?? How a hacker stole 700 BTC from the FBI
Gm, this is the doodhwala, we’re that GOOD friend who’ll give you the AUX cable to play your road trip jam?
Here’s what we got cracking:
Thursday FUNday.
Bitcoin makes ???outta the FEDs
Two brothers managed to make ???outta the US Federal Bureau of Investigation or FBI.
The FBI is like firangi CID, but without this terrific trio:
But?the story?is HILARIOUS + ENRAGIN af
Hilarious:?One dude stole BTC from a hardware wallet that was locked up in a safe
Enraging:?FEDs locked up the dude for a crypto crime that shouldn’t be a crime at all
Let’s get into it.
Meet this guy:
He might look at Gary V’s fat cousin who’s into NFTs (No Fitness or Treadmills and not NFTs (Non-Fungible Tokens).
But he’s not, he’s actually a dude called — Larry Harmon.
Larry was arrested in Feb 2020.
Y tho?
He created 3 crypto companies doing some shady stuff:
My dude is like the?Elon Musk?of shady crypto companies, just hit after hit!
The main concern for authorities was product#2 → Helix.
Y tho?
Helix was used as a mixing service for transactions coming from AlphaBay, a marketplace on the darknet. Basically, it took transactions from shady places and mixed them with normal transactions to make it look legit.
In total, Helix’s trading volume was 3.5 lakh BTC between 2014 to 2020.
When he was arrested 3 years ago, the Feds seized his Trezor hardware wallet.
What’s a hardware wallet?
Hardware wallets is wallet to secure + store cryptocurrencies. These wallets work by storing private keys in an external, physical device like a USB or hard drive.
The Feds put Larry in jail and his Trezor wallet into a safe.
But they couldn’t lock up the 4.1k+ BTC in Larry’s wallet.
And his brother — Gary Harmon (again, nothing to do with our Vee friend) — knew Larry’s seedphrase and began taking away the BTC.
So, when Larry’s wallet was in the Fed’s hands, Garry began transferring the BTC out.
And the authorities could do nothing about it. But watch, and cry because for the first time they couldn’t stop a financial transaction.
Garry pulled out 20% of the BTC, or about 713 BTCs from his brother’s account.
But he was caught too, not before he managed to:
"Just because the government cannot manage to keep up with its technology, that is not the defendant’s (Gary Harmon’s) problem.:
Currently — Larry is in jail, Gary is going to jail, mixing services are going down, but the doodhwala is still unfunny.
Doodhwala’s take:?We got 2 takes here.
3 reasons why BITCOIN’s hashrate??is important
The most important Bitcoin metric just made a new all-time high.
I’m not talking about price.
I’m talking about hashrate.
No, hashrate is not the rate at which you ingest hashish.
This is what hashrate is:
Hashrate measures the computing power of a cryptocurrency network that operates on a proof of work consensus algorithm. Computing power refers to the security and processing ability of the network.
Look at that baby go?
Think of hashrate as the rate of a calculator's calculations.
And it’s not weird math-exam calculations like?“If Raju has 2 apples and Ravi has 5 apples, calculate the distance between Raju’s house and the moon?”
What kinda calculations???Useful calculations like time intervals between the creation of two blocks on the Bitcoin blockchain.
The faster the calculation = The quicker the block creation = The higher the hashrate.
So, why tf does higher hashrate matter? 3 reasons:
?Security: The higher the hashrate the higher the security of the Bitcoin network
?Efficiency: The higher the hashrate the more efficient the miners in confirming transactions
?Expense: The higher the hashrate, the more expensive the mining equipment required to mine Bitcoin
An increase in hashrate → increase in SEE (Security, Efficiency, Expense) cause an increase in both sides of the Bitcoin market.
→ Demand: More demand for BTC because people trust in the security of the Bitcoin network
→ Supply: Higher competition to mine Bitcoin due to an increase in efficiency
So, is higher hashrate better for Bitcoin?
Yes, yes it is.
So, is higher hashrate better for Bitcoin’s price?
Lol, no idea.
Price is something we really know nothing about.?
Chaach and charts: Solana making it BIG?
Sometimes we talk??about Solana, but sometimes we talk??about Solana.
Today, we’re doing the second one.
Solana’s daily transactions rn is at 28.5 million ahead of — that's more than Binance Smart Chain, Polygon, Avalanche, and Ethereum COMBINED.
This is pretty mad considering Solana’s total value locked (TVL) is lower than all of these blockchains.
This is bullish af.?
But then again it's Solana, a blockchain that goes down more often than the electricity in my neighborhood the minute it starts raining.
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