Bobby Lee’s New Venture Ballet is a Hardware Wallet for the Masses

  • Bobby Lee announced the launch of Ballet, a crypto hardware "for everyone."
  • Wallet includes a physical card with previously generated addresses and private keys that users access through an app.

Bobby Lee, co-founder and former CEO of one of China's first cryptocurrency exchanges Bitcoin China (BTCC), has shed light on his next venture: a hardware wallet called Ballet. 

Hardware Wallet for Everyone

According to the announcement made at CoinDesk’s Invest: Asia event held in Singapore on Sept. 12, Lee is launching a crypto hardware wallet designed for the general public.

The project, titled Ballet, plans to differentiate itself from the existing market by prioritizing simplicity and a user-friendly product. In particular, Ballet will generate public addresses and private keys for users in an advance. 

Lee explained that bypassing the initial complexity of generating keys allows for crypto newcomers to engage with the wallet out of the box. 

He said, 

We wanted to create a wallet that is simple and elegant. And that is what we’ve done.

Lee told audience members that he has been hard at work on the project for the last nine months,

I’ve been working on this hard since January of this year. We’ve gone through six iterations of this hardware wallet design.

Ballet, running under the tagline “A Wallet for Everyone!,” will utilize a metal card to deliver the wallet address and encryption key to users. 

The card contains a printed QR code, an encryption code and another concealed identifier that must be scratched off for users to activate the wallet. Using the iOS and Android App, which launched on Sept. 12, users can scan the QR code and enter the two encryption keys in order to gain access to their private key and wallet, which has all been pre-generated. 

The application currently supports bitcoin, litecoin, XRP, ether and several ERC-20 based tokens.

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Crypto Scammers Responsible for $24 Million in Bitcoin Theft Through First Half of 2020: Report

Michael LaVere
  • New Whale Alert report shows crypto scammers have raked in $24 million in bitcoin through the first six months of 2020.
  • One scammer leveraged YouTube advertising to steal $130k in BTC per day. 

Crypto monitoring service Whale Alert has published a report showing that crypto scammers are responsible for $24 million in bitcoin theft through the first half of the year, including the exploitation of YouTube advertising. 

According to the report “Chasing Crypto Criminals” published July 10, cyber-thieves are finding easy prey in the form of bitcoin and other crypto-asset investors. Whale Alert summarized its exhaustive reviews of hundreds of websites and thousands of reports of theft as “crypto crime pays. A lot.” 

Whale Alert claimed there was little risk involved for crypto-based criminals, despite the massive economic impact being imposed on victims. The report confirmed at least $38 million in bitcoin alone being stolen via scams over the past four years, excluding the use of Ponzi schemes. 

The report reads, 

Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.

Whale Alert outlined another scam which brought in $1.5 million over six months through promoting a fake cryptocurrency exchange. The report claims the advertisement took victims to an “amateurish website riddled with spelling errors,” before tricking users into depositing their funds. 

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