Author

Joshua Mapperson

Browsing

Tech billionaire, Tim Draper, has revealed he owns a myriad of altcoins in addition to his 30,000 BTC.

Tim Draper, the prominent venture capitalist and tech billionaire who purchased nearly 30,000 Bitcoins (BTC) that were seized from the Silk Road, has revealed his digital currency holdings span at least half a dozen different crypto assets.

Speaking at a recent investment conference, Draper revealed that his holdings include Bitcoin Cash (BCH), Ripple (XRP), Tezos (XTZ), and Aragon (ANT), adding:

“I’m a believer. I think it’s happening – [adoption] it’s coming. It’s so important for the world, and I want the world to know it, and I want other people in the world to get on board.”

Draper’s comments come only three weeks after his Twitter account appeared to be subject to a hack to promote BCH. The suspicious tweet announced that the VC had purchased BCH, thanking a fake account impersonating Roger Ver for providing “this innovation”.

But the fact he does actually hold Bitcoin Cash casts a new light on the incident.

Draper has been an active cryptocurrency investor for seven years, having made multi-million investments into several startups and burgeoning projects, including major U.S. crypto exchange Coinbase. In 2019, he announced that he had moved entirely out of public stock in favour of cryptocurrency.

Draper has long been known to dabble in altcoins, having confirmed in 2017 that his fund participated in the Tezos ICO after a class-action lawsuit was filed against the project.

On a Quora forum in October 2019, the billionaire said that he thinks the DLT payments processor Ripple was doing all the right things, and is set for “explosive growth”, leading to much higher prices, adding:

“Looking at the three-time growth of Bitcoin over the last 5 months, one would expect a similar result from XRP.”

Which only goes to show that even billionaires aren’t very good at predicting prices.

Earlier this year, he revealed that Ethereum (ETH)-based project Aragon received a $1 million investment from him in return for 1 million ANT tokens, effectively giving him 2.52% of the token’s total supply.

His altcoin investments still appear to be dwarfed by his BTC holdings. In 2014 he purchased 30,000 BTC at the price of $632 per coin. This initial BTC investment has increased over 1,500% to the approximate value of $315 million.

Draper is also unlikely to sell anytime soon, as earlier this year he reconfirmed his 2018 predicted that the coin will rise past $250,000 within the next two years. If this occurs, his BTC holdings would hold a value of $7.5 billion.

Author: Joshua Mapperson

Source: Coin Telegraph: Bitcoin bull Tim Draper reveals the secrets of his altcoin portfolio

The United States Internal Revenue Service has announced a bounty of up to $625,000 to anyone who can crack Monero’s privacy.

The United States Internal Revenue Service has offered a bounty of up to $625,000 to anyone who can break purportedly untraceable privacy coins such as Monero (XMR) as well as trace transactions on Bitcoin’s (BTC) Lightning Network.

The official proposal, published last week, says the IRS will accept submissions in the form of working prototypes until Sept. 16. If accepted, applicants will receive an initial payment of $500,000.

This grant will allow applicants to develop their prototype into a working concept over the next eight months. Once the pilot test is completed and approved by the government, a further $125,000 grant will be awarded.

“IRS-CI is seeking a solution with one or more contractors to provide innovative solutions for tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services.”

The announcement defines the initiative’s primary objectives as helping IRS Criminal Investigation, or CI, special agents to trace transactions — including identifying wallets, transaction dates and times — and amounts transferred. The agency hopes to use the tools to predict the future transactions of flagged addresses. The final products must also provide CI full control, with the ability to further develop or modify them so that the organization does not have to rely on any external vendors.

Monero is one of the virtual currencies preferred among criminal organizations over more traceable crypto assets like Bitcoin. The IRS noted that XMR is being used for all future ransom demands and transactions by ransomware group Sodinokibi due to its “privacy concerns.”

Demand for privacy coins among criminal syndicates has grown as authorities have increased their crypto forensics capabilities and employ the skills of private contractors such as Chainalysis. In recent years, Chainalysis has assisted law enforcement in tracking Bitcoin and other cryptocurrency transactions to successfully fight child abuse, money laundering and terrorist financing. Last month, Chainalysis was integral in the takedown of three terrorist organizations.

Privacy coins are a key strategy to help criminals obfuscate their transactions, with the IRS stating:

“Currently, there are limited investigative resources for tracing transactions involving privacy cryptocurrency coins such as Monero or other off-chain transactions that provide privacy to illicit actors.”

Blockchain analytics firm CipherTrace claims to have a new tool that can trace Monero transactions, although its capabilities are yet to be confirmed. The company announced that the tool, which took more than a year to develop, will be used by the U.S. Department of Homeland Security. CipherTrace chief financial analyst John Jeffries said the tool can track stolen Monero used for illegal transactions back to the source, such as in ransomware cases.

Author: Joshua Mapperson

Source: Coin Telegraph: The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!