Chinese Scammer to Create Fake BTC Cold Wallet

Fraudster was able to still and sold $400 000 worth Bitcoins, but police busted him
02 September 2019   498

The authorities of Chinese Puyang arrested a man who attracted Bitcoin holders to use a fraudulent “cold wallet”, which he allegedly created himself, writes 8btc portal.

The detainee changed the code of existing software and promoted it on local social networks. The backdoor in the code allowed him to empty the purses of his victims. From March to July 2017, he thus appropriated about 200 bitcoins, which he sold for $ 400,000.

I was invited into the Weixin chat group of Bitcoin offline trading created by him. On July 16, 2017, he said that Bitcoin was not safe on the exchange platform and he could provide me a set of ways to store Bitcoin safely. Then he sent me a software via Wechat to ask me store Bitcoin in the wallet address generated by the software according to his order.
 

Victim

In an effort to cover the tracks, the detainee used foreign mixers to mix coins and other methods of ensuring anonymity. The defendant did not plead guilty, but the court ruled that he intervened in the information systems of the computers of his victims to obtain information stored there, which is a violation of the law in China.

Earlier in China, the effect of the multi-billion dollar crypto-pyramid PlusToken, which also acted as a digital wallet, was suppressed.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   296

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.