‘Covenants’ Mean You Can Burn Stolen Bitcoins
Cornell computer science professor Emin Gün Sirer thinks a bitcoin wallet model called ‘Covenants’ would disincentivize hackers by allowing the victim to ‘burn’ the compromised bitcoin after the hack; that is, destroy the bitcoin. Bitcoin Bounty. Because bitcoin transactions are final, there is a major bug bounty on bitcoin wallets. This has led to high....
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Thousands of bitcoins have been stolen from users since the virtual currency started, and yet we can see all of these thefts happen, in real time, on the block chain. We know which addresses the stolen coins are sent to, and which ones they are stolen from. We can track the life of a bitcoin through the network. Why, then, can't we simply take those stolen coins out of commission? A UK-based digital forensic services firm, Systech, has begun offering a recovery service for lost and stolen bitcoins. The service is twofold: firstly, it will use its traditional forensic data recovery....
In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets. While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply.
Blockchain Projects Burn Tokens for Specific Benefits and Objectives
Burning tokens has been a popular trend and articles often highlight specific projects like Ethereum, Terra, Shiba Inu, and many more that have destroyed large sums of native tokens.
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The Shiba Inu (SHIB) community has been burning tokens for a while now. This burn is in an effort to reduce the supply of the meme coin, thereby increasing its value. There have been times where the burn has not been as high as expected but the community has been increasing its efforts to burn […]
Hundreds of bitcoins were stolen from Blockchain.info users. The company admitted that a technical issue during a software update of the popular Bitcoin wallet created a temporary security hole, and is now reimbursing the users who lost their bitcoins. Also read: Blockchain Reimbursing Stolen Bitcoins to Users. The security hole was only open for a couple of hours, but that small window was apparently enough for hackers to take bitcoins from many Blockchain.info users. On Reddit, a user complained of losing 100 bitcoins after creating a new wallet via Blockchain.info and depositing money....
The Shiba Inu community burn has picked up steam once more after a week of subpar performance. The SHIB burn initiative which is looking to drastically reduce the amount of SHIB tokens in circulation burned over 17 million tokens in one day, a significant jump from the prior day’s figures. Shiba Inu Burn Rate Up […]