Speaking at the Bitcoin Conference in Nashville, Republican presidential nominee Donald Trump made a number of cryptocurrency-related pledges:

• Trump promised that if elected, he'd commute the sentence of Silk Road creator Ross Ulbricht to a sentence of time served. "It's enough."

• Trump promised to change the top personnel at America's Securities and Exchange Commission. "On Day One, I will fire Gary Gensler and appoint a new SEC chairman," Trump told the crowd, drawing a long round of applause. ("I didn't know he was that unpopular," Trump joked — then repeated his promise to appoint "a new SEC chairman who believes America should build the future, not block the future, which is what they're doing.")

• Trump also promised that "As president, I will immediately shut down Operation Chokepoint 2.0." (For context, Operation Chokepoint was an Obama-era program — ended during Trump's presidency — to scrutinize bank lending to "high-risk" merchants, mostly predatory "payday" lenders. Concerns were raised that bank regulators were pressuring banks to cut off certain businesses, and while there is no official "Choke Point 2.0," the phrase has been used colloquially to describe the possibility of bank regulators pressuring specific industries like cryptocurrency.)

• Trump also announced he'd oppose a central bank digital currency — although his wording was a little idiosyncratic. "Next I will immediately order the Treasury Department and other federal agencies to cease and desist all steps necessary — because, you know, there's a thing going on in your industry. They want to move the creation of a central bank digital currency. It's over, forget it." [Audience boos CBDC's ] "CBDC — there will never be a CBDC while I'm president of the United States." (In fact a 2023 statement from America's Federal Reserve about CBDC's stresses that "no decisions have been made at this time" and that the Federal Reserve would only proceed with a CBDC after passage of an authorizing law.)

• Trump also told the audience that "We will create a framework to enable the safe and responsible expansion of staple — stablecoins," then teased the crypto-friendly audience by asking playfully "Do you know what a stablecoin is? Does anybody know — please raise your hand." Trump promised the move would "allow us to extend the dominance of the U.S. dollar to new frontiers all around the world," and that "there will be billions and billions of people brought into the crypto economy and storing their savings in bitcoin."

• Toward the end Trump said that if elected, he would direct the government not to sell any of its currently-held bitcoin, keeping it instead as the core of a "strategic national bitcoin stockpile."
  
  "As you know, most of the bitcoin currently held by the U.S. government was obtained through law enforcement action — you know that, they took it from you. 'Let's take that guy's life, let's take his family, his house, his bitcoin — we'll turn it into bitcoin.' It's been taken away from you because that's where we're going now. That's where this country is going. It's a facist regime."

In a speech which lasted for over an hour, the 78-year-old former president also criticized his political opponents, touching on topics like inflation, immigration, and his promise to "drill, baby, drill."

But Trump closed by thanking the 3,000 attendees, telling them to "have a good time with your bitcoin, and your crypto and everything else that you're playing with. And we're going to make that one of the greatest industries on earth."

US presidential candidate, Robert F. Kennedy Jr., announced during his keynote Friday at the Bitcoin Conference that he would direct the US government to buy Bitcoin until the size of its Bitcoin reserves matched its gold reserves. At current prices, that equates to $615 billion worth of gold.
RFK Jr. said: "I will sign an executive order directing the US Treasury to purchase 550 Bitcoin daily until the US has built a reserve of at least 4,000,000 Bitcoins and a position of dominance that no other country will be able to usurp."
4 million Bitcoin is 19% of all Bitcoin that will ever exist.

Yesterday, the Energy Information Agency (EIA) released electricity generation numbers for the first five months of 2024, revealing that solar power generation increased by 25% compared to the same period last year. Ars Technica's John Timmer reports: The EIA breaks down solar production according to the size of the plant. Large grid-scale facilities have their production tracked, giving the EIA hard numbers. For smaller installations, like rooftop solar on residential and commercial buildings, the agency has to estimate the amount produced, since the hardware often resides behind the metering equipment, so only shows up via lower-than-expected consumption.

