Crypto heists are becoming increasingly common, but forensic investigators are getting savvier at figuring out who is behind specific accounts. From a report: Paolo Ardoino was on the front lines of one of the largest cryptocurrency heists of all time. He was flooded with calls and messages in August alerting him to a breach at Poly Network, a platform where users swap tokens among popular cryptocurrencies like Ethereum, Binance and Dogecoin. Hackers had made off with $610 million in crypto, belonging to tens of thousands of people. Roughly $33 million of the funds were swiftly converted into Tether, a "stable coin" with a value that mirrors the U.S. dollar. Ardoino, Tether's chief technology officer, took note. Typically, when savvy cybercriminals make off with cryptocurrency, they transfer the assets among online wallets through difficult-to-trace transactions. And poof -- the money is lost. Ardoino sprang into action and minutes later froze the assets.

"We were really lucky," he said. "Minutes after we issued the freezing transaction, we saw the hacker attempt to move out his Tether. If we had waited five minutes more, all the Tether would be gone." Two weeks later, Tether released the money to its rightful owners. And after threats from Poly Network, the online bandit gave up the rest. The seizure pokes a hole in the long-held belief that cryptocurrency is impossible to trace. Cryptocurrency is computer code that allows people to send and receive funds, recording the transactions on a public ledger known as a blockchain, rather than retaining account holder info. Because of the lack of user data, cryptocurrencies like bitcoin have been hailed as a safe haven for criminal activity. Fueled by anonymity, the shadowy industry allows hackers, tax evaders and other bad actors to launder money secretively, outside of the traditional banking system. Online scammers made off with $2.6 billion in 2020, according to a Chainalysis report. That year, ransomware attacks more than quadrupled.

But forensics investigators are getting savvier at scrupulously mapping activity on blockchains and figuring out who is behind specific accounts. This has sparked a "novel cottage industry of data providers" who are able to track cryptocurrency accounts flagged for illicit activity, said Zachary Goldman, a lawyer at WilmerHale specializing in novel payment technologies. "That's never really been available before." Through tracking, agents have recouped stolen crypto funds in a handful of high-profile cases. In June, the Federal Bureau of Investigation seized the $2.3 million in bitcoin ransom Colonial Pipeline paid to hackers who infiltrated the company's computer network. Investigators used the blockchain to follow the flow of the ransom payment to track the perpetrators. In 2020, the crypto exchange KuCoin recovered almost all of the $281 million stolen by suspected North Korean hackers and refunded customers.

Robinhood plans to start a cryptocurrency wallet next month, the company announced on Wednesday. Engadget reports: The tool will allow you to send and receive digital currencies, as well as trade them and move them off the app. If you want to take part in the test, you'll need to join a waitlist. Robinhood plans to trial the feature with a small number of users first before expanding availability to more people gradually.

The company told The Verge it expects everyone will have access to their own wallet sometime in 2022. In the meantime, you can see progress on the wallet by following Robinhood's Twitter account and blog. The company promised to share whatever feedback early users provide on the product with the community. Initially, the wallet will support Bitcoin, Ethereum and even Dogecoin. The wallet will use a custodial system, which means Robinhood will manage the keys you need to unlock it. That said, you'll have the option to move your cryptocurrencies to other platforms should you so choose.

"China fired a fresh regulatory shot at its tech giants on Monday," writes Reuters, "telling them to end a long-standing practice of blocking each other's links on their sites or face consequences." The comments, made by the Ministry of Industry and Information Technology (MIIT) at a news briefing, mark the latest step in Beijing's broad regulatory crackdown that has ensnared sectors from technology to education and property and wiped billions of dollars off the market value of some of the country's largest companies.

China's internet is dominated by a handful of technology giants which have historically blocked links and services by rivals on their platforms. Restricting normal access to internet links without proper reason "affects the user experience, damages the rights of users and disrupts market order," said MIIT spokesperson Zhao Zhiguo, adding that the ministry had received reports and complaints from users since it launched a review of industry practices in July. "At present we are guiding relevant companies to carry out self-examination and rectification," he said, citing instant messaging platforms as one of the first areas they were targeting.

He did not specify what the consequences would be for companies that failed to abide by the new guidelines.

Foreign Policy magazine explores just what happened after El Salvador adopted bitcoin as legal currency and launched its official government-approved bitcoin wallet Chivo: Chivo launched just after midnight on Sept. 7. The system started failing at three a.m. Server capacity was increased, and app installations were not re-enabled until 11:30 a.m. Transactions failed through the day; customer service lines were jammed; Chivo ATMs ran out of cash. Shortly after ten a.m., the price of bitcoin crashed by $10,000 in three minutes...

