BTC-E: "Vinnik never was the member of our team"

According to official statement of the service, Vinnik never was a member of their team and they are going to set exchange live or refund the assets
31 July 2017   720

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

BTC-e representatives promised to return all lost funds to investors. Additionally, theystated that Alexander Vinnik had never been the head or employee of their service. The official statement was posted on the Bitcointalk forum and shared thru official Twitter.

According to a Bitcointalk forum, at 25th of July, the FBI agents seized all the equipment from their datacenter.

Servers contained databases and wallets of our service. We could not get any information from our hosting provider for six days. Because of this we can publish this message only now. On 28th of July, the domain was confiscated. At the moment, part of the service is arrested by the FBI.

BTC-e team (translated from Russian)


Distributed database that is used to maintain a continuously growing list of records, called blocks

They also announced that in nearest 1 or 2 weeks team will estimate the amount of funds, which was seized by the FBI and what amount is available for refund. If team will not be able to start service again, "from the 1st of September we will start the refund process"

Additionally, BTC-e officially stated that "Alexander (Vinnik) never was a member a leader or a member of our team."

Alexander Vinnik was arrested 25th of July in Greece. BTC-e is unavailable from 25th too. Official reason is maintenance. According to the experts, BTC-e was used to cash 95% of ransomware payments. Also, a group of enthusiasts connected Vinnik with Mt.Gox.

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   108

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.