<h2>The Blockchain Bandit</h2>
For one wildly-successful thief, scoring millions of dollars of cryptocurrency is as simple as guessing weak wallet passwords.
Security researchers found that a so-called &#8220;blockchain bandit&#8221; had hoarded 37,926 Ethereum — worth over $54 million — as of January, <a href="https://www.securityevaluators.com/casestudies/ethercombing/">according to a new paper</a> they published on Tuesday. The security experts could trace nearly $19 million of that stash back to compromised wallets that had been secured with weak private keys.
<h2>Admin123</h2>
To track the bandit, who Gizmodo <a href="https://gizmodo.com/a-blockchain-bandit-has-made-off-with-millions-just-by-1834243710">reports</a> cannot be identified until they try to cash out and withdraw their Ethereum, the researchers put a dollar into a poorly-secured crypto wallet. The money immediately got funneled to the bandit&#8217;s wallet.
These wallets had private keys like &#8220;0x01,&#8221; the cryptocurrency equivalent of making your password &#8220;password.&#8221; A strong password would be many times longer and much less predictable — the researchers suggest that these keys could have been unintentionally truncated by a glitch in the wallet software. It&#8217;s also possible that they were crafted by the wallets&#8217; owners instead of randomly generated and assigned, according to Gizmodo.
Ultimately, no matter how immutable the blockchain is supposed to be, the blockchain bandit&#8217;s success should serve as reminder to check your passwords and change them often.
READ MORE: <a href="https://gizmodo.com/a-blockchain-bandit-has-made-off-with-millions-just-by-1834243710">A &#8216;Blockchain Bandit&#8217; Has Made Off With Millions Just By Guessing Private Keys</a> [Gizmodo]
More on security: <a href="https://futurism.com/the-byte/etherscan-hack-security-vulnerability">Hacker Exposes Security Vulnerability in Popular Cryptocurrency Site Etherscan</a>

If your wallet's private key is "0X01" or something equally dismal, we have bad news for you.

Crypto thief stole $54 million by guessing weak passwords

Put A Chain On That Wallet

A crypto thief that security experts are calling the "blockchain bandit" made off with millions of dollars' worth of Ethereum by guessing weak passwords.

Crypto Thief Stole $54 Million by Guessing Weak Passwords

Pick a strong password, people!

<h2>Maker Unmasked</h2>
Infamous tech entrepreneur <a href="https://futurism.com/john-mcafee-poison" target="_blank" rel="noopener">John McAfee</a> says he&#8217;s going to tell the world who created Bitcoin — and if he keeps his word, he&#8217;ll be answering perhaps the biggest lingering question in cryptocurrency.
On Wednesday, McAfee <a href="https://twitter.com/officialmcafee/status/1118574492538875904" target="_blank" rel="noopener">took to Twitter</a> to announce his plan to continue sharing clues about the true identity of &#8220;<a href="https://futurism.com/bitcoin-conspiracy-21e8" target="_blank" rel="noopener">Satoshi Nakamoto</a>,&#8221; the pseudonymous handle used by the creator of Bitcoin, until either the creator reveals himself or McAfee reveals him.
&#8220;I protected the identity of Satoshi,&#8221; McAfee tweeted. &#8220;It&#8217;s time, though, that this be put to bed. Imposters claim to be him, we are spending time and energy in search of him — It&#8217;s a waste.&#8221;
<h2>We&#8217;re Waiting</h2>
Whether McAfee actually knows the true identity of Bitcoin&#8217;s creator is anyone&#8217;s guess. But so far, he&#8217;s <a href="https://twitter.com/officialmcafee/status/1118569049871482885">taken to Twitter</a> to claim that Satoshi is male and lives in the United States. He&#8217;s also not the CIA, a government agency, computer scientist <a href="https://twitter.com/officialmcafee/status/1118611204287680512" target="_blank" rel="noopener">Nick Szabo</a>, tech entrepreneur <a href="https://twitter.com/officialmcafee/status/1118584499472879617" target="_blank" rel="noopener">Elon Musk</a>, or a <a href="https://twitter.com/officialmcafee/status/1118587807222550529" target="_blank" rel="noopener">brunette</a>.
Oh, and yeah, he&#8217;s also <a href="https://twitter.com/officialmcafee/status/1118578170607935489" target="_blank" rel="noopener">alive</a>.
<h2>My Name Is</h2>
So, to pull some rough numbers, the U.S. is home to about <a href="http://knowledgecenter.csg.org/kc/content/women-outnumber-men-all-nine-states" target="_blank" rel="noopener">156.1 million males</a> and about <a href="https://www.governing.com/gov-data/federal-employees-workforce-numbers-by-state.html" target="_blank" rel="noopener">1 million</a> of those work for the nation&#8217;s government. Say <a href="https://medium.com/@beautytmr/diversity-of-hair-types-b3615cec8ed8" target="_blank" rel="noopener">about 50 percent</a> are brunettes — that leaves us with ~77.5 million potential Satoshi Nakamotos.
If McAfee wants anyone to believe he actually knows who created Bitcoin — or he wants to pressure the real Satoshi into revealing himself — he&#8217;s going to have to narrow the field down a bit more than that.
&#8220;Yes, I drink, use drugs, chase women, run from the law — which I have done since I was 19,&#8221; he <a href="https://twitter.com/officialmcafee/status/1118611204287680512">tweeted</a>, in defense of his ability to name the elusive programmer. &#8220;But it does not obviate the fact that I created a great company whose focus was stopping hackers. I had to know hacking. I am still John Fucking McAfee.&#8221;
READ MORE: <a href="https://www.ccn.com/john-mcafee-satoshi-nakmoto-identity-countdown-bitcoin" target="_blank" rel="noopener">John McAfee Triggers Countdown to Unmask Bitcoin Creator Satoshi Nakamoto</a> [CCN]
More on John McAfee: <a href="https://futurism.com/john-mcafee-poison" target="_blank" rel="noopener">A Real Whodunnit: Tech Eccentric John McAfee Claims Enemies Poisoned Him</a>

