Crypto escrow agent dodges jail after lying over stolen millions
A crypto escrow agent has avoided prison time despite lying about losing $3.25 million, with the judge noting the agent had been the victim of fraud himself. A Manhattan federal judge has let an escrow agent walk free for deceiving a crypto investment manager about having purchased $3.25 million worth of Bitcoin on their behalf in 2018. During a hearing held over video conference on Feb. 4, U.S district Judge Edgardo Ramos ordered Volantis Market Making founder John Barry Thompson of Pennsylvania to repay the $3.25 million to New York-based investment manager, Iterative OTC, and sentenced....
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Bitrated has announced an online reputation management system for its multi-signature (multisig) escrow service for bitcoin payments. The two innovations combined provide unprecedented consumer protection to Bitcoin users, buyers and sellers alike. Bitrated's bitcoin payment service uses multisig transactions where a trusted third party (trust agent) is nominated to resolve disputes and reverse payments in case of fraud. Two out of three signatures are required to unlock a payment: the seller's, the buyer's and the trust agent's. So if the buyer is happy with the purchased goods or....
New evidence has come out against former task-force agent Shaun Bridges from the District Court of Maryland. After the former agent’s motion to unseal evidence regarding his case was denied by the courts, the latest documents reveal that Bridges had co-conspirators in his Silk Road exploits and had also taken part in other crimes. Additionally, a Macbook....
Editor's Note: The transactions revealed by Defcon only show a total of 4474.26 BTC stolen from presumably only escrow accounts. This sum comes from transactions by attacker 1 only, and do not include the "contributions" of attackers 2 and 3. The previous incorrect estimate of "over 88,000 BTC" came from user estimates of all funds previously on Silk Road 2.0's wallets, or all funds in the wallets of the suspected attackers. Varying reports of the total amount stolen from Silk Road 2.0 stem from inherent vagueness in Defcon's words. The only concrete estimate, taken from Blockchain data....
An Australian man has now been sentenced to jail after finding himself millions of dollars richer following an accidental refund from Crypto.com—the 13th largest cryptocurrency exchange by trading volume. According to the report, the Australian man named Jatinder Singh, aged 39, and his “then-partner” Thevamanogari Manivel, 41, were sent roughly $10.47 million by Crypto.com due […]
Escrow is a widely used legal concept where a third party holds assets or funding on the behalf of the two other parties according to a predetermined set of conditions. Escrow helps ensure that both parties deliver before the transaction is completed. The concept of escrow is popular in the traditional financial ecosystem, especially in the real estate industry. However, Escrow Protocol aims to introduce the time-tested concept of escrow to the blockchain industry and optimize the crowdfunding process. Crowdfunding is an important part of project development as it connects the project with....