In terms of utility-scale production, the first five months of 2024 saw it rise by 29 percent compared to the same period in the year prior. Small-scale solar was "only" up by 18 percent, with the combined number rising by 25.3 percent. Most other generating sources were largely flat, year over year. This includes coal, nuclear, and hydroelectric, all of which changed by 2 percent or less. Wind was up by 4 percent, while natural gas rose by 5 percent. Because natural gas is the largest single source of energy on the grid, however, its 5 percent rise represents a lot of electrons -- slightly more than the total increase in wind and solar.

Overall, energy use was up by about 4 percent compared to the same period in 2023. This could simply be a matter of changing weather conditions that required more heating or cooling. But there have been several trends that should increase electricity usage: the rise of bitcoin mining, growth of data centers, and the electrification of appliances and transport. So far, that hasn't shown up in the actual electricity usage in the US, which has stayed largely flat for decades. It could be possible that 2024 is the year where usage starts going up again. Since the findings are based on data from before some of the most productive months of the year for solar power, solar production for the year as a whole could increase by much more than 25%. Overall, the EIA predicts solar production could rise by as much as 42% in 2024.

Speaking of crypto, BlackRock's co-founder and CEO Larry Fink is now embracing crypto more than ever. From a report: In an interview with CNBC on Monday, he mentioned that he had abandoned his initial skepticism of cryptocurrencies like Bitcoin. He now firmly believes that there is a place for crypto in the average investor's portfolio. "I believe Bitcoin is legitimate. I'm not saying there aren't misuses like everything else, but it is a legitimate financial instrument that allows you to have uncorrelated returns," Fink told CNBC host Jim Cramer.

When asked whether the U.S. budget deficit makes a case for investing in crypto, Fink responded, "absolutely." He added that crypto can help buyers hedge against countries that are devaluing their currencies.

A judge in the UK High Court has directed prosecutors to consider bringing criminal charges against computer scientist Craig Wright, after ruling that he lied "extensively and repeatedly" and committed forgery "on a grand scale" in service of his quest to prove he is Satoshi Nakamoto, creator of bitcoin. From a report: In a judgment published Tuesday, Justice James Mellor outlined various injunctions to be imposed upon Wright, after finding in May that he had "engaged in the deliberate production of false documents to support false claims [to be Satoshi] and use the Courts as a vehicle for fraud."

By order of the judge, Wright will be prevented from claiming publicly that he is Satoshi and from bringing or threatening legal action in any jurisdiction on that basis. He will be required to pin a notice to the front page of his personal website and X feed detailing the findings against him. The matter, Mellor writes, will also be referred to the Crown Prosecution Service (CPS), the body responsible for prosecuting criminal cases in the UK, "for consideration of whether a prosecution should be commenced against Dr Wright." It will be up to the CPS to decide whether the available evidence is sufficient to bring charges against Wright "for his wholescale perjury and forgery of documents" and "whether a warrant for his arrest should be issued."

AT&T paid more than $300,000 to a member of the team that stole call records for tens of millions of customers, reports Wired — "to delete the data and provide a video demonstrating proof of deletion." The hacker, who is part of the notorious ShinyHunters hacking group that has stolen data from a number of victims through unsecured Snowflake cloud storage accounts, tells WIRED that AT&T paid the ransom in May. He provided the address for the cryptocurrency wallet that sent the currency to him, as well as the address that received it. WIRED confirmed, through an online blockchain tracking tool, that a payment transaction occurred on May 17 in the amount of 5.7 bitcoin... The hacker initially demanded $1 million from AT&T but ultimately agreed to a third of that. WIRED viewed the video that the hacker says he provided to AT&T as proof to the telecom that he had deleted its stolen data from his computer...

AT&T is one of more than 150 companies that are believed to have had data stolen from poorly secured Snowflake accounts during a hacking spree that unfolded throughout April and May. It's been previously reported that the accounts were not secured with multi-factor authentication, so after the hackers obtained usernames and passwords for the accounts, and in some cases authorization tokens, they were able to access the storage accounts of companies and siphon their data. Ticketmaster, the banking firm Santander, LendingTree, and Advance Auto Parts were all among the victims publicly identified to date...