He says he plans to answer the biggest question in cryptocurrency.

John McAfee vows to reveal Bitcoin’s creator

Big Talk

Infamous tech entrepreneur John McAfee says he's going unmask Bitcoin's creator, but the clues he's shared so far do little to narrow the field.

John McAfee Vows to Reveal Bitcoin’s Creator

But so far, his "clues" about Satoshi Nakamoto haven't narrowed down the field much.

<h2>Satoshi&#8217;s Treasure</h2>
A group has hidden the keys to $1 million worth of bitcoin — and left cryptic clues to find them, <a href="https://www.coindesk.com/satoshis-treasure-is-a-global-puzzle-with-a-1-million-bitcoin-prize">CoinDesk reports</a>. The game has the adventurous name &#8220;Satoshi&#8217;s Treasure,&#8221; a reference to the eponymous inventor of Bitcoin, Satoshi Nakamoto.
Think of it as a large-scale treasure hunt a la &#8220;Ready Player One,&#8221; with clues spread out across the internet. The first clue of the puzzle was released yesterday, and 6,000 people have already signed up to play.
<img class="alignnone size-full wp-image-157193" src="https://wp-assets.futurism.com/2019/04/satoshis-treasure.jpg" alt="" width="1172" height="737" />
<h2>Logic Puzzles</h2>
&#8220;There are some clues that are very scavenger hunt-y, and clues where it’s purely logic puzzles or math problems,&#8221; Primitive Ventures co-founder Eric Meltzer, the game&#8217;s co-creator, told CoinDesk. &#8220;Forget about the rules, just go goddamn play.&#8221;
Once the final key — there are 400 key fragments required in total to move the funds — is found, the winner walks away with the $1 million.
&#8220;There are so many unknowns in this game that we kind of just want to see what happens,&#8221; Meltzer said.
<h2>Peak Bitcoin</h2>
It&#8217;s a pretty literal take on the wild west nature of the cryptocurrency market, where sometimes it seems like anything goes.
To sign up and keep up with the progress of Satoshi&#8217;s Treasure, go to <a href="https://satoshistreasure.xyz/">satoshistreasure.xyz</a>.
READ MORE: <a href="https://www.coindesk.com/satoshis-treasure-is-a-global-puzzle-with-a-1-million-bitcoin-prize">‘Satoshi’s Treasure’ Is a Global Puzzle With a $1 Million Bitcoin Prize</a> [CoinDesk] 

More on Bitcoin:<a href="https://futurism.com/analysts-bitcoin-mining-costs-more-worth"> Analysts: Bitcoin Mining Costs More Than Its Worth</a>

"There are so many unknowns in this game that we kind of just want to see what happens."

