NFT marketplace OpenSea announced today that it's laying off around 20% of the company's employees. TechCrunch reports: "... [T]he reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn," OpenSea CEO Devin Finzer said in a message shared with staff that he posted publicly on Twitter as well. The company did not specify exactly how many employees were impacted by the decision, but the company's LinkedIn page indicates the company has around 750+ employees currently. Finzer says that impacted employees will be receiving severance and health insurance "into 2023" as well as accelerated equity vesting.

The layoffs raise questions about the company's aggressive growth tactics and how they approached the sustainability of the NFT sector's breakneck growth. In his note to staff, Finzer says the company has years of runway ahead of it with these changes, assuming things don't get even bleaker. "The changes we're making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once," Finzer writes, later adding, "Winter is our time to build."

According to CNBC, embattled crypto company Celsius is in the process of filing for Chapter 11 bankruptcy. From the report: The company's lawyers were notifying individual U.S. state regulators as of Wednesday evening, according to the source, who asked not to be named because the proceedings were private. Celsius plans to file the paperwork "imminently," the person said. The Hoboken, New Jersey-based company made headlines a month ago after freezing customer accounts, blaming "extreme market conditions."

The company was one of the largest players in the crypto lending space with more than $8 billion in loans to clients, and almost $12 billion in assets under management as of May. Celsius said it had 1.7 million customers as of June and was competing with its interest-bearing accounts and yields as high as 17%. The firm would lend customers' crypto out to counterparties willing to pay a sky-high interest rate to borrow it. Celsius would then split some of that revenue with users. But the structure came crashing down amid a liquidity crunch in the industry. "Unfortunately, this was expected. It was anticipated. It does not, however, stop our investigations. We will continue investigating the company and working to protect its clients, even through its insolvency," Joseph Rotunda, director of enforcement at the Texas State Securities Board, said of the Celsius bankruptcy filing.

Sri Lanka has warned its citizens against using cryptocurrency, which it said is "largely unregulated" amid an ongoing political chaos in the South Asian nation. From a report: The country's central bank, CBSL, said Tuesday it does not consider cryptocurrencies as legal tender in the country and reminded that it has not given license or other authorization to any entity to operate in the nation. [...] The warning comes at a time when the sovereign-debt crisis has crippled the local economy. The South Asian nation, which fell into default in May this year and is struggling to secure essential imports from other nations, reported that inflation had touched a year-on-year record of 54.6 percent in June.

GameStop on Monday announced the long-awaited debut of its online marketplace for nonfungible tokens, or NFTs, in a bid to reinvent its business and cash in on consumer adoption of cryptocurrencies and blockchain technology. CNBC reports: The platform, which is now open to the public for beta testing, allows users to connect their own digital asset wallets, including the recently launched GameStop Wallet, the company said in a press release. They will then be able to buy, sell and trade NFTs of virtual goods. Over time, the marketplace will expand to offer other features such as Web3 gaming, GameStop said. "Currently, the marketplace plays host to an array of artwork projects that run on the Ethereum mainnet as well as Loopring, a layer-2 scaling solution," adds Decrypt. "GameStop previously announced a partnership to use the Immutable X layer-2 scaling network, but the marketplace notes that Immutable X support is 'coming soon.'"

"GameStop and Immutable X launched a $100 million token grant fund to bring game developers onto the marketplace. A press release notes that gaming NFTs will be added in the future."

Further reading: Game Developer On 'Why NFTs Are a Nightmare'

Game developer Mark Venturelli received a spirited ovation at Brazil's International Games Festival on Friday after he surprised the audience for his "Future of Game Design" talk with a new title: "Why NFTs are a nightmare." PC Gamer reports: Venturelli, who is best known for the game Chroma Squad, didn't just push back against those talks by calling NFTs a nightmare: He argued in detail that they're bad for gaming and run directly counter to his vision for the future of game design. In a follow-up interview with PC Gamer, Venturelli said the event's blockchain sponsors needed "to buy their relevance, because they're not relevant." [...] NFT projects in particular quickly became savvy enough to use phrases like "environment-friendly technology" in their press releases, but none of them grapple with the deeper criticisms of their ideas. That's what Venturelli zeroed in on in his talk and in our follow-up interview. There's the uncanny resemblance between these profit-driven grifts and pyramid schemes, but there's also the philosophical concern that things like cryptocurrency represent a libertarian ideal founded in paranoia about institutions, and about other human beings. That, Venturelli says, is in part why they're so inefficient in the first place.