The timeline suggests that if [John] Binns is responsible for the AT&T breach, he allegedly did it when he was likely already aware that he was under indictment for the T-Mobile hack and could face arrest for it.

Longtime Slashdot reader ArchieBunker shares a report from TIME Magazine: On an evening in December 2023, 43-year-old small business owner Sarah Rosenkranz collapsed in her home in Granbury, Texas and was rushed to the emergency room. Her heart pounded 200 beats per minute; her blood pressure spiked into hypertensive crisis; her skull throbbed. "It felt like my head was in a pressure vise being crushed," she says. "That pain was worse than childbirth." Rosenkranz's migraine lasted for five days. Doctors gave her several rounds of IV medication and painkiller shots, but nothing seemed to knock down the pain, she says. This was odd, especially because local doctors were similarly vexed when Indigo, Rosenkranz's 5-year-old daughter, was taken to urgent care earlier that year, screaming that she felt a "red beam behind her eardrums." It didn't occur to Sarah that these symptoms could be linked. But in January 2024, she walked into a town hall in Granbury and found a room full of people worn thin from strange, debilitating illnesses. A mother said her 8-year-old daughter was losing her hearing and fluids were leaking from her ears. Several women said they experienced fainting spells, including while driving on the highway. Others said they were wracked by debilitating vertigo and nausea, waking up in the middle of the night mid-vomit. None of them knew what, exactly, was causing these symptoms. But they all shared a singular grievance: a dull aural hum had crept into their lives, which growled or roared depending on the time of day, rattling their windows and rendering them unable to sleep. The hum, local law enforcement had learned, was emanating from a Bitcoin mining facility that had recently moved into the area -- and was exceeding legal noise ordinances on a daily basis.

Over the course of several months in 2024, TIME spoke to more than 40 people in the Granbury area who reported a medical ailment that they believe is connected to the arrival of the Bitcoin mine: hypertension, heart palpitations, chest pain, vertigo, tinnitus, migraines, panic attacks. At least 10 people went to urgent care or the emergency room with these symptoms. The development of large-scale Bitcoin mines and data centers is quite new, and most of them are housed in extremely remote places. There have been no major medical studies on the impacts of living near one. But there is an increasing body of scientific studies linking prolonged exposure to noise pollution with cardiovascular damage. And one local doctor -- ears, nose, and throat specialist Salim Bhaloo -- says he sees patients with symptoms potentially stemming from the Bitcoin mine's noise on an almost weekly basis. "I'm sure it increases their cortisol and sugar levels, so you're getting headaches, vertigo, and it snowballs from there," Bhaloo says. "This thing is definitely causing a tremendous amount of stress. Everyone is just miserable about it." "By the end of 2024, we intend to have replaced the majority of air-cooled containers with immersion cooling, with no expansion required," said a representative for Marathon Digital Holdings, the company that owns the mine. "Initial sound readings on immersion containers indicate favorable results in sound reduction and compliance with all relevant state noise ordinances." They did not answer questions about the health impacts their mining site was causing.

"We're living in a nightmare," said Rosenkranz. She clocked the hum at 72 decibels in Indigo's bedroom in the dead of night. "Indigo's room directly faces the mine, which sits about a mile and a half away," notes TIME. She had to be pulled from her school after she developed so many ear infections from the sound.

The report also said a resident's dog "started going bald and developed debilitating anxiety shortly after the Bitcoin mine began operating four blocks away." TIME added: "Directly next door, Tom Weeks' dog Jack Rabbit Slim started shaking and hyperventilating uncontrollably for hours on end; a vet placed him on the seizure medication Gabapentin. Rosenkranz's chickens stopped laying eggs for months. And Jerry and Patricia Campbell's centuries-old oak tree, which had served as the family's hub and protector for generations of backyard family reunions and even a wedding, died suddenly three months ago."

At one point on Friday the entire cryptocurrency market shed more than $170 billion in capitalization within 24 hours, CNBC reported (citing data from CoinGecko).