Someone hid $1 million in Bitcoin and left clues to find it

Satoshi's Treasure

A mysterious group of individuals hid the keys to $1 million worth of bitcoin in a twisted game with no rules, CoinDesk reports.

Someone Hid $1 Million In Bitcoin and Left Clues to Find It

Psst... want a million dollars in bitcoin?

<h2>Mine No More</h2>
China&#8217;s <a href="https://futurism.com/the-byte/chinese-cryptocurrency-crackdown" target="_blank" rel="noopener">crackdown on cryptocurrency</a> may soon extend to mining — and the impact could reach across the globe.
In China, the National Development and Reform Commission (NDRC) is tasked with studying the nation&#8217;s economy and guiding its future development — in part by listing industries it wants to encourage, restrict, or discontinue.
On Monday, the agency shared a <a href="http://gys.ndrc.gov.cn/cyjgtzzdml20190408.pdf" target="_blank" rel="noopener">proposed revision</a> of this list for public feedback, and it includes cryptocurrency mining as an activity the NDRC suggests eliminating from China&#8217;s economy — a startling move that could cause a spike in global cryptocurrency value.
<h2>Crypto&#8217;s Cost</h2>
The Chinese public now has until May 7 to comment on the proposal, which doesn&#8217;t include a deadline or plan for how to ban crypto mining, but does share some reasoning behind the proposed ban.
According to a <a href="https://techcrunch.com/2019/04/09/china-considers-ban-crypto-mining/" target="_blank" rel="noopener">TechCrunch translation</a>, crypto mining was listed alongside other industries that the NDRC believed &#8220;lacked safe production conditions, seriously wasted resources, [and] polluted the environment.&#8221;
<h2>The Implications</h2>
If China did ban crypto mining, the move would likely raise the global average cost of mining bitcoin, the world&#8217;s most popular cryptocurrency, since China is a key supplier of the cheap electricity ideal for the activity, Mati Greenspan, an analyst for investment firm eToro, <a href="https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUSKCN1RL0C4" target="_blank" rel="noopener">told Reuters</a>. This would most likely increase the price of bitcoin, he <a href="https://twitter.com/MatiGreenspan/status/1115534428921577474" target="_blank" rel="noopener">noted in a tweet</a>.
Still, the NDRC&#8217;s list doesn&#8217;t carry any legal weight — it&#8217;s only the agency&#8217;s suggestions — so unless the government decides to heed the NDRC&#8217;s advice and take legislative action, crypto mining will continue in China.
READ MORE: <a href="https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUSKCN1RL0C4" target="_blank" rel="noopener">China wants to ban bitcoin mining</a> [Reuters]
More on crypto: <a href="https://futurism.com/the-byte/chinese-cryptocurrency-crackdown" target="_blank" rel="noopener">China Is Serious About Cracking Down on Cryptocurrency</a>

They don't think the practice benefits the nation's economy.

Chinese authorities want to ban crypto mining

Bye Bye Bitcoin

The agency tasked with guiding China's economic development has suggested the nation ban crypto mining — and the move could have global implications.

Chinese Authorities Want to Ban Crypto Mining

The ban could cause a spike in crypto's value.

<h2>APT 38</h2>
North Korea boasts an elite group of hackers, known as APT 38, that stole $1 billion from online banks and cryptocurrency exchanges last year.
The hacker team, which has <a href="https://www.wired.co.uk/article/north-korea-hackers-apt38-cryptocurrency">according to Wired</a> established fraudulent cryptocurrencies and targeted digital money exchanges, is responsible for funneling money straight into the country&#8217;s military — and even helping it fund nuclear weapons.
<h2>Resourceful Workaround</h2>
To prevent North Korea from developing nuclear weapons, various nations have imposed sanctions and restricted imports. In response, Wired reports that APT 38 is going out and targeting <a href="https://futurism.com/hackers-stole-20-million-mexican-bank">banks with weak security</a> and setting up crypto scams to get more money into military pockets.
&#8220;Security analysts are unanimous in assessing that the funds stolen by APT 38 – a significant percentage of North Korean GDP – are channeled into the DPRK&#8217;s missile and nuclear development programs,&#8221; an anonymous security expert told Wired.
<h2>Decentralized Nukes</h2>
North Korea&#8217;s APT 38 raises the stakes of cybercrime — now it&#8217;s not just a matter of lost dollars but the possibility of new nuclear threats being funded by gullible crypto investors.
&#8220;We need to ask ourselves,&#8221; another anonymous security expert told Wired, &#8220;when North Korea tests their next missile, is it really okay that they paid for it with bitcoin?&#8221;
READ MORE: <a href="https://www.wired.co.uk/article/north-korea-hackers-apt38-cryptocurrency">North Korea&#8217;s elite hackers are funding nukes with crypto raids</a> [Wired]
More on cybersecurity: <a href="https://futurism.com/banks-sophisticated-hackers">Banks Are Under Siege by Sophisticated Hackers</a>