"Computationally, like in real life, if you don't trust the people that you're working with, you have to spend a lot more energy to achieve the same things," he says. "If I'm living with you in the same house and we don't trust each other, I have to, every time before I leave my house, hide my valuables. I have to make inventory of the things that I own, and maybe put cameras or locks inside of things. When I come back home I need to check everything and see if you messed with any of my stuff, and make sure that you don't get into my room when I'm sleeping and all that shit. It's so much energy that I have to use just to exist in a room with you, because I don't trust you. That, I feel, is a very good metaphor about how computationally blockchain works, and what is the underlying philosophical idea behind it, which is, 'We want a world without any sort of centralized authority because we cannot trust any of them ever.' And that is the opposite of what we want as a society, in my opinion." [...]

Investors see potential value in South America right now due to exploitable political and economic instabilities, which for Venturelli means that presenting his counterargument is more important than ever. "If we don't take up some spaces, and we let these kinds of people take these spaces, suddenly they're dictating what's the future, suddenly they're taking the investments so that they are building our next big projects," he said. "That's when it starts to get really dangerous, because it can jeopardize our future as an industry, in my opinion. Because I don't feel like these things have long legs. I feel like they might be successful in the short term, but they are going to fall on the long term for sure." [He went on to say:] "Right now we are living in a crisis of trust in Western society -- trust in each other, in institutions, and even in our future together is in decline," Venturelli says. "We should be building systems that help connect people and build trust, build sustainable solutions, and build infinitely scalable human solutions. We should not be shifting away from culture, entertainment, and storytelling towards economic activity. We should not just be eliminating the final hiding places that we have to run away from the oppression of capitalist society." You can watch Venturelli's The Future of Game Design talk on YouTube. An English version of the slides accompanying it is available here.

The Financial Stability Board (FSB) said on Monday it would propose "robust" global rules for cryptocurrencies in October, following recent turmoil in markets that has highlighted the need to regulate the "speculative" sector. From a report: The FSB, a body of regulators, treasury officials and central bankers from the Group of 20 economies (G20), has so far limited itself to monitoring the crypto sector, saying it did not pose a systemic risk. But recent turmoil in crypto markets has highlighted their volatility, structural vulnerabilities and increasing links to the wider financial system, the FSB said.

Nearly all industrial scale Bitcoin miners in Texas have shut off their machines as the companies brace for a heat wave that is expected to push the state's power grid near its breaking point. From a report: Miners such as Riot Blockchain, Argo Blockchain and Core Scientific, who operate millions of energy-intensive computers to secure the Bitcoin blockchain network and earn rewards in the token, flocked to the Lone Star State thanks to its low energy costs and liberal regulations on crypto mining. The state has become one of the largest crypto-mining hubs by computing power in the world.

"There are over 1,000 megawatts worth of Bitcoin mining load that responded to ERCOTs conservation request by turning off their machines to conserve energy for the grid." Lee Bratcher, president of Texas Blockchain Association told Bloomberg in an email response. "This represents nearly all industrial scale Bitcoin mining load in Texas and allows for over 1% of total grid capacity to be pushed back onto the grid for retail and commercial use." Miners may see a drop in profitability as the heat wave keeps their machines off by sending energy prices soaring and further stressing the state's power grid. The miners are already struggling to repay debt and raise additional capital with Bitcoin prices in sharp decline.

