Bank of America to Win DLT Patent

Patent is about a mechanism that will allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets
14 November 2018   714

Bank of America, a financial conglomerate, has developed a mechanism that will allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets. According to CoinDesk, the bank received the corresponding patent on Tuesday, November 13.

The document says that a financial institution will need to have a single corporate account suitable for storing cryptocurrencies. For operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the vault.

At the same time, companies will need a processor and enough memory to store private keys for a cryptocurrency wallet. Transactions are possible with the appropriate authorization.

Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.
 

BoA Patent

According to the developers, the patented system imposes more moderate requirements for network and memory bandwidth, and also consumes less computing and energy resources.

Bittrex to Go For Maintenance After 1/3 Funds Moved

Users suspects hack, but exchange says "funds are safe"
05 December 2019   86

The Bittrex cryptocurrency exchange has announced scheduled maintenance today, December 5, from 22:00 to 23:00 (GMT). On the eve, a third of its assets were transferred to an unknown wallet.

During maintenance, users will not be able to log into the system or use the APIs. Trading will be suspended.

On December the 4th, populat Twitter account posted that "43,564 #BTC (313,074,134 USD) transferred from Bittrex to unknown wallet." Users suspected that the exchange was hacked, but the exchange . 

Closures for scheduled maintenance only heightened suspicion. However, the Bittrex team assures that "that claim is false."