"We need to ask ourselves – when North Korea tests their next missile, is it really okay that they paid for it with bitcoin?"

North Korea is using hackers to steal money for nuclear bombs

Bit-pocalypse

North Korea's hacking division, APT 38, stole $1 billion from online banks and crypto exchanges in 2018. All that money is helping fund nuclear weapons.

North Korea Is Using Hackers to Steal Money for Nuclear Bombs

The hack could come in the form of a mushroom cloud.

<h2>Facing Justice</h2>
A leader of one of the biggest cryptocurrency scams in history is now behind bars.
On Wednesday, United States authorities arrested Konstantin Ignatov for his role as leader of OneCoin, a cryptocurrency the U.S. Department of Justice is <a href="https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-charges-against-leaders-onecoin-multibillion-dollar" target="_blank" rel="noopener">calling</a> a &#8220;multibillion-dollar pyramid scheme&#8221; — another sign that the days of crypto as the web&#8217;s &#8220;Wild West&#8221; could be coming to a close.
<h2>Sibling Scam</h2>
Ignatov&#8217;s sister Ruja Ignatova founded OneCoin in Bulgaria in 2014, and in less than two years, the company generated more than $2.5 billion in &#8220;profits,&#8221; according to a DOJ <a href="https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-charges-against-leaders-onecoin-multibillion-dollar" target="_blank" rel="noopener">news release</a>.
Upon closer inspection, however, the cryptocurrency turned out to be nothing more than a <a href="https://futurism.com/lets-have-a-heart-to-heart-are-blockchain-tokens-really-nothing-more-than-a-scheme" target="_blank" rel="noopener">scam</a> — there was no OneCoin blockchain, and the company&#8217;s founders dictated the cryptocurrency&#8217;s value, not the market, as they claimed.
As the reality of OneCoin began to reveal itself, a number of jurisdictions <a href="https://www.coindesk.com/indian-police-charges-onecoin-founder-ruja-ignatova" target="_blank" rel="noopener">filed charges</a> against Ignatova, with others <a href="https://www.coindesk.com/a-multibillion-dollar-cryptocurrency-based-on-lies-us-arrests-alleged-onecoin-leader" target="_blank" rel="noopener">warning investors</a> about the company&#8217;s nefarious activity. She disappeared from public view in October 2017, according to the DOJ press release, with her brother taking over leadership of the company by mid-2018.
<h2>On the Lam</h2>
Authorities arrested Ignatov at the Los Angeles International Airport on a wire fraud conspiracy charge. His sister remains at large, but she has now also been indicted on charges of wire fraud, securities fraud, and money laundering — meaning OneCoin&#8217;s days of scamming U.S. investors may be coming to an end.
&#8220;As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit,&#8221; Manhattan U.S. Attorney Geoffrey S. Berman said in the news release. &#8220;They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones. Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.&#8221;
READ MORE: <a href="https://www.coindesk.com/a-multibillion-dollar-cryptocurrency-based-on-lies-us-arrests-alleged-onecoin-leader" target="_blank" rel="noopener">A Multibillion-Dollar Cryptocurrency Based on ‘Lies’: US Arrests Alleged OneCoin Leader</a> [Coindesk]
More on crypto schemes: <a href="https://futurism.com/lets-have-a-heart-to-heart-are-blockchain-tokens-really-nothing-more-than-a-scheme" target="_blank" rel="noopener">Let’s Have a Heart to Heart: Are Blockchain Tokens Really Nothing More Than “A Scheme?”</a>

OneCoin's days of scamming investors may be coming to an end.