"Cryptocurrencies plunged... as investors focused on the payout of nearly $9 billion to users of collapsed bitcoin exchange Mt. Gox." This dumping of coins onto the market is expected to lead to some significant selling action. The slump in crypto prices led to hefty liquidations in the derivatives markets, according to crypto data firm Coinglass, which suggests that 229,755 traders had their positions worth a combined $639.58 million liquidated [within 24 hours]. Of this sum, $540.46 million represented long trades — financial positions taken when an investor expects the price of an asset to appreciate over the long term. Also pressuring crypto markets, the German government on Thursday sold roughly 3,000 bitcoins — worth approximately $175 million as of today's prices — from a 50,000-bitcoin pile seized in connection with the movie piracy operation Movie2k, according to Arkham Intelligence....

Tom Lee, co-founder and head of research at Fundstrat Global Advisors, told CNBC's "Squawk Box" on Monday that he still sees bitcoin hitting $150,000 despite the "overhang" from Mt. Gox's upcoming disbursement of tokens to creditors.
Wired focuses on how "After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned": In a highly atypical turn of events, Mt. Gox customers actually stand to profit financially from their involvement in the bankruptcy. Because only a limited amount of bitcoin was recovered, customers will receive only roughly 15 percent of the bitcoin they held on the exchange. However, the hundredfold increase in price in the intervening period means the dollar-value of the coins will far exceed the worth of their original pile.

This week the Linux Foundation announced a new organization for decentralized systems and technologies, with an aim of "fostering innovation and collaboration" in both their development and deployment.

It will build on existing Linux Foundation blockchain and digital identity projects, according to the announcement, while supporting "a rapidly growing decentralized technology landscape." To foster this broader ecosystem, LF Decentralized Trust will encompass the growing portfolio of Hyperledger projects and host new open source software, communities, standards, and specifications that are critical to the macro shift toward decentralized systems of distributed trust....

LF Decentralized Trust's expanded project and member ecosystem will be both essential to emerging tokenized assets classes and networks, as well as to modernizing the core infrastructure for finance, trade, government, healthcare, and more. LF Decentralized Trust will serve as a neutral home for the open development of a broad range of ledger, identity, security, interoperability, scale, implementation, and related technologies... LF Decentralized Trust will also include new directed funding models that will drive strategic investments by members into individual projects and project resources.

"With LF Decentralized Trust, we're expanding our commitment to open source innovation by embracing a wider array of decentralized technologies," said Jim Zemlin, Executive Director of the Linux Foundation. "This new, elevated foundation will enable the community to build a more robust ecosystem that drives forward transparency, security, and efficiency in global infrastructure."

"After eight years of advancing the development of blockchain, decentralized identity and related technologies via the Hyperledger community, the time has come to broaden our effort and impact," said Daniela Barbosa, General Manager, Blockchain and Identity, the Linux Foundation. "Ledgers and ledger technologies are but one component of the decentralized systems that will underpin a digital-first global economy. LF Decentralized Trust is where we will gather and grow an expanded community and portfolio of technologies to deliver the transparency, reliability, security and efficiency needed to successfully upgrade critical systems around the world."
The announcement includes quotes of support from numerous companies including Oracle, Siemens, Visa, Accenture, Citi, and Hitachi. Some highlights:

• "The formation of the LF Decentralized Trust reflects the growing demand for open source resources that are critical to the management and functionality of decentralized systems." — CEO of Digital Asset

• "The adoption of decentralized infrastructure is at an inflection point, reflecting the increasing demand from both enterprises and consumers for more secure and transparent digital transactions. As the industry leader for onchain data, blockchain abstraction, and interoperability, we're excited to see the formation of the LF Decentralized Trust and to expand our collaboration with leading financial institutions on advancing tokenized assets and the onchain economy at large." — CMO at Chainlink Labs.