In a twist, a massive trove of stolen bitcoins will repay the dark web market creator's $183 million restitution. Wired: Ross Ulbricht, the convicted creator of the legendary Silk Road dark web market for drugs, has never gotten much mercy from the US legal system. In 2015, he was sentenced to life in prison without parole. His appeal was denied, as was the pardon he sought from President Trump. But a little over a year ago, it appears Ulbricht finally got a break of a different kind: The nine-figure debt he owed to the US government as part of his sentence will be erased -- all thanks to the fortuitous hoarding of a hacker who'd stolen a massive trove of bitcoins from his market.

Last year, prosecutors quietly signed an agreement with Ulbricht stipulating that a portion of a newfound trove of Silk Road bitcoins, seized from an unnamed hacker, will be used to cancel out the more than $183 million in restitution Ulbricht was ordered to pay as part of his 2015 sentence, a number calculated from the total illegal sales of the Silk Road based on exchange rates at the time of each transaction. Despite the fact that the more recently unearthed stash of bitcoins -- now worth billions of dollars -- was itself criminal proceeds, the Justice Department appears to have made a deal with Ulbricht to avoid any claim he might have made to the money: In exchange for Ulbricht's agreement to waive any ownership he might have of the bitcoins, a portion of them will be used to pay off his restitution in its entirety.

"The parties agree that the net proceeds realized from the sale of the [bitcoins] forfeited pursuant to this agreement shall be credited toward any unpaid balance of the Money Judgment," reads a court filing from last year, using the phrase "money judgment" to refer to Ulbricht's 2015 restitution order. The document, filed in February of 2021, is signed by both Ulbricht and David Countryman, a prosecutor in the asset forfeiture unit of the US Attorney's office for the Northern District of California. The Department of Justice didn't respond to WIRED's request for comment.

Ulbricht, of course, still faces life in prison. He has already served eight years of that sentence at jails in New York and penitentiaries in Colorado and Arizona. But the repayment of his restitution could mean that he's able to earn money in prison to share with family or friends without it being seized or garnished to pay his debts -- or even keep any previously unknown caches of bitcoins that he may possess, so long as they aren't tied to the Silk Road or other criminal sources. And if his sentence is eventually commuted, as his supporters and a years-long Free Ross campaign have petitioned for since even before his sentencing, he would reenter the world as a free man without hundreds of millions of dollars in debt.