Crypto exec arrested for "multibillion-dollar pyramid scheme"

Blockchained Up

Konstantin Ignatov has been arrested for his role in OneCoin — a cryptocurrency the U.S. Department of Justice calls a "multibillion-dollar pyramid scheme."

Crypto Exec Arrested for “Multibillion-Dollar Pyramid Scheme”

"This business was a pyramid scheme based on smoke and mirrors more than zeroes and ones."

<h2>Crypto Crime</h2>
A key promise of the digital cash known as cryptocurrency is its security — because only you possess the password to access your money, it&#8217;s presumably more safe than it would be at a bank.
But a grisly crime in the Netherlands — in which home invaders tortured a crypto trader in an attempt to force him to give up his coins — shows that there&#8217;s also a dark side to having total control over your own wealth.
<h2>Robber Squad</h2>
According to the Dutch newspaper De Telegraaf, a trio of robbers disguised as police <a href="https://www.telegraaf.nl/nieuws/3195788/gruwelijke-marteloverval-met-boor-bij-bitcoinhandelaar" target="_blank" rel="noopener">burst into the home</a> of an unidentified cryptocurrency trader in late February.
Then, in view of the man&#8217;s four-year-old daughter, they tortured the crypto trader with an electric drill — causing injuries so severe that he was hospitalized for five days, according to a <a href="https://www.telegraaf.nl/nieuws/3195788/gruwelijke-marteloverval-met-boor-bij-bitcoinhandelaar" target="_blank" rel="noopener">follow-up story</a>.
It&#8217;s not clear whether they obtained any of the crypto trader&#8217;s funds before leaving, but if he did turn over his password, the criminals could have transferred the money to an anonymous account almost instantly.
<h2>Followup</h2>
Dutch police were horrified by the crime, according to De Telegraaf, and dispatched 15 officers to investigate. The cops refused to comment, but police sources confirmed to the newspaper that the criminals were after the man&#8217;s cryptocurrency holdings.
Crypto news site CoinTelegraph <a href="https://cointelegraph.com/news/japan-crypto-industry-trade-group-jcba-issues-guidelines-for-ico-regulation" target="_blank" rel="noopener">pointed out</a> that there have been other examples of violent criminals attempting to steal cryptocurrency, such as a Russian businessman who was <a href="https://www.nytimes.com/2018/02/18/technology/virtual-currency-extortion.html" target="_blank" rel="noopener">held hostage</a> until he surrendered his Bitcoin funds.
&#8220;If you are rich and you own real estate, or stocks or a sports team, somebody can’t mug you and take your sports team away,&#8221; Bitcoin engineer Jameson Lopp told The New York Times in 2018. &#8220;Having liquid crypto assets makes you much more attractive for that type of criminal attack.&#8221;
READ MORE: <a href="https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-robbery-torture-cryptocurrency-netherlands-a8807986.html" target="_blank" rel="noopener">Bitcoin Trader Brutally Tortured With Drill in Cryptocurrency Robbery</a> [The Independent]
More on cryptocurrency: <a href="https://futurism.com/growing-suspicion-crypto-ceo-faked-death">Did a Crypto CEO Fake His Own Death to Abscond With $190 Million?</a>

The attack happened in view of the man's four-year-old daughter.

Robbers tortured a man with a drill to steal his cryptocurrency

Bit Crime

Home invaders tortured a crypto trader with an electric drill in an attempt to force him to give up his cryptocurrency, according to a Dutch newspaper.

Robbers Tortured a Man With a Drill to Steal His Cryptocurrency

A gruesome crime shows the dark side of cryptocurrency.