• "As a founding member of the Hyperledger Foundation, and given our unique position in the financial markets, we recognize the vast potential for open-source innovation and decentralized technologies when it comes to reducing risk, increasing resiliency and improving security. The expansion of Hyperledger Foundation into LF Decentralized Trust represents an exciting opportunity to continue expanding these groundbreaking technologies." — a managing director at DTCC

Earlier this week, WikiLeaks co-founder Julian Assange received a donation of 8.07 bitcoin (worth roughly $500,000) from an anonymous bitcoin whale, "helping to cover the cost of a private jet that flew him out of the U.K. and ultimately to freedom in Australia after he reached a plea deal with the U.S. Department of Justice," reports CoinDesk. From the report: Initially, Assange's wife Stella made an "emergency appeal" to raise 520,000 British pounds to pay for the transport, setting up a crowdfunding page that allowed people to donate in fiat currency via credit cards or bank transfer. With that site notably not allowing crypto for donations, the family quickly moved to set up another page to accept bitcoin.

Up to this point, the bitcoin address has received 34 donations totaling just over $500,000. The overwhelming majority, however, came from just that one 8.07 BTC donation. The original fiat site has also received about $500,000 in donations. "Julian's travel to freedom comes at a massive cost: Julian will owe USD 520,000 which he is obligated to pay back to the Australian government for charter Flight VJ199," Stella Assange wrote on X. "He was not permitted to fly commercial airlines or routes to Saipan and onward to Australia. Any contribution big or small is much appreciated." The jet was organized by the Australian government after Assange reached a historic plea deal on Tuesday, where he pleaded guilty to espionage charges in exchange for his freedom.

A super PAC called Fairshake, funded primarily by top cryptocurrency companies, achieved several wins in congressional primaries and plans to spend over $100 million to support pro-crypto candidates in the general elections. CNBC reports: Fairshake and its two affiliated political action committees, one for Republicans, one for Democrats, quietly racked up half a dozen other wins Tuesday as the candidates they backed glided to victory, although none of the races were competitive. They included Rep. John Curtis, who won the Republican nomination for Utah's open Senate seat. Created last year as part of a joint effort between more than a dozen crypto firms, Fairshake PAC has emerged as one of the top-spending PACs in the 2024 election cycle. Fairshake and its two affiliated PACs have put more than $37 million so far into advertisements in primary races, according to AdImpact. Despite a broad mission to defend the entire $2.2 trillion crypto market, Fairshake is funded by a very small set of donors.

Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million -- or 94% -- can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it's not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto "advocates" it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. [...]

In the coming months, the group doesn't plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. [...] Ads funded by Fairshake deliver messages that are typically less about a candidates' support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.

A Zillow listing for a $2.4 million house in a Dallas suburb is grabbing attention for its 5,786-square-foot data center with immersion cooling tanks, massive server racks, and two separate power grids. Tom's Hardware reports: With a brick exterior, cute paving, and mini-McMansion arch stylings, the building certainly looks to be a residential home for the archetypal Texas family. Prospective home-buyers will thus be disappointed by the 0 bedroom, 1 bathroom setup, which becomes a warehouse-feeling office from the first step inside where you are met with a glass-shielded reception desk in a white-brick corridor. The "Crypto Collective" branding betrays the former life of the unit, which served admirably as a crypto mining base.

The purchase of the "upgraded turnkey Tier 2 Data Center" will include all of its cooling and power infrastructure. Three Engineered Fluids "SLICTanks," single-phase liquid immersion cooling tanks for use with dielectric coolant, will come with pumps and a 500kW dry cooler. The tanks are currently filled with at least 80 mining computers visible from the photos, though the SLICTanks can be configured to fit more machines. Also visible in proximity to the cooling array is a deep row of classic server racks and a staggering amount of networking.

The listing advertises a host of potential uses for future customers, from "AI services, cloud hosting, traditional data center, servers or even Bitcoin Mining". Also packed into the 5,786 square feet of real estate is two separate power grids, 5 HVAC units, a hefty amount of four levels of warehouse-style storage aisles, a lounge/office space, and a fully-paved backyard. In other good news, its future corporate residents will not have an HOA to deal with, and will only be 20 minutes outside of the heart of Dallas, sitting just out of earshot of two major highways.

