Weekly Update #6: Wright’s troubles, Binance X and crypto-jacking

Dominik Olech
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Last week wasn’t so exciting like previous ones, but still, some interesting things happened in the crypto world. Probably the most important was Craig Wright’s problems. However, some other news are worthy of our attention too.

Craig Wright in trouble

It looks like one of the most popular (or at least the loudest) people in crypto is in serious troubles. Craig Wright, self-proclaimed Satoshi Nakamoto and the author of Bitcoin BSV, have been annoying some part of cryptocurrency industry from quite a long time. But now, he is facing the U.S. Department of Justice.

In 2018, Wright was sued by Ira Kleiman, brother of his former business partner, Dave Kleiman, who passed away in 2013. According to his allegations, Wright had claimed assets which should belong to Kleiman’s family after his death. 

Last week, Wright was sentenced to turn over 50% of his bitcoin holdings and intellectual property to the estate of Dave Kleiman. For Bitcoin SV creator, this is a big blow for sure. For more details, check our last article concerning Wright’s case.

Former Coinbase head of policy will work for Libra.

John Collins, who once had worked as Policy Head in cryptocurrency exchange Coinbase, apparently joined Facebook blockchain team to help with its struggles with the American government. 

The tension between the U.S. and the social media giant, of course, concerns Libra, Facebook’s cryptocurrency, which aims to become a global payment method. Soon we’ll see how Collins experience influence the situation – because right now, the odds are not in favor of Mark Zuckerberg.

Crypto-jacking virus stopped, but probably not for long

Crypto-jacking is a procedure which forces (through viruses and malware software) someone’s computer to take part in cryptocurrency mining – of course, without any benefits from that. Such actions are a prominent problem among other crypto-related crimes. 

Last week French police branch, which specializes in cybersecurity, successfully shut down the head server of one of the most significant crypto-jacking viruses, which had infected 850,000 computers. Although it’s a big success, the officials responsible for this action are aware that the whole system might be quickly brought back to life. As usual in such case, we remind to be careful about any suspicious activity on the Internet.

Binance will help developers

Binance keeps announcing new projects as fast as never before. Week ago, Changpeng Zhao introduced the idea of Venus, a potential rival for Libra. Now, the exchange revealed the concept of Binance X. The project will focus on providing support to developers in their efforts to research in an open-source crypto software.

As Teck Chia, the head of Binance X, said: “The Binance X team will help educate, create opportunities for collaborations and jumpstart the growth of these projects via the different programs and resources we have at Binance”. As for now, 40 developers have already acquired such support.

United Nations concerns about cryptocurrency

Neil Walsh, who is ahead of Cybercrime and Anti-Money Laundering branch of the UN’s Office on Drugs and Crime, sees the complications which cryptocurrencies imply in fighting with a crime. He primarily focuses on the case of the child trafficking industry. 

In the interview broadcasted on ABC, he said that anonymity which cryptocurrencies provide makes targeting and successfully combating of such crimes much harder than ever before.

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