Cryptocurrency

On Aug. 21, Bitcoin Legal Defense Fund (BLDF) filed a preliminary issue application with the UK High Court against Wright’s firm Tulip Trading. The firm in question sued 12 Bitcoin developers in an attempt to force them to introduce a backdoor in the Bitcoin software to give it access to 111,000 BTC — or nearly $2,9 billion — that it claims to have lost in a hack.BDLF is a non-profit foundation reportedly supporting Bitcoin developers and protecting the Bitcoin (BTC) ecosystem by providing legal defense counsel, crafting litigation strategies, and paying legal bills. The organization’s first action was coordinating the defense of a dozen Bitcoin developers sued by Wright’s Tulip Trading Ltd. The foundation includes Twitter (now X) and Block founder Jack Dorsey among its ranks.Wright’s company insists that the developers have a fiduciary duty to introduce the backdoor — which would also nullify most of the network’s decentralization and security — to allow Tulip Trading to take control of the allegedly lost funds.The coins in question are held on two addresses, namely 12ib7 and 1FeeX, and according to BLDF, there is no evidence that Wright ever controlled either of those addresses. Furthermore, the latter address is also associated with the 2014 hack of the Mt. Gox exchange.If the court agrees with BDLF’s argument, then Wright and his company will be required to provide proof that he owned the 111,000 BTC that were allegedly stolen.The preliminary issue now ensures that it must be determined if Wright ever owned the assets in question before the judge has to rule if the developers owe a fiduciary duty to network participants. The latter decision would have far-reaching consequences.If developers were found to have a fiduciary duty, then they would be legally required to write an update for the Bitcoin software that introduces a backdoor allowing for the reversal of transactions correlated to illegal activities.This article was originally published on Crypto.news More

According to a local publication, the Oman Daily Observer, a data hosting and cryptocurrency mining center, was opened in the Salalah Free Zone, which is a special economic zone in the country with low corporate taxes. A local company, Exahertz, will run the center in cooperation with Dubai-headquartered blockchain company Moonwalk Systems. Continue Reading on Coin Telegraph More

In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said Chastain had been sentenced to three months in prison, three months of home confinement and three years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the nonfungible token (NFT) trades. Inner City Press reported he would be required to surrender himself on Nov. 2, with Chastain’s lawyers planning to appeal the decision and request bail.Continue Reading on Coin Telegraph More

The now-amended report, first posted by The Block, suggested that data posted by Banteg, a pseudonymous developer for Yearn Finance, was “leaked” information.Continue Reading on Coin Telegraph More

The launch comes on the heels of a series of beta tests conducted in numerous markets typically considered underserved when it comes to mobile connectivity and availability, including Kenya, Mozambique and Nigeria. The World Mobile app is also currently available in Zanzibar. Continue Reading on Coin Telegraph More

Memecoins like Dogecoin (DOGE) burst onto the scene, driven by viral memes and community enthusiasm. However, their appeal faded due to a mix of factors. These coins rely on media hype and online communities for attention, yet they lack value beyond their meme origins. Their speculative nature leads to rapid price changes and volatility.Continue Reading on Coin Telegraph More

Binance’s venture capital arm announced a strategic investment into Delphinus Lab’s zero-knowledge WebAssembly (zk-WASM) virtual machine. The zk-WASM is being labeled as the first known open-source virtual machine to support ZK computation and application software development kits.Continue Reading on Coin Telegraph More

Data from Cointelegraph Markets Pro and TradingView tracked a third day of sideways performance for BTC/USD.Continue Reading on Coin Telegraph More