As the festive season kicks into gear, it’s been another fascinating week in the world of crypto with some food for thought that’s sure to spice up crypto conversations. Self-proclaimed Bitcoin creator prevails in court; Colombia’s largest bank offers crypto trading; Crypto exchange BitMart to compensate users after $150 million hack; and Croatian supermarket allows crypto payments.
Self-proclaimed Bitcoin creator prevails in court
A Miami jury has cleared self-proclaimed Bitcoin creator and computer scientist Craig Wright on a recent dispute regarding 1.1 million Bitcoin in his possession. The dispute spilt over in a Florida trial where the estate of Wright’s former business partner, Dave Kleiman, claimed half of the Bitcoin cache – almost $54 billion – due to him being co-creator of Bitcoin.
In 2016, Wright claimed that he was Satoshi Nakamoto – a pseudonym for Bitcoin’s creator – who mined the 1.1 million Bitcoin and whose white paper “Bitcoin: Peer-to-Peer Electronic Cash System” described a framework of Bitcoin. However, that claim was disputed as Kleiman’s family argued that they both were business partners and that Wright stole the Bitcoin that stemmed from their relationship.
While the Miami jury cleared Wright of almost all issues in dispute, including half of the 1.1 million Bitcoin amassed, the jurors did award $100 million in intellectual rights to W&K Information Defense Research – a joint venture between Wright and Kleiman.
Wright was ecstatic with the verdict as he said, “This has been a remarkably good outcome, and I feel completely vindicated.” Andres Rivero – the lead lawyer representing Wright – was equally happy as he piped, “This was a tremendous victory for our side.”
The crypto community will be looking on with eagle eyes as they wait to see if Wright follows through on his promise to prove that he did, indeed, create Bitcoin. Keep an eye on Wisly for the very latest on this story.
Colombia’s largest bank offers crypto trading
Bancolombia, the largest bank in Colombia, will soon be offering cryptocurrency trading services to its clients. This initiative will be part of a pilot program run by the bank according to a regulatory framework created by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC).
In partnership with New York trust company and crypto exchange – Gemini – customers of Bancolombia will now be able to trade Bitcoin, Ether, Litecoin, and Bitcoin Cash from 14 December 2021. This collaboration is part of a strategic effort from Gemini to expand its operations in Latin America.
Gemini’s Principal of Strategy & Corporate Development – Cynthia Del Pozo Garcia – couldn’t contain her excitement as she announced, “Gemini and Bancolombia will launch a partnership to provide an initial cohort of customers of the Colombian bank a seamless on- and off-ramp to trade Bitcoin, Ether, Litecoin, and Bitcoin Cash through the Gemini exchange. Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto.”
This announcement comes following the SFC’s January promise for nine crypto initiatives to be allowed to test their products within the La Arenera regulatory sandbox in 2021. Keep an eye on Wisly’s blog for the very latest on this.
Crypto exchange Bitmart to compensate users after $150 million hack
Crypto exchange – BitMart – often billed as the most trusted crypto platform has promised to compensate users after a large-scale security breach, resulting in hackers getting their hands on cryptocurrency estimated to be between $150 – $200 million.
According to official reports, the breach was caused by a stolen private key, which then compromised two hot wallets. The disclosure of the hack came soon after crypto prices nose-dived over the weekend and were first revealed by the blockchain security company, PeckShield I. That information was confirmed soon after by BitMart themselves.
A BitMart statement said, “BitMart will use our own funding to cover the incident and compensate affected users. We are also talking to multiple project teams to confirm the most reasonable solutions such as token swaps. No user assets will be harmed. We are now doing our best to retrieve security set-ups and our operation. We need time to make proper arrangements and your kind understanding during this period will be highly appreciated.”
Wisly will keep you up to date on the very latest with this.
Croatian supermarket allows crypto payments
Croatia’s biggest supermarket chain – Konzum – has recently announced that all customers can now purchase from their online store with cryptocurrencies. This exciting initiative is a collaboration between Konzum and Croatian payment processor – Paycek – and came into effect on 1 December 2021, in time for the festive season.
Konzum customers are spoilt for choice with the option to use nine different cryptocurrencies on the store’s online platform. Holders of Bitcoin, Ether, Ripple, Stellar, DAI, EOS, Bitcoin Cash, Tether, and USD Coin can now splurge out. In order for customers to use their crypto, they need to scan a QR code after their items are added to their online cart.
In an effort to counter fluctuating crypto prices, Paycek guarantees the buyer a fixed exchange rate before the transaction takes place and provides customers with sufficient time for the successful execution of that payment. This crypto payment option is limited to online shopping purchases only, although plans are in place to introduce crypto payments at brick-and-mortar stores in the near future.
Uroš Kalinić from Konzum’s management team was delighted with the rollout as he said, “As the largest retail chain in Croatia, which in its almost 65-year history is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future.” Wisly will keep you on top of things with the latest developments.
