MimbleWimble testnet launched

The "testnet1" of experimental protocol of Bitcoin launched 
17 November 2017   897

The creators of the experimental protocol called "MimbleWimble" launched test network "testnet1" and Grin tokens to search and eliminate possible bugs, reports CoinDesk.

There's still a lot of work, but it's a big milestone for us. We hope to have as many bug reports as possible, so we can start fixing issues we've overlooked. At this point, one can still expect failures that would be a complete nightmare on a mainnet.

Ignotus Peverell
Lead Developer, MimbleWimble

While developers are testing the mining and node operation, users can also connect to the Grin network by installing special software. In addition, test participants can exchange artificial Grin tokens. 

This is our first testnet, so we're testing everything that has been developed so far. That includes the peer-to-peer network, the core consensus rules, the cryptography required to run a mimblewimble chain, the wallet software.

Ignotus Peverell
Lead Developer, MimbleWimble

According to Peverell, there will be a lot of interesting features in the future, in particular, "script-free scripts", which will allow the introduction of additional functionality in Grin, including the Lightning Network protocol. It is not yet known when the full-fledged launch will take place: the team plans to enter this stage "sometime in 2018". 

MimbleWimble offers a radical reduction of the bitcoin protocol, which is not only designed to significantly enhance privacy and solve the issue of plasticity of transactions, but also provides much more opportunities to scale the network than the existing architecture.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   270

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.