Coinbase Wallet to Support Bitcoin (BTC) in Both iOS and Android Versions

On Tuesday (February 5th), Coinbase announced Bitcoin (BTC) support for its highly popular "user-custodied crypto wallet" app for iOS and Android.

Coinbase.com ("Coinbase Consumer") is "a digital currency brokerage." It "can also act as a custodian, storing your digital currency for you after you purchase it." In contrast, Coinbase Wallet is "a user-custodied digital currency wallet and DApp browser," which means that "with Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not with a centralized exchange like Coinbase Consumer." A Coinbase Consumer account is not needed if you want to use Coinbase Wallet, and you can download it from anywhere.

Coinbase Wallet is a mobile app that initially only supported Ethereum (ETH) and Ethereum tokens (ERC20 and ERC721). On 26 November 2018, support for Ethereum Classic (ETC) was added. And starting today, it supports storing, sending, and receiving Bitcoin (BTC).

According to the blog post by Coinbase Wallet Product Lead Siddharth Coelho-Prabhu, this "new Wallet update with Bitcoin support will roll out to all users on iOS and Android over the next week." He also says that "Coinbase Wallet supports both newer SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility in all applications."

Coinbase Wallet Example.png

Furthermore, Coinbase Wallet "also supports the Bitcoin Testnet to aid developers and power users." As for support for other coins such as Bitcoin Cash (BCH) and Litecoin (LTC), Coinbase wants you to know that the Coinbase Wallet team is currently working on adding support for additional cryptocurrencies. 

All Images Courtesy of Coinbase

British Court Orders Bitfinex to Freeze $860,000 Tied to Ransomware Attack

  • A British court has ordered Bitfinex to freeze $860K in bitcoin tied to a ransomware payout. 
  • The court also asked the exchange to provide KYC information on the client who owns the account. 

A British court has ordered crypto exchange Bitfinex to freeze $860,000 in bitcoin tied to a ransomware payout. 

According to a report by New Money Review and a filing published last week by the England and Wales High Court, a British court has ordered Bitfinex to freeze the address of an account tied to a ransomware payout and share the know-your-customer information with authorities. 

The report claims that an unnamed firm paid $950,000 in bitcoin as ransom to the perpetrator account through an insurance company intermediate in response to the victim’s computers being hijacked by malware. While some of the ransom was converted to fiat, 96 BTC was transferred to an address on Bitfinex. 

Blockchain security firm Chainalysis released a statement confirming that they had participated in tracking the funds on behalf of the victim’s insurer. Chainalysis Director of Communications Maddie Kennedy said, 

A leading cyber insurer used Chainalysis software to investigate ransomware payments made on behalf of their clients and trace the flow of funds from the point of extortion to known services such as exchanges.

While Bitfinex issued a statement claiming to have “robust systems” in place to assist law enforcement, the exchange declined to confirm whether it would share client information with authorities. 

Featured Image Credit: Photo via Pixabay.com