15-year-old Ellis Pinsky stole $23.8 million worth of cryptocurrency — and his life was never the same. For example, Rolling Stone reports, in his last year of high school, "Four men wearing ski masks and gloves, armed with knives, rope, brass knuckles, and a fake 9 mm," crept around the back of his home in the suburbs: Two weeks before the break-in, a lawsuit had been filed against him, and news stories had circulated connecting him to the hack. He knew that the thieves wanted this money, the millions and millions of dollars he had stolen. He also knew that he couldn't give it to them. He didn't have it. Not anymore.
The magazine paints the portrait of "an anxious young man in Invisalign braces" who describes the revelation he'd had at the age of 13. "The internet held such secrets. All he had to do was uncover them." As he soon found, there were plenty of people working to uncover them all the time, and willing to share their methods — for a price.... Realizing that a lot of the information social engineers used came from hacked databases, he began teaching himself to program, particularly to do the Structured Query Language injections and cross-site scripting that allowed him to attack companies' database architecture. The terabyte upon terabyte of databases he extracted, traded, and hoarded made him valuable to OGUsers as well as to others, like the Russian hackers he was able to converse with thanks to his fluency with his mother's native language... By the time he was 14, he tells me, "I think it's fair to say I had the capabilities to hack anyone."
The article describes him as "attending high school by day and extracting the source code of major corporations by night.... He was 14 years old and taken with the thrill of possessing a hidden superpower, of spending his nights secretly tapping into an underground world where he was esteemed and even feared. And then, in the morning, being called downstairs to breakfast." He wrote a Python script to comb through social media networks and seek out any mentions of working for a [cellphone] carrier. Then he'd reach out with an offer of compensation for helping him with a task. Every fifth or sixth person — underpaid and often working a short-term contract — would say they were game, as Pinsky tells it. For a couple hundred dollars' worth of bitcoin, they'd be willing to do a SIM swap, no questions asked. Eventually, Pinsky says, he had employees at every major carrier also working for him. Then the stakes got even higher. It was only a matter of time before OG hackers, known to each other as "the Community," realized that if they could use the SIM-swapping method to steal usernames, they could just as easily use it to steal cryptocurrency...
In one massive heist Pinksky stole 10% of all the Trigger altcoins on the market from crypto impresario Michael Terpin. ("As Pinsky's money launderers were converting it, the market was crashing in real time.") Pinsky recruited a crew to launder the money — at least one of which simply kept it — but even with all the conversion fees, he still made off with millions. And then... For a while, he half-expected the FBI to knock on his door at any moment, just like in the movies; but as time passed, he grew less anxious.... He says he moved on to learning different types of programming. He ran a sneaker business that used bots and scripts to snap up limited pairs then flip them... He went to soccer practice. He and his friends had started hanging out with girls on the weekend, driving down to the docks where you could see the glowing lights from the Tappan Zee Bridge.
Until Terpin figured out it was Pinsky who'd robbed him: Pinsky and his legal team preempted his arrest by contacting the U.S. attorney directly and offering his cooperation. In February 2020, he voluntarily returned every last thing he says he got from the Terpin heist: 562 bitcoins, the Patek watch, and the cash he'd stored in the safe under his bed.... When I ask if he has also worked with the FBI to help bring down other hackers, he blinks quickly and then changes the subject.
Pinsky has not been criminally charged — partly because he was a minor, but also because of his cooperation with law enforcement. But filing a civil suit, Terpin wants to be compensated with triple the amount stolen, arguing that the teenager who robbed him was running an organized crime racket and that he should be heavily punished to set an example.

Rolling Stone's article raisees the question: what should happen next?

In the first six months of 2022, Web3 projects have lost more than $2 billion to hacks and exploits -- more than all of 2021 combined. The Verge reports: That's according to research from blockchain auditing and security company CertiK, which on Thursday released its quarterly Web3 security report covering Q2 of this year. The report paints a sobering picture of a cryptocurrency space still plagued by hacks, scams, and phishing schemes while also facing relatively new threats like flash loan attacks. CertiK puts particular focus on this last category of threat, which has been created by the invention of flash loans: a decentralized finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time. If used maliciously, flash loans can be used to manipulate the value of a certain token on exchanges or buy up all of the governance tokens in a project and vote to withdraw all of the funds, as happened to Beanstalk in April.

In total, CertiK's report claims that a total of $308 million was lost across 27 flash loan attacks in Q2 2022 -- an enormous increase compared to just $14 million lost to flash loans in Q1. Phishing attacks also increased in frequency between Q1 and Q2 of this year, with CertiK recording 290 in the most recent quarter compared with 106 in the first three months of the year. Discord was the vector for the vast majority of phishing attempts, a signal of its continuing popularity as the social network of choice for the cryptocurrency and NFT scene, despite ongoing security concerns. CertiK also found that so-called "rug pulls" -- where the founders of a project halt development and abscond with the funds -- were down 16.5 percent from the previous quarter.

An anonymous reader quotes a report from The Block: Ronin, the Ethereum-linked sidechain that underpins play-to-earn game Axie Infinity, lost $540 million in crypto to an exploit in March. While the US government later tied the incident to North Korean hacking group Lazarus, full details of how the exploit was carried out have not been disclosed. The Block can now reveal that a fake job ad was Ronin's undoing. According to two people with direct knowledge of the matter, who were granted anonymity due to the sensitive nature of the incident, a senior engineer at Axie Infinity was duped into applying for a job at a company that, in reality, did not exist.