An anonymous reader quotes a report from Reuters: New York Attorney General Letitia James has recovered $50 million from the cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program, she said on Friday. Gemini, run by billionaire twin brothers Cameron and Tyler Winklevoss, will provide full recoveries to more than 230,000 Earn investors, including 29,000 in New York, and agreed to a ban on operating crypto lending programs in the state. The payout is in addition to James' related $2 billion settlement, opens new tab with crypto lender Genesis Global Capital, which she announced on May 20.

"Gemini marketed its Earn program as a way for investors to grow their money, but actually lied and locked investors out of their accounts," James said. "Today's settlement will make defrauded investors whole." The funds will be accessible within seven days, Gemini told investors on Friday. "With this final distribution, Earn users will have received 100% of the assets owed to them," it said. [...] Investors are expected to recover more than they invested because they are being paid in digital assets such as bitcoin , whose value has more than tripled since redemptions were suspended.

America's Justice Department "indicted the creators of an application that helps people spend their bitcoins anonymously," writes Reason.com: They're accused of "conspiracy to commit money laundering." Why "conspiracy to commit" as opposed to just "money laundering"?

Because they didn't hold anyone else's money or do anything illegal with it. They provided a privacy tool that may have enabled other people to do illegal things with their bitcoin... What this tool does is offer what's known as a "coinjoin," a method for anonymizing bitcoin transactions by mixing them with other transactions, as the project's founder, Keonne Rodriguez, explained to Reason in 2022: "I think the best analogy for it is like smelting gold," he said. "You take your Bitcoin, you add it into [the conjoin protocol] Whirlpool, and Whirlpool smelts it into new pieces that are not associated to the original piece."
Reason argues that providing the tool isn't a crime, just like selling someone a kitchen knife isn't a crime: The government's decision to indict Rodriguez and his partner William Lonergan Hill is also an attack on free speech because all they did was write open-source code and make it widely available. "It is an issue of a chilling effect on free speech," attorney Jerry Brito, who heads up the cryptocurrency nonprofit Coin Center, told Reason after the U.S. Treasury went after the creators of another piece of anonymizing software...

The most important thing about bitcoin, and money like it, isn't its price. It's the check it places on the government's ability to devalue, censor, and surviel our money. Creators of open-source tools like Samourai Wallet should be celebrated, not threatened with a quarter-century in a federal prison.
Long-time Slashdot reader SonicSpike shared the article...

"A Swiss biocomputing startup has launched an online platform that provides remote access to 16 human brain organoids," reports Tom's Hardware: FinalSpark claims its Neuroplatform is the world's first online platform delivering access to biological neurons in vitro. Moreover, bioprocessors like this "consume a million times less power than traditional digital processors," the company says. FinalSpark says its Neuroplatform is capable of learning and processing information, and due to its low power consumption, it could reduce the environmental impacts of computing. In a recent research paper about its developments, FinalSpakr claims that training a single LLM like GPT-3 required approximately 10GWh — about 6,000 times greater energy consumption than the average European citizen uses in a whole year. Such energy expenditure could be massively cut following the successful deployment of bioprocessors.

The operation of the Neuroplatform currently relies on an architecture that can be classified as wetware: the mixing of hardware, software, and biology. The main innovation delivered by the Neuroplatform is through the use of four Multi-Electrode Arrays (MEAs) housing the living tissue — organoids, which are 3D cell masses of brain tissue...interfaced by eight electrodes used for both stimulation and recording... FinalSpark has given access to its remote computing platform to nine institutions to help spur bioprocessing research and development. With such institutions' collaboration, it hopes to create the world's first living processor.
FinalSpark was founded in 2014, according to Wikipedia's page on wetware computing. "While a wetware computer is still largely conceptual, there has been limited success with construction and prototyping, which has acted as a proof of the concept's realistic application to computing in the future."

Thanks to long-time Slashdot reader Artem S. Tashkinov for sharing the article.