<h2>&#8220;Seriously?&#8221;</h2>
Elon Musk is talking cryptocurrency. The real Elon Musk, not one of those <a href="https://futurism.com/ethereum-twitter-scam-musk" target="_blank" rel="noopener">Twitter scammers</a>.
On Tuesday, Tesla&#8217;s CEO sat down for a <a href="https://ark-invest.com/research/podcast/elon-musk-podcast" target="_blank" rel="noopener">podcast interview</a> with ARK Invest, a tech investment firm. In addition to chatting about electric vehicles and self-driving cars, the interviewers decided to throw Musk an &#8220;off-topic&#8221; question about cryptocurrencies.
After an initially incredulous response — &#8220;Crypto, seriously?&#8221; — Musk went on to elaborate on his thoughts about crypto and Bitcoin in particular — and while he sees the value in both, don&#8217;t expect Tesla to get involved in the space any time soon.
<h2>Pros and Cons</h2>
During the interview, Musk admitted that he thinks &#8220;the Bitcoin structure is quite brilliant&#8221; and that there might be &#8220;some merit to Ethereum as well and maybe some others.&#8221;
He went on to discuss the uses of the cryptocurrency with ARK Invest founder Cathie Wood, who noted that &#8220;there were $1.3 trillion worth of transactions in bitcoin, and we don&#8217;t see it here because it&#8217;s not for pizza or Coke.&#8221;
&#8220;It might be for coke,&#8221; Musk deadpanned, in an apparent drug joke, prompting laughs from his interviewers.
&#8220;We figure it&#8217;s business-to-business in Africa where it is prohibitively expensive to convert from one nation&#8217;s currency to another,&#8221; Wood continued. &#8220;It really is very important. It&#8217;s money over IP for them. It&#8217;s free transmission of money, and that&#8217;s really important to opening up the world.&#8221;
&#8220;It bypasses currency controls,&#8221; Musk said. &#8220;Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that&#8217;s for sure. That has its pros and cons.&#8221;
<h2>Tesla Coin</h2>
As for whether Tesla would ever get involved in crypto, Musk doesn&#8217;t see that happening any time soon.
His company&#8217;s primary goal is to &#8220;accelerate the advent of sustainable energy,&#8221; according to Musk, and as he noted during the interview, mining cryptocurrencies is computationally energy intensive.
&#8220;I&#8217;m not sure it would be a good use for Tesla resources to get involved in crypto,&#8221; he concluded.
&#8220;Just to clarify,&#8221; ARK Invest analyst Tasha Keeney asked later, &#8220;Tesla&#8217;s not going to start selling bitcoin anytime soon?&#8221;
&#8220;No, we&#8217;re not,&#8221; Musk replied.
READ MORE: <a href="https://www.coindesk.com/elon-musk-calls-bitcoin-brilliant-better-than-paper-money-for-value-transfer" target="_blank" rel="noopener">Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer</a> [CoinDesk]
More on crypto: <a href="https://futurism.com/ethereum-twitter-scam-musk" target="_blank" rel="noopener">Fake Elon Musks Clutter Twitter With Crypto Scams</a>

The CEO answers questions about Tesla's future with crypto.

Elon Musk: Bitcoin is "brilliant" and "paper money is going away"

Muskcoin

Tesla CEO Elon Musk shared his thoughts on Bitcoin and other cryptocurrencies during a podcast interview with ARK Invest.

Elon Musk: Bitcoin Is “Brilliant” And “Paper Money Is Going Away”

Tesla's CEO talked crypto during a new interview.

<h2>Making Moves</h2>
Remember that cryptocurrency exchange that said it lost $196 million of its customers&#8217; money <a href="https://futurism.com/crypto-exchange-loses-millions-encrypted-wallet">when CEO Gerald Cotten died</a> — prompting conspiracy theories Cotten <a href="https://futurism.com/growing-suspicion-crypto-ceo-faked-death">faked his own death</a>?
Well, those 115,000 customers just lawyered up.
<h2>Ticking Clock</h2>
Michael Wood, a justice on Nova Scotia&#8217;s Supreme Court, <a href="http://www.courts.ns.ca/Decisions_Of_Courts/documents/2019nssc65.pdf">issued a ruling</a> Tuesday that QuadrigaCX customers would be represented by two law firms, Miller Thomson as well as Cox &amp; Palmer, in the event of a class-action lawsuit, <a href="https://www.coindesk.com/judge-appoints-law-firms-to-represent-quadrigacx-customers">according to CoinDesk</a>.
So far, no one has filed suit against QuadrigaCX — though the users&#8217; new lawyers can start preparing one, according to CoinDesk. On Feb. 5, the courts <a href="https://futurism.com/growing-suspicion-crypto-ceo-faked-death">approved a 30-day stay</a> at the company&#8217;s request. That leaves QuadrigaCX with about two more weeks to settle the matter and come up with $196 million on its own before anyone can sue.
<h2>Next Steps</h2>
Once the stay expires on March 7, the crypto exchange may try to have it extended. But that appeal would come before Judge Wood.
Given his move to prepare QuadrigaCX customers for a potential lawsuit, Wood may decide that QuadrigaCX was given enough time and open up the floor to any lawsuits.
READ MORE: <a href="https://www.coindesk.com/judge-appoints-law-firms-to-represent-quadrigacx-customers">Judge Appoints Law Firms to Represent QuadrigaCX Customers</a> [CoinDesk]
More on QuadrigaCX: <a href="https://futurism.com/the-byte/quadrigafx-details-ceo-death">Indian Hospital Fires Back at Rumors That Crypto CEO Faked Death</a>

