring to help cyber criminals launder hundreds of millions of dollars using its services.”

The sentence follows a January court hearing, in which Budovsky plead guilty to conspiracy to commit money laundering. The entrepreneur was also made to forfeit $122 million USD and was given an additional fine of approximately half a million dollars.

Since the time of its creation, Liberty Reserve has processed more than $8 billion USD in transactions, many of which arose from Ponzi schemes, credit card trafficking and identity theft. Co-founder Vladimir Kats, who has also pleaded guilty to related crimes, will face sentencing next week.


Following self-made claims that he is Satoshi Nakamoto, Dr. Craig Wright is stepping out of the spotlight.

In a statement, the Australian bitcoin entrepreneur explained:

“I believed that I could put years of anonymity and hiding behind me… But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. When the rumors began, my qualifications and character were attacked. When those allegations were proven false, new allegations have already begun. I know now that I am not strong enough for this.”

Dr. Wright’s “confession” was considered false when the businessman spoke of moving bitcoins from one of its earliest address blocks, something many thought could only be done by the “real” Satoshi himself. A digital signature was ultimately created in the process that had many wondering if the mystery behind Satoshi’s name had finally come to an end, but more confusion arose when security researchers later linked the signature to a Satoshi transaction quickly and easily located through an internet search engine.

At this stage, Wright’s claims have ultimately led to more questions than answers, and as Wright retreats from the media, we can’t help but wonder if we’ll ever know who Satoshi truly is.

Know any stories that should be included in our next report? Post your ideas below!


Image courtesy of arstechnica.com, calvinayre.com

The post Industry Report: Liberty Leads to Imprisonment, Wright Steps Away appeared first on Bitcoinist.net.

Industry Report: Liberty Leads to Imprisonment, Wright Steps Away

Kvě 06

Industry Report: Dr. Satoshi, BitPay Launches Bitcoin Debit Card

Source: bitcoin

Bitcoin Industry Report

There have been some crazy things happening in the world of digital currency since our previous industry report. Is it possible that the identity of Satoshi Nakamoto has been revealed? Los Angeles is now home to some new Bitcoin ATMs, and BitPay has introduced us to a new kind of credit card. Take a look at some of this week’s headlines below:

Editor’s note: Since press time on this article, news has emerged of Craig Wright backing out from his promise to move coins from early Bitcoin blocks. Additionally, his personal site has been taken down and replaced with a message stating his inability to handle the pressure being placed upon him.

Also read: Industry Report: Bitcoin Error Makes Miner Rich, DCG Grows Empire

Industry Report


The identity of bitcoin’s mysterious creator has long been an enigma, but a breakthrough may have occurred as early bitcoin entrepreneur Dr. Craig Wright is now claiming to be the alleged mastermind behind everyone’s favorite cryptocurrency.

The Australian businessman came forward to give pressuring media platforms the latest scoop regarding his cryptic “alter-ego,” but not everyone is a believer. According to some, all Dr. Wright has to do to prove himself – which he’s yet to agree to – would be “using a real private key from the genesis block.” In other words, he must sign in via a private key owned by Satoshi himself. The news is apparently causing a strain of panic, and some are considering selling their bitcoins before the news supposedly causes the price to decline rapidly.


Los Angeles is a melting pot. It’s home to numerous cultures, businesses and just about everything else under the sun, but it’s now the proud station of seven new bitcoin ATMs from financial network Coinsource, which has launched several machines in cities ranging from San Diego to San Jose to Las Vegas.

According to CEO and Co-Founder Sheffield Clark, the company is experiencing massive growth, and interest in digital currency is higher than ever before:

“Our entrance into the Los Angeles area is the most important yet for both the Coinsource brand and for bitcoin enthusiasts in Southern California. The roll out of seven new machines in one go was a significant logistical achievement, but we are proud to bring so many more options for both novices and veterans of bitcoin. With more and more use-cases for bitcoin every day, we foresee a future where digital currency is used as commonly as cash or credit cards.”


BitPay has released a bitcoin-based Visa card which allows people to load bitcoin as their amounts run short.

What’s the big news? It can be used at virtually any store or online platform accepting debit card purchases. The card is a multi-faceted form of plastic, only this time, bitcoin’s behind the wheel.

Once purchased, the card arrives within ten days. At press time, the card is only available in the United States.

Any stories you’d like us to include in our next industry report? Let us know by posting your thoughts below!


Images courtesy of Youtube.com, lafilm.edu, & bitpay.com

The post Industry Report: Dr. Satoshi, BitPay Launches Bitcoin Debit Card appeared first on Bitcoinist.net.

Industry Report: Dr. Satoshi, BitPay Launches Bitcoin Debit Card