After protests on Sept. 6, more than 1,000 people marched on the Legislative Assembly on Sept. 7, jumping barriers placed early that morning to keep them out. One group of protestors set some tires on fire. Opposition politicians attended the day's session in "No Bitcoin" shirts. The protests were not against bitcoin itself. People protested the forced acceptance, the complete lack of transparency from the government, and the dysfunctional Chivo payment system — "people are against how things are being done in the name of bitcoin," local businessman Patrick Murray said....

[T]he Bitcoin Law, and the disastrous launch of Chivo, has frightened the bond markets; El Salvador's sovereign debt dropped almost five cents in a single day, ending Sept. 7 trading at 87.6 cents on the dollar. The World Bank and the International Monetary Fund are already reluctant to supply further funding because of the Bitcoin Law...

Traders were reluctant to accept bitcoin. "I'd rather lose the sale," one trader told La Prensa Grafica. Others didn't trust money they couldn't hold in their hands. Street vendors may not even have phones. Many of their customers are illiterate. Some government offices didn't accept bitcoin payments. Transfers from Chivo to bank accounts were not reliable. The Chivo ATMs didn't work well — one machine had a reported three successful cash withdrawals in a day. Even transfer of bitcoins in and out of Chivo had problems...
"El Salvador's Bitcoin Law Is a Farce," blares the headline on the article, saying El Salvador's system "doesn't work, the currency crashed, and the public hates it."

"Fears of criminals bringing in dirty bitcoins and exchanging them for clean dollars, draining the $150 million trust that was set up as a buffer between bitcoins and dollars, have not come to pass — because Chivo doesn't work well enough."

States on Friday took action against Celsius Network, accusing the company, which purports to be one of the world's largest cryptocurrency lenders, of offering residents unregistered securities. From a report: Texas filed a notice seeking a hearing to determine whether to issue a cease and desist order against the company. The action means Celsius will have to show why it shouldn't be ordered to stop offering its products to state residents. The hearing is scheduled for February 14. Separately, New Jersey ordered Celsius to stop offering some of its products, which it also described as unregistered securities, effective November 1.

The moves against Celsius come on the heels of similar actions against New Jersey-based competitor BlockFi taken by states including New Jersey, Texas and others in July, and in the week after Coinbase Global Inc. disclosed that the Securities and Exchange Commission had threatened to sue it if it offered its own yield product to depositors. Celsius had more than $24 billion in "community assets" at the beginning of September, the company said, which would make it one of the world's largest crypto lenders and interest-account providers, if not the largest. The company offers customers a yield of nearly 9% for deposits of U.S.-dollar stablecoins, such as Tether and USD Coin, as much as 6.2% for Bitcoin, and varying rates of interest on other cryptocurrencies.

An anonymous reader quotes a report from Bloomberg: China's campaign against the cryptocurrency industry is now targeting miners who tried to disguise themselves as data researchers and storage facilities to stay in business, according to people with knowledge of the situation. Inspections intensified this month in several Chinese provinces, targeting illegal mining activities in colleges, research institutions and data centers, said the people who asked not to be named due to the sensitivity of the matter. Concern over the country's power supplies for the upcoming winter season is one reason for the urgency, they said. The new round of scrutiny could further depress the amount of crypto mining occurring in China, which for years had been the dominant player and as recently as April had a 46% share of the global hash rate, a measure of computing power used in mining and processing, according to the Cambridge Bitcoin Electricity Consumption Index.

In August, AMC Entertainment CEO Adam Aron said the company will start accepting bitcoin as payment for movie tickets and concessions at all of its U.S. theaters. Now, Aron says he expects the company to also accept Ethereum, Litecoin, and Bitcoin Cash. In a tweet, Aron said: "Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash."

Major cryptocurrencies gave back their advances after Walmart denied having an agreement to use Litecoin for purchases. From a report: Litecoin -- which rose as much as 33% at one point -- erased all its gains. Bitcoin, the largest digital asset, was down 2.9% as of 10:24 a.m. in New York after earlier having advance roughly 4% on the news. Other digital assets also retreated, with Bitcoin Cash, Ether and EOS all declining. A Walmart spokesperson said the statement on Litecoin was "inauthentic." Meanwhile, a verified Litecoin Twitter account deleted a tweet that linked to a press release announcing the partnership.

Slashdot has been following El Salvador's pioneering adoption of Bitcoin as legal tender last week.

