$94.5M were withdrawn from BTC-e ETH wallet

485,705.4597502 ETH were withdrawn by one transaction 
30 July 2017   2829

Since the BTC-e gone offline earlier this week, funds on the exchange's Ethereum-wallet were not moving. However, on the evening of Saturday, July 29, all the coins that were there were withdrawn by one transaction.

Wallet report from EtherScan

The total withdrawn amount is 485,705.4597502 ETH, which at the current market rate is almost $ 95 million.

Also, before that, two more apparently control transactions (incoming and outgoing) for symbolic sums were implemented.

While it remains unclear who owns the wallet to which these funds were withdrawn. The previous transaction history is clear.

It worth reminding, that according to the experts, BTC-e was used to cash around 95% of ransomware payments. Also, BTC-e received a $110M penalty from US authorities. Alexander Vinnik, the operator of BTC-e was arrested few days ago in Greece. He is suspected for money laundering.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.