Team of Hackers Says It Can Get to 7,002 BTC Locked in Encrypted Hard Drive, Bitget Wallet Launches a ‘Keyless’ MPC Wallet


Source: AdobeStock / Daniel CHETRONI

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Wallet news

  • Startup Unciphered says they can unlock an encrypted USB drive holding 7,002 bitcoins (BTC), worth $241.3 million, belonging to Stefan Thomas, a Swiss crypto entrepreneur living in San Francisco, USA. Thomas owns this 2011-era IronKey, but he lost the password, and with it, the key to his fortune. According to Wired, the Unciphered team spent nearly eight months developing a capability to crack this specific model of IronKey with the goal of helping Thomas. However, Thomas declined, as he had already made a “handshake deal” with two other cracking teams a year earlier and wanted to give them more time. Having tried eight times already, Thomas has only two more password guesses.
  • Crypto exchange Bitget announced that its Bitget Wallet (formerly known as BitKeep Wallet) launched a “keyless” Multi-Party Computation (MPC) Wallet solution. According to the press release, one of the fundamental characteristics of an MPC wallet is the elimination of the need to store or memorize complex mnemonic phrases and/or private keys – thus providing a “keyless” user experience. Users can create an account through email login authentication, making it accessible for beginners as well. Also, users may perform a cloud backup of their key shares using a 3-step process to mitigate risks such as key misplacement or theft, the exchange said.

Mining news

  • The spot prices for existing bitcoin ASICs keep setting all-time lows amid bitcoin’s rising hashrate and the launch of the next generation of miners, according to the latest Miner Weekly report by BlocksBridge Consulting. Based on data compiled by TheMinerMag, various models from the previous generation that fall within the 25-38J/TH range (such as the Antminer S19, Avalon 1326, and WhatsMiner M30S+) are being quoted for less than $10/TH/s. They were all launched around the bitcoin halving in 2020. The price of the Antminer S9 went through a similar change during the bear market of 2018-2019, the report noted.

Exchange news

  • BingX said it will adjust trading fees for perpetual futures and make its VIP program “more profitable for all users.” According to the press release, in response to the community feedback, the exchange has restructured its fee system to lower overall trading costs. These fee adjustments apply to both market takers and makers. BingX has also expanded its VIP program, allowing its users to unlock a wider range of exclusive benefits, and it introduced the Supreme VIP, attainable by users who reach a specific trading volume threshold. The new VIP program provides zero maker fees, reduced taker fees, and priority customer support, it added.

Blockchain news

  • Summer Capital Limited, an investment management and advisory firm with a presence in Hong Kong and Southeast Asia, announced its intention to host nodes on Zetrix, a public blockchain platform that operates the international supernode of China’s national blockchain, Xinghuo BIF. Per the press release, Zetrix is well-positioned to capitalize on the growth of the digital assets and blockchain industry in Hong Kong, “given its unique focus on enabling global trade through its connection to Xinghuo BIF.” Developed by the Chinese Academy of Information & Communication Technology (CAICT), a state-owned research institute under the Ministry of Industry and Information Technology, Xinghuo BIF is China’s national blockchain infrastructure and facility that provides a platform for businesses and governments to develop and deploy blockchain applications, said the announcement. 


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