Earlier this year, staff at Axie Infinity developer Sky Mavis were approached by people purporting to represent the fake company and encouraged to apply for jobs, according to the people familiar with the matter. One source added that the approaches were made through the professional networking site LinkedIn. After what one source described as multiple rounds of interviews, a Sky Mavis engineer was offered a job with an extremely generous compensation package. The fake "offer" was delivered in the form of a PDF document, which the engineer downloaded -- allowing spyware to infiltrate Ronin's systems. From there, hackers were able to attack and take over four out of nine validators on the Ronin network -- leaving them just one validator short of total control. [...]

In its post-mortem, Sky Mavis revealed that the hackers managed to use the Axie DAO (Decentralized Autonomous Organization) -- a group set up to support the gaming ecosystem -- to complete the heist. Sky Mavis had asked the DAO for help dealing with a heavy transaction load in November 2021. [...] A month after the hack, Sky Mavis had increased the number of its validator nodes to 11, and said in the blog post that its long-term goal was to have more than 100. Sky Mavis declined to comment on how the hack was carried out when reached. Earlier today, ESET Research published an investigation showing that North Korea's Lazarus had abused LinkedIn and WhatsApp by posing as recruiters to target aerospace and defense contractors. But the report did not tie that technique to the Sky Mavis hack. The Block notes that Axie Infinity "boasted 2.7 million daily active users and $214 million in weekly trading volume for its in-game NFTs in November last year -- although both numbers have since plummeted."

Users affected by the exploit will be reimbursed via the company's funds, along with the $150 million it raised in a round led by Binance in early April. "The company said recently that it would begin returning funds to users on June 28," adds the report.

What is likely one of history's largest heists of personal data -- and the largest known cybersecurity breach in China -- occurred because of a common vulnerability that left the data open for the taking on the internet, say cybersecurity experts who discovered the security flaw earlier this year. WSJ: The Shanghai police records -- containing the names, government ID numbers, phone numbers and incident reports of nearly 1 billion Chinese citizens -- were stored securely, according to the cybersecurity experts. But a dashboard for managing and accessing the data was set up on a public web address and left open without a password, which allowed anyone with relatively basic technical knowledge to waltz in and copy or steal the trove of information, they said. "That they would leave this much data exposed is insane," said Vinny Troia, founder of dark web intelligence firm Shadowbyte, which scans the web for unsecured databases and found the Shanghai police database in January.

The database stayed exposed for more than a year, from April 2021 through the middle of last month, when its data was suddenly wiped clean and replaced with a ransom note for the Shanghai police to discover, according to Bob Diachenko, owner of the cybersecurity research firm SecurityDiscovery, which similarly found the database -- and later the note -- through its periodic web scans earlier this year. "your_data_is_safe," the ransom note read, according to screenshots provided by Mr. Diachenko. "contact_for_your_data...recovery10btc," meaning the data would be returned for 10 bitcoin, roughly $200,000. The ransom amount matches the price that an anonymous user began asking for last Thursday on an online cybercrime forum in exchange for access to a database the user claimed contained billions of records of Chinese citizens' information stolen from a Shanghai national police database.

Crypto broker Voyager Digital has filed for bankruptcy protection, days after suspending all trading and withdrawals on its service. From a report: Voyager announced late Tuesday that it had filed for Chapter 11 bankruptcy in New York federal court. The company said prolonged volatility in the crypto markets and the default by Three Arrows Capital on a $666 million loan from Voyager required decisive action. "This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," Voyager CEO Stephen Ehrlich said in a statement. Three Arrows, a crypto hedge fund also known as 3AC, has itself filed for bankruptcy after being ordered to liquidate by a court in the British Virgin Islands. Three Arrows had bet big on the Terra crypto ecosystem that collapsed in value in May when its stablecoin, UST, lost its peg to the dollar. The bankruptcy for Voyager comes despite Alameda Research, a crypto company run by Sam Bankman-Fried, extending two credit lines to the crypto broker: one for about $200 million and the other for about 15,000 bitcoin.