Japanese crypto exchange DMM Bitcoin confirmed on Friday that it had been the victim of a hack resulting in the theft of 4,502.9 bitcoin, or about $305 million. From a report: According to crypto security firm Elliptic, this is the eighth largest crypto theft in history. DMM Bitcoin said it detected "an unauthorized leak of Bitcoin (BTC) from our wallet" on Friday and that it was still investigating and had taken measures to stop further thefts. The crypto exchange said it also "implemented restrictions on the use of some services to ensure additional safety," according to a machine translation of the company's official blog post (written in Japanese).

Last August, PayPal became the first major financial company to roll out a stablecoin. Labeled PayPal USD, or PYUSD, the coin was issued on the Ethereum blockchain and "fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents." Now, the financial company is adding Solana as an option, "making PayPal's stablecoin faster and cheaper to use."

"The Solana blockchain is known for processing massive amounts of transactions at high speeds with extremely low costs, providing significant benefits for commerce use cases," says the company in a press release. "As the most used blockchain for stablecoin transfers, according to data from blockchain analytics platform Artemis, Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases."

Former FTX executive Ryan Salame has been sentenced to more than seven years in prison, "the first of the lieutenants of failed cryptocurrency mogul Sam Bankman-Fried to receive jail time for their roles in the 2022 collapse of the cryptocurrency exchange," reports the Associated Press. From the report: Salame, 30, was a high-ranking executive at FTX for most of the exchange's existence and, up until its collapse, was the co-CEO of FTX Digital Markets. He pleaded guilty last year to illegally making unlawful U.S. campaign contributions and to operating an unlicensed money-transmitting business. The sentence of 7 1/2 years in prison, plus three years of supervised release, was more than the five to seven years prosecutors had asked Judge Lewis A. Kaplan to impose on Salame in their pre-sentencing memo.

While Salame was a high-level executive at FTX, he was not a major part of the government's case against Bankman-Fried at his trial earlier this year and did not testify against him. In a bid for leniency, Salame said during the sentencing hearing that he cooperated and even provided documents that aided prosecutors in their cross examination of Bankman-Fried, as well as in his own prosecution. Along with helping Bankman-Fried hide the holes in FTX's balance sheet that ultimately led to the exchange's failure, Salame was used as a conduit for Bankman-Fried to make illegal campaign contributions to help shape U.S. policy on cryptocurrencies. On the surface, Bankman-Fried mostly gave political contributions to Democrats and liberal-leaning causes, while Salame gave contributions to Republicans and right-leaning causes. But ultimately the funds that Salame used for those contributions came from Bankman-Fried.

The judge also chastised Salame for pulling $5 million in cryptocurrencies out of FTX as the exchange was failing. "You tried to withdraw tens of millions more," Kaplan said. "It was me first. I'm getting in the lifeboat first. To heck with all those customers."

An anonymous reader quotes a report from Wired: Two years ago when "Michael," an owner of cryptocurrency, contacted Joe Grand to help recover access to about $2 million worth of bitcoin he stored in encrypted format on his computer, Grand turned him down. Michael, who is based in Europe and asked to remain anonymous, stored the cryptocurrency in a password-protected digital wallet. He generated a password using the RoboForm password manager and stored that password in a file encrypted with a tool called TrueCrypt. At some point, that file got corrupted and Michael lost access to the 20-character password he had generated to secure his 43.6 BTC (worth a total of about [...] $5,300, in 2013). Michael used the RoboForm password manager to generate the password but did not store it in his manager. He worried that someone would hack his computer and obtain the password. "At [that] time, I was really paranoid with my security," he laughs.

Grand is a famed hardware hacker who in 2022 helped another crypto wallet owner recover access to $2 million in cryptocurrencyhe thought he'd lost forever after forgetting the PIN to his Trezor wallet. Since then, dozens of people have contacted Grand to help them recover their treasure. But Grand, known by the hacker handle "Kingpin," turns down most of them, for various reasons. Grand is an electrical engineer who began hacking computing hardware at age 10 and in 2008 cohosted the Discovery Channel's Prototype This show. He now consults with companies that build complex digital systems to help them understand how hardware hackers like him might subvert their systems. He cracked the Trezor wallet in 2022 using complex hardware techniques that forced the USB-style wallet to reveal its password. But Michael stored his cryptocurrency in a software-based wallet, which meant none of Grand's hardware skills were relevant this time. [...] Michael contacted multiple people who specialize in cracking cryptography; they all told him "there's no chance" of retrieving his money. But last June he approached Grand again, hoping to convince him to help, and this time Grand agreed to give it a try, working with a friend named Bruno in Germany who also hacks digital wallets.

