Remittance Company Xoom Loses Corporate Cash To Fraud

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Xoom's Chief Financial has resigned amid news that $30.8 million in corporate money had been transfered overseas. Xoom's primary business is allowing individuals in the United States to send money to people outside of the country.

This case continues to highlight the extreme vulnerability too fraud faced by companies handling United States Dollars. This company whose entire business was foreign money transmission lost when facing the inherent structural deficiencies of the fiat banking and money transfer system. It seems unlikely that the fiat monetary system can survive its backbone of insecurity.

BitStamp Wallet Now Officially "Hacked"

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A total of 18,867.62695929 BTC were moved from BitStamp's hot wallet to a wallet that is outside of their control. A statement attributed to Nejc Kodrič appears on Coindesk which differs from the one available on Bitstamp's own site. The Statement attributed to Nejc Kodrič on CoinDesk: Continue reading →

Vault Of Satoshi Is Closing – Why?

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Canadian owned and operated Bitcoin exchange Vault of Satoshi has announced their intentions to close the exchange as of February 5th 2015. As the timing of the announcement coincides with the current suspension of the Bitstamp exchange, VoS has stated that the decision to close the exchange has nothing to do with insolvency or stolen funds but merely a change of direction for the founders who wish to switch their focus to a non-Bitcoin project named TurboFlix. The announcement reads: Continue reading →

Bitstamp Requests Users Stop Making Deposits

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UPDATE – I can confirm that upon logging into Bitstamp, a warning is displayed:

DO NOT DEPOSIT TO PREVIOUSLY PROVIDED BITCOIN DEPOSIT ADDRESSES. Deposits sent to previous address will not be honored. New deposit addresses are forthcoming.

Bitstamp has is alleged to have requested that users of the exchange stop sending bitcoin deposits to their Bitstamp accounts after some users began reporting inconsistencies with their balance after transferring bitcoin to the exchange over the past hour. The email that is alleged to have come from Bitstamp reads: Continue reading →

ESPN Sold Their Bitcoins

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The New York Post reports that ESPN Events, the operator of the Bitcoin Bowl, sold their $500,000 rights payment delivered in Bitcoin by BitPay immediately upon receipt. Further the two competing schools accepted their appearance fee in dollars. BitPay is still under contract to sponsor this bowl game for two more years giving ESPN two more chances and various schools four more chances to hold the Bitcoin BitPay offers. Continue reading →

Theymos Claims Josh Garza Is Sending Him Legal Threats To Have Content Removed

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Theymos, owner of bitcointalk.org and a moderator of /r/bitcoin, is claiming that he has been on the receiving end of legal threats from Josh Garza and his legal team. Garza is claimed to be demanding the removal of things from /r/bitcoin and the bitcointalk.org forums although it is not known which content Garza specifically takes offense to given much of what is being posted – such as claims of a $20 floor for Paycoin set by Garza and his $100 million backing in private funds – are known to have been said by Garza despite his attempts to re-write history by modifying previous posts. Continue reading →

New Bitcoin Foundation Releases Year End Report

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The new Bitcoin Foundation has issued a year end address where they have highlighted the work accomplished so far to produce a higher quality reference Bitcoin implementation. The foundation which came together in late October has focused their efforts on producing a patch set for the Bitcoin 0.5.3 codebase that results in a minimal reference implementation of the Bitcoin Protocol. Continue reading →

South African Tax Review Expresses Concerns Regarding Bitcoin

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In February of 2013, former Minister of Finance Pravin Gordhan announced that the South African government would begin a review to assess the current tax policy framework and its role in supporting growth, employment, development and fiscal sustainability. The members who would make up that committee, which came to be known as The Davis Tax Committee, were announced in July of that year and their First Interim Report on BEPS1 was released for public comment late last month. Contained within the report are some concerns that Bitcoin might impact on tax compliance in the future. Continue reading →

  1. Base Erosion and Profit Shifting. ↩