But by Friday Reuters was reporting that "For a fourth day in a row technical glitches have beset the Salvadoran government's bitcoin digital wallet Chivo, a setback that could discourage residents from signing up to the app promoted by President Nayib Bukele. Problems accessing the wallet, withdrawing money from ATMs, and data verification, as well as the government not depositing the $30 (€25) bonus Bukele promised all Chivo users were the most frequent issues, according to interviews with at least 10 users and user complaints posted on Twitter and Facebook.

Melvin Vasquez, a 30-year-old tattoo artist, downloaded Chivo on Tuesday, when the Bitcoin law went into effect, but has since been unable to use it... User complaints were also stacking up in Apple's App Store and Alphabet's Google Play...

[M]any of the very people sending or receiving dollars to El Salvador are mistrustful of Bitcoin. Some expressed fears of losing money, given the high volatility of the cryptocurrency.

An anonymous reader quotes a report from The New York Times: A Long Island man was charged on Wednesday with using his position as an I.T. supervisor for Suffolk County to mine cryptocurrency from government offices, costing the county thousands of dollars in electricity. Prosecutors said that Christopher Naples, 42, of Mattituck, L.I., had hidden 46 specialized devices used to mine Bitcoin and other cryptocurrencies in six rooms in the Suffolk County Center in Riverhead, including underneath floorboards and inside an unused electrical panel. Mr. Naples was charged with public corruption, grand larceny, computer trespass and official misconduct. If convicted of the top charge, he could face up to 15 years in prison.

Mr. Naples had admitted that the devices belonged to him and that he had been operating them for at least several months before the district attorney's office was alerted to the scheme. Prosecutors said that at least 10 of Mr. Naples's machines had been running since February, costing Suffolk County more than $6,000. [...] [G]iven that 36 more machines had been discovered, it was likely that Mr. Naples had cost the county thousands more. [...] [O]ne room in which Mr. Naples had placed the devices had critically important computer servers and other equipment for the entire county, and that the temperature in that room in which the devices were placed had dropped 20 degrees shortly after they were disabled.

Matt Levine, writing at Bloomberg: Oh, sure, yes, absolutely. The rule in the U.S. is that an "investment contract," meaning "the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others," is a security, and generally can't be sold to the public without registering it with the Securities and Exchange Commission, delivering a prospectus with audited financial statements, etc. A Bitcoin lending program -- in which (1) a bunch of people pool their Bitcoins, (2) some manager or smart contract lends those Bitcoins to borrowers who pay interest, and (3) some or all of the interest is paid back to the people in the pool -- is pretty straightforwardly an investment contract and thus a security.

I have been saying this for months, though that's only because the SEC has also been saying it for months. But I admit that the SEC hasn't been saying it in a particularly clear way. There's not an SEC press release saying "FYI crypto lending programs are obviously securities." And I gather that there are a lot of crypto lending programs -- they're a staple feature of decentralized finance platforms -- and roughly none of them are registered with the SEC. The SEC and state regulators have brought enforcement actions against a few of them -- we've talked about BitConnect and BlockFi and Blockchain Credit Partners -- but I suppose each of those is distinctive in its own way, and there are about a zillion others that haven't been sued by the SEC. So you could reasonably look around and be like "oh sure we can pool people's Bitcoins and lend them and pass along the interest, that's not a security that should involve the SEC." You'd be wrong, but I get where you're coming from.

[...] Look, I get it. From the perspective of Coinbase, and of its customers, and frankly of most normal people interested in crypto:

People would like to lend their Bitcoins.
It doesn't feel like a security.
It's kind of annoying and archaic that a 1946 Supreme Court case says that it is?

But look at it from the SEC's perspective:

The SEC really doesn't like crypto.
The SEC is a regulatory agency that has a general tendency to want to do more regulating.
Popular tokens like Bitcoin and Ether are not securities and so not subject to SEC regulation, which leaves the SEC feeling antsy.
But crypto lending programs are pretty clearly securities subject to SEC regulation.
So for the SEC to say "crypto lending programs are securities and need to be regulated" serves the dual purposes of (1) expanding SEC jurisdiction over crypto and (2) stopping those programs.
Also it's pretty clearly justified by a 1946 Supreme Court case.

XXongo writes: The Guardian tells the story of the Satoshi, the converted cruise ship that was supposed to be the libertarian paradise, homesteading the high seas off the coast of Panama, free from rules and regulations and (most of all) taxes, with an economy run on cryptocurrency. The ship was even named "Satoshi," after the pseudonym of the nearly-mythical elder who outlined the first cryptocurrency, Bitcoin.