Vauld, a Singapore-headquartered crypto lending and exchange startup, has suspended withdrawals, trading and deposits on its eponymous platform with immediate effect as it navigates "financial challenges," it said Monday. From a report: The three-year-old startup -- which counts Peter Thiel-backed Valar Ventures, Coinbase Ventures and Pantera Capital among its backers and has raised about $27 million -- said it is facing financial challenges amid the market downturn, which it said has prompted customer withdrawals of about $198 million since June 12. Vauld enables customers to earn what it claims to be the "industry's highest interest rates on major cryptocurrencies." On its website, Vauld says it offers 12.68% annual yields on staking several so-called stablecoins including USDC and BUSD and 6.7% on Bitcoin and Ethereum tokens.

A hacker has claimed to have procured a trove of personal information from the Shanghai police on one billion Chinese citizens, which tech experts say, if true, would be one of the biggest data breaches in history. From a report: The anonymous internet user, identified as "ChinaDan," posted on hacker forum Breach Forums last week offering to sell the more than 23 terabytes (TB) of data for 10 bitcoin BTC=, equivalent to about $200,000. "In 2022, the Shanghai National Police (SHGA) database was leaked. This database contains many TB of data and information on Billions of Chinese citizen," the post said. "Databases contain information on 1 Billion Chinese national residents and several billion case records, including: name, address, birthplace, national ID number, mobile number, all crime/case details." Reuters was unable to verify the authenticity of the post. The Shanghai government and police department did not respond to requests for comment on Monday.

The British army is "investigating an apparent hack," reports Engadget, after its official Twitter and YouTube accounts were compromised Sunday: News of the breach was first reported by Web3 is Going Great . According to the blog, both accounts were simultaneously compromised to promote two different cryptocurrency scams.

Although it has since been scrubbed, the army's verified Twitter account was briefly changed to look like a page for The Possessed, a project involving a collection of 10,000 animated NFTs with a price floor of 0.58 Ethereum (approximately $1,063). During that time, the account tweeted out multiple links to a fake minting website....

Over on YouTube, the army's channel [had] been made to look like a page for Ark Invest...livestreaming videos that repurpose old footage of Elon Musk, Jack Dorsey and Ark CEO Katie Wood discussing cryptocurrency. The clips feature an overlay promoting "double your money" Bitcoin and Ethereum scams. According to Web3 is Going Great, a similar scheme netted scammers $1.3 million this past May. It's unclear who is behind the attacks.

What exactly happened after El Salvador president Nayib Bukele made Bitcoin a legal tender for the country? "As Bitcoin has dropped more than 50 percent of its value this year, there have been suggestions that El Salvador's investment has pushed the country to the brink of bankruptcy," writes a Salvadoran political/human rights journalist in the New York Times.

"However, implying that the country's risk of default derives from the crypto-enthusiasm is wrong: The economic turmoil preceded and is bigger than that." The article notes that prior to their move into Bitcoin, "the Salvadoran economy was already stretched. Total debt amounted to about 90 percent of G.D.P., a large chunk of which had been accumulated by prior administrations or spurred by pandemic-related expenses."

But what are we missing with this focus on Bitcoin? Mr. Bukele has weaponized Bitcoin to whitewash his government's growing authoritarianism on the world stage. By spreading his propaganda, Bitcoin believers are promoting a product — and lining their pockets — at the expense of our rights and livelihoods.... Over the past three months, the government has used a state of emergency to imprison almost 40,000 people, often without defense. Mr. Bukele has begun to crack down on press freedom, through a gag law that prohibits reproducing messages from gangs and his government hasn't investigated the illegal use of Pegasus spyware to monitor dozens of journalists who cover El Salvador, including me, from independent news outlets between 2020 and 2021. Reporters have already fled the country, fearing reprisal for doing their jobs....

