12.06.2021

US Gov’t Lawsuit to Block Book Is ‘Good for Bitcoin’

Bitcoin has featured in moves by Snowden at the U.S. government’s expense before. As Cointelegraph reported, in June, it emerged Bitcoin was the medium of choice he used to pay for servers used in a leak of data from the National Security Agency, or NSA.

Whistleblower Edward Snowden has hinted he might place his wealth in Bitcoin (BTC) to avoid the United States government confiscating the funds.

Snowden: Lawsuit is “good for Bitcoin”

In a tweet on Sept. 17, Snowden, who lives in asylum in Russia, continued his response to news Washington is suing him over the content of his new book, “Permanent Record.”

“In conclusion this is good for Bitcoin”, he wrote.

The episode continues a debacle about the publication, with the U.S. Justice Department (DOJ) complaining Snowden did not submit a draft of it for approval before publication.

“We will not permit individuals to enrich themselves, at the expense of the United States, without complying with their pre-publication review obligations”, Jody Hunt, Assistant Attorney General of the DOJ’s Civil Division, commented in an accompanying press release.

From Zcash to Bitcoin advocacy

Nonetheless, in previous comments, Snowden revealed doubts about Bitcoin’s suitability as a financial means of avoiding government coercion.

“The much larger structural flaw, the long-lasting flaw, is its public ledger”, he said in an interview in March last year.

Notably absent from Snowden’s plans this time, however, was privacy-focused altcoin ZCash (ZEC), which he previously praised. Bitcoin supporters were thus more than happy with his publicity.

“Bitcoin is the currency of the people, for the people and by the people”, a popular response from the analyst known as Rhythm read.

Israeli Startup That Allows Offline Crypto Transactions Secures $4M

Israeli cybersecurity startup GK8 has reportedly developed the world’s first offline system for transacting cryptocurrencies.

The new system uses GK8’s proprietary cryptographic techniques that enable instant blockchain transactions of digital assets without any need for an internet connection, Israeli business news publication Globes reported on Sept. 18.

The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint. Other investors reportedly included EdenBlock, iAngels, IDEAL-HLS, StratX and the Israel Innovation Authority.

As reported by Globes, GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities”, securing user funds from hackers and cyberattacks.

Unidirectional connection

In a recent interview with Fortune, GK8 CEO Lior Lamesh described GK8’s technology as “ledger agnostic,” hinting that it can be used for Bitcoin and other cryptocurrencies. According to Lamesh, G8K is capable of recording transactions on a blockchain in offline mode thanks to “unidirectional connection.”

GK8’s technology is up and running, and is already being used by digital asset trading platform eToro.

Fortune reports that GK8 was founded in 2018 by two members of an Israeli special defense unit that specializes in guarding the country’s digital assets.

According to Silicon Valley-based crypto intelligence firm CipherTrace, cryptocurrency thefts reached $1.2 billion in the first quarter of 2019 – $500,000 less than what was stolen throughout the whole of 2018.

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