Bitcoin News in Review: Moopay, Documentaries, Data Breaches, and More

October 20, 2014 01:52 UTC

Welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week, here on CryptoCoins News. This week, a large scandal developed over Moopay’s bankruptcy, “The Rise and Rise of Bitcoin” documentary received lots of positive reviews, several companies saw large-scale data breaches, and more. Check out our video and keep scrolling to see this week’s biggest news.

Moopay Files for Bankruptcy

In an unexpected move, Alex Green, CEO of Moopay, announced that his company would be filing for bankruptcy and ceasing all operations. Green cites “rising costs and dropping revenue,” and is offering everyone till 31 October to withdraw their funds. Interestingly, earlier this year, Moopay had announced that the company had acquired the popular cryptocurrency exchange Mintpal. However, Green now says that “Moopay LTD did not own MintPal in any way, shape or form”. Regardless, Mintpal funds are currently locked, and many are comparing the situation to the Mt. Gox disaster.

A lot of suspicion has fallen on Alex Green. Many are claiming that Alex Green is, in fact, a pseudonym for scammer Ryan Kennedy. It’s also possible that Green had a legal name change. Syscoin has already threatened Moolah with legal action, and the SEC is actively investigating Moopay and related companies. Green has talked about a possible return for Moolah, however; others are considering the situation a lost cause. The Moopay situation is still developing, and CCN will keep you updated.

The Rise of “The Rise and Rise of Bitcoin”

At CCN, we’ve been closely following the development of the documentary/film – “The Rise and Rise of Bitcoin”. After a lot of waiting, the film was finally released last week, and has already received a lot of praise. In fact, soon after the release, the documentary shot up to #1 Documentary on iTunes. We’ve got a detailed review of the film here, but spoiler alert: you should definitely watch “The Rise and Rise of Bitcoin”.

Data Breaches

This week, Kmart, Snapchat, and Dropbox experienced data breaches.

Potentially 1200 Kmart stores were affected by a large data breach earlier this week.

“According to the security experts Kmart has been working with, the Kmart store payment data systems were infected with a form of malware that was undetectable by current anti-virus systems,” the company said. “Kmart was able to quickly remove the malware. However, Kmart believes certain debit and credit card numbers have been compromised.”

Bitcoin is often criticised for a relative lack of regulation and consumer protection. However, perhaps ironically, Bitcoin technology can prevent these types of centralised attacks.

Millions of Dropbox accounts were also potentially compromised earlier this week. While Dropbox itself wasn’t hacked, the hacker(s) released hundreds of Dropbox credentials online and asked for bitcoins to release more leaked passwords. Many of the username/password combos have been confirmed to work. These credentials were most likely obtained from a compromised service that linked to Dropbox, or this may just be another example of people using the same passwords everywhere.

You may have also heard of “The Snappening,” where thousands of Snapchat pictures saved by Snapsaved.com were leaked to the public. Interestingly, the owners of Snapsaved.com have asked for monetary support in the form of bitcoins. Exactly how the pictures were leaked is unknown, and the story is still developing.

Bitcoins for Wifi

Here’s an interesting bitcoin app. This concept application allows anyone to share his/her wifi with strangers in exchange for bitcoins. While the project is still very much a work in progress, this type of technology could be the base for future, decentralised, mesh networks. You can check out a video of the project in action here.

PSA: Bitmain Antminer S4 Needs a PSU Replacement

If you’ve got one of these S4 miners, you’ll want to get yourself a free PSU replacement. The PSU that was shipped with the product was defective and may be a safety hazard. For more details, please check out the article here.

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That wraps up this Bitcoin News in Review. To keep up with the latest cryptocurrency news, be sure to follow CryptoCoins News on Facebook and Twitter.

Images from Shutterstock.

Last modified: October 20, 2014 08:26 UTC

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@@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.

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