It's pretty obvious to anyone who visits any place in El Salvador other than its beaches that Mr. Bukele is not building a techno-utopia; he's building a run-of-the-mill authoritarian state in a tech disguise. Bitcoiners would do well to remember that when they cheer for Mr. Bukele, they're not ushering in the technology of the future; they're enabling a regime that's violating the human rights of its citizens. After all, the economic freedom Bitcoin promises is worth nothing to Salvadorans if it's the only freedom we can hope to have.
But even ignoring human rights issues — the Bitcoin experiment remains unpopular in El Salvador: Remittances account for more than 20 percent of El Salvador's G.D.P., because of a large diaspora mainly based in the United States. But, according to the Central Bank of El Salvador, only 1.5 percent of remittances went through digital wallets in April, which shows Salvadorans haven't gotten onboard with Bitcoin despite the promise of needed savings. And Mr. Bukele's plan for selling his Bitcoin bonds has stalled.

Just one year into Mr. Bukele's Bitcoin experiment, average Salvadorans can tell that Bitcoin isn't working for them. In May, a national poll showed that 71 percent of Salvadorans said they didn't see any benefit from the law for their family economy. Another found that about two of every 10 Salvadorans support the decision to adopt Bitcoin. Those Salvadorans haven't adopted the currency. A paper published in April by the National Bureau of Economic Research concludes that "despite the legal tender status of Bitcoin and the large incentives implemented by the government, the cryptocurrency is largely not an accepted medium of exchange in El Salvador...." A December national poll showed that only about 11 percent of respondents believed the main beneficiaries of the Bitcoin law are the people, while about 80 percent believed it's either the rich, foreign investors, banks, businesspeople or the government.

Slashdot reader thegarbz writes: In 2019 Maastricht University in the Netherlands was hit with a ransomware attack which locked 25,000 staff and students out of their research data. The university agreed to pay a ransom of €200,000 to unlock the encrypted data, reports German broadcaster DW. It seems that a small part of the ransom has been recovered, but with a twist.

A university official said the money will go into "a fund to help financially strapped students."

An anonymous reader shares this report from NBC News: A controversial bitcoin mining operation on the largest of central New York's Finger Lakes does not meet the requirements of state climate laws, New York's Department of Environmental Conservation ruled Thursday, denying an air permit request the entity's owner, Greenidge Generation LLC., made in March 2021.

Renewing the air permit for the Greenidge facility on Seneca Lake "would be inconsistent with or would interfere with the attainment of statewide greenhouse gas emission limits," the Department of Environmental Conservation, or DEC, said in its ruling. It added that the company, which burns natural gas at its plant, has "failed to demonstrate that the continued operation of the facility is justified notwithstanding this inconsistency, as it has not provided any electric system reliability or other ongoing need for the facility." Greenhouse gas emissions from the plant have increased "dramatically" since a previous permit was issued to Greenidge in 2016 and after the 2019 enactment of New York's Climate Leadership and Community Protection Act, DEC said.

Local residents and environmental groups lauded the decision. Greenidge said it would continue to operate the plant under its current permit while it challenged the DEC ruling....

Greenidge took over a mothballed power plant on the shores of Seneca Lake in 2014 and requested permits to operate it as a so-called peaker plant, providing electricity to the grid in times of heavy use. While the operation initially supplied most of its power to the grid, DEC found its main purpose has become bitcoin mining.
The article adds that the global usage of electricity for bitcoin mining "roughly equals the consumption of Pakistan, according to the University of Cambridge Bitcoin Electricity Consumption Index."

The EU has moved to rein in the "wild west" of crypto assets by agreeing a groundbreaking set of rules for the sector, adding to pressure on the UK and US to introduce their own curbs. From a report: Representatives from the European parliament and EU states inked an agreement late on Thursday that contains measures to guard against market abuse and manipulation, as well as requiring that crypto firms provide details of the environmental impact of their assets. "Today, we put order in the wild west of crypto assets and set clear rules for a harmonised market," said Stefan Berger, the German MEP who led negotiations on behalf of the parliament. Referring to the recent slump in cryptocurrency prices -- the total value of the market has fallen from $3tn last year to less than $900bn -- Berger added: "The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act." The markets in crypto assets (MiCA) law is expected to come into force at about the end of 2023. Globally, crypto assets are largely unregulated, with national operators in the EU required only to show controls for combating money laundering.