Grand and Bruno spent months reverse engineering the version of the RoboForm program that they thought Michael had used in 2013 and found that the pseudo-random number generator used to generate passwords in that version -- and subsequent versions until 2015 -- did indeed have a significant flaw that made the random number generator not so random. The RoboForm program unwisely tied the random passwords it generated to the date and time on the user's computer -- it determined the computer's date and time, and then generated passwords that were predictable. If you knew the date and time and other parameters, you could compute any password that would have been generated on a certain date and time in the past. [...] There was one problem: Michael couldn't remember when he created the password. According to the log on his software wallet, Michael moved bitcoin into his wallet for the first time on April 14, 2013. But he couldn't remember if he generated the password the same day or some time before or after this. So, looking at the parameters of other passwords he generated using RoboForm, Grand and Bruno configured RoboForm to generate 20-character passwords with upper- and lower-case letters, numbers, and eight special characters from March 1 to April 20, 2013. It failed to generate the right password. [...] Instead, they revealed that they had finally found the correct password -- no special characters. It was generated on May 15, 2013, at 4:10:40 pm GMT.

In 2011 Ross Ulbricht launched an anonymous, Tor-hidden "darknet" marketplace (with transactions conducted in bitcoin). By 2015 he'd been sentenced to life in prison for crimes including money laundering, distributing narcotics, and trafficking in fraudulent identity documents — without the possibility of parole.

Today a U.S. presidential candidate promised to commute that life sentence — Donald Trump, speaking at the national convention of the Libertarian Party as it prepares to nominate its own candidate for president.

Commuting Ulbricht's life sentence is "a top demand" of a political movement that intends to run its own candidate against Trump, reports Semafor: "On day one, we will commute the sentence," Trump said, offering to free the creator of what was once the internet's most infamous drug clearinghouse. "We will bring him home." His speeches more typically include a pledge to execute drug dealers, citing China as a model.

"It's time to be winners," said Trump, asking rhetorically if third party delegates wanted to go on getting single-digit protest votes. "I'm asking for the Libertarian Party's endorsement, or at least lots of your votes...."

"I've been indicted by the government on 91 different things," Trump said. "So if I wasn't a libertarian before, I sure as hell am a libertarian now."
More coverage from NBC News: At times, Trump turned on the crowd, criticizing libertarians' turnout at previous elections. "You can keep going the way you have for the last long decades and get your 3% and meet again, get another 3%," Trump said following jeers from the crowd.
Another high-profile supporter for commuting Ulbricht's sentence is actor-turned documentary maker Alex Winter. Best known for playing slacker Bill S. Preston Esq in Bill & Ted's Excellent Adventure and its sequels, Winter also directed, wrote, and co-produced the 2015 documentary Deep Web: The Untold Story of Bitcoin and the Silk Road (narrated by Keanu Reeves).

Writing earlier this month in Rolling Stone, Winter called Silk Road "inarguably a criminal operation" but also "a vibrant and diverse community of people from around the world. They were not only there for drugs but for the freedom of an encrypted and anonymous space, to convene and discuss everything from politics to literature and art, philosophy and drugs, drug recovery, and the onerous War on Drugs..." It's my firm opinion, and the opinion of many prison-system and criminal-law experts, that [Ulbricht's] sentence is disproportionate to his charges and that he deserves clemency. This case indeed reflects just one of the millions of unjust sentences in the long and failed War on Drugs... No matter what one thinks of Ulbricht, Silk Road, or the crimes that may have been committed, 10 years in prison is more than sufficient and customary punishment for those offenses or sins. Ross Ulbricht should be free.