QuadrigaCX still has time on its stay, but now its customers are equipped for a class-action suit.

Users of crypto site where dead CEO lost $196M preparing to sue

Drawing Straws

QuadrigaCX has about two weeks left to its stay to raise the money it owes before anyone can sue, but a judge just appointed law firms to its customers.

Users of Crypto Site Where Dead CEO Lost $196M Are Preparing Suit

The Nova Scotia Supreme Court appointed law firms Miller Thomson and Cox & Palmer.

<h2>JPM Coin</h2>
It&#8217;s been a long time coming — but it still feels surprising.
New York-based investment bank JP Morgan Chase is launching the first-ever major cryptocurrency backed by a U.S. bank. The digital token, dubbed &#8220;JPM Coin,&#8221; will be used to &#8220;instantly settle payments between clients,&#8221; <a href="https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html">CNBC reports</a>.
The announcement comes as a substantial change of tune for JP Morgan Chase. Its CEO Jamie Dimon famously called Bitcoin a &#8220;fraud&#8221; in 2017 before <a href="https://futurism.com/j-p-morgan-chase-ceo-regrets-calling-bitcoin-fraud">changing his mind</a> the following year.
<h2>Speedy Transactions</h2>
The new token will initially run on top of JP Morgan Chase&#8217;s Quorom platform, its own take on popular blockchain platform Ethereum, <a href="https://www.coindesk.com/jpmorgan-moving-its-in-house-crypto-to-real-world-trials-report">according to Coindesk</a>.
Each JPM Coin will be worth a single U.S. dollar, like other so-called <a href="https://futurism.com/sponsored-stable-coins-future-crypto-economy">stablecoins</a>. JP Morgan Chase clients will deposit their fiat currency in exchange for JPM Coins, and after settling the transaction, the coins will be returned in the form of U.S. dollars.
Wire transfer systems, including networks like Swift, are clunky — they can take long periods to complete and verify, especially when making payments internationally.
Blockchain technology has the potential, according to JP Morgan Chase, to speed things up considerably.
<h2>Mixed Reactions</h2>
&#8220;The first bullet in any war is always the most important, and it looks like this could be the first move in a broader adoption of blockchain and digital currencies by large institutions,&#8221; London hedge fund Prime Factor Capital co-founder Adam Grimsley <a href="https://www.bloomberg.com/news/articles/2019-02-14/jpmorgan-to-use-cryptocurrency-for-payments-business-cnbc-says?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto&amp;utm_medium=social">told Bloomberg</a>.
But not everybody is convinced that it&#8217;s as groundbreaking as JP Morgan Chase wants us to think. Technology reporter for the New York Times Nathaniel Popper argued it might be &#8220;less useful, because it can&#8217;t move anywhere beyond the walls of JPMorgan,&#8221; in <a href="https://twitter.com/nathanielpopper/status/1096102644605571072">a tweet</a>.
Editor&#8217;s note: This post originally misspelled the name of the CEO of JP Morgan Chase. It has been updated. 
READ MORE: <a href="https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html">JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business</a> [CNBC]
More on JP Morgan Chase: <a href="https://futurism.com/j-p-morgan-chase-ceo-regrets-calling-bitcoin-fraud">J.P. Morgan Chase CEO Says He Regrets Calling Bitcoin a Fraud</a>

The new token will run on top of JP Morgan Chase's Quorom platform, its own take on Ethereum.

The first major U.S. bank just launched a cryptocurrency

JPM Coin

JP Morgan Chase is launching the first ever major U.S. bank approved cryptocurrency called "JPM Coin."

/Cryptocurrency