So, what went wrong? Well, turns out that it wasn't quite so simple, and in some ways the "borderless seas" are actually among the most tightly regulated locations on Earth. Even selling the ship for scrap turned out to be hard...

More than 1,000 people marched in El Salvador's capital on Tuesday to protest the adoption of bitcoin as legal tender, amid a bumpy initial rollout of systems to support the digital currency. Reuters reports: The protesters burned a tire and set off fireworks in front of the Supreme Court building around noon local time, as the government deployed heavily militarized police to the site of the protest. "This is a currency that's not going to work for pupusa vendors, bus drivers or shopkeepers," said a San Salvador resident who opposed the adoption of the cryptocurrency. Pupusas are a traditional Salvadoran corn-based food. "This is a currency that's ideal for big investors who want to speculate with their economic resources."

The protest came as El Salvador's government was rushing to iron out technological snags in bitcoin's first-day rollout. Earlier on Tuesday, Salvadorans trying to download the Chivo digital wallet found it was unavailable on popular app stores. Then Bukele tweeted that the government had temporarily unplugged it, in order to connect more servers to deal with demand. A group of people in Chivo tee-shirts at a stall to train people interested in using the app milled around waiting for it to be reconnected. It later appeared on Apple and Huawei's stores, and Bukele used Twitter to ask users to let him know how it was working. El Salvador voted to adopt bitcoin as legal tender in June. Yesterday, one day before the Bitcoin Law was put in effect, the country bought roughly $20.9 million worth of bitcoin, sending the price of the currency above $52,000 for the first time since May.

A 22-year-old Bitcoin millionaire wants Republicans to ditch their iPhones for a low-end handset that he hopes to turn into a political tool. From a report: It was a pitch tuned for a politically polarized audience. Erik Finman, a 22-year-old who called himself the world's youngest Bitcoin millionaire, posted a video on Twitter for a new kind of smartphone that he said would liberate Americans from their "Big Tech overlords." His splashy video, posted in July, had stirring music, American flags and references to former Presidents Abraham Lincoln and Donald J. Trump. Conservative pundits hawked Mr. Finman's Freedom Phone, and his video amassed 1.8 million views. Mr. Finman soon had thousands of orders for the $500 device. Then came the hard part: Building and delivering the phones. First, he received bad early reviews for a plan to simply put his software on a cheap Chinese phone. And then there was the unglamorous work of shipping phones, hiring customer-service agents, collecting sales taxes and dealing with regulators.

"I feel like practically I was prepared for anything," he said in a recent interview. "But I guess it's kind of like how you hope for world peace, in the sense you don't think it's going to happen." For even the most lavishly funded start-ups, it is hard to compete with tech industry giants that have a death grip on their markets and are valued in the trillions of dollars. Mr. Finman was part of a growing right-wing tech industry taking on the challenge nonetheless, relying more on their conservative customers' distaste for Silicon Valley than expertise or experience. [...] To make a smartphone, however, he had to rely on Google. The company's Android software already works with millions of apps, and Google makes a free, open version of the software for developers to modify. So Mr. Finman hired engineers to strip it of any sign of Google and load it with apps from conservative social networks and news outlets. Then he uploaded the software on phones he bought from China. To unveil the phone, he recorded an infomercial in which he cast the tech companies as enemies of the American way. "Imagine if Mark Zuckerberg banned MLK or Abraham Lincoln," he said in the video. "The course of history would have been altered forever."

[...] Thousands of people bought the $500 phone. Others, including some conservatives, quickly panned the animated pitch. Quickly, news outlets reported that the Freedom Phone was based on a low-cost handset from Umidigi, a Chinese manufacturer that had used chips shown to be vulnerable to hacks. Mr. Finman, who marketed the device as "the best phone in the world," was on the defensive. In an interview in July, Mr. Finman admitted that Umidigi made the phone but still said he was "100 percent" sure it was more secure than the latest iPhone. Apple has tens of thousands of engineers. Mr. Finman said he employed 15 people in Utah and Idaho.

In advanced economies, cryptocurrencies are viewed by many in the financial world with suspicion -- the domain of zealous "crypto bros" and a speculative and highly volatile fad that can only end badly. Regulators in Europe and the US have issued stark warnings about the dangers of trading crypto. But in the developing world, there are signs that crypto is quietly building deeper roots. Especially in countries which have a history of financial instability or where the barriers to accessing traditional financial products such as bank accounts are high, cryptocurrency use is fast becoming a fact of daily life. Financial Times: "While everyone was paying attention to [Tesla chief executive] Elon Musk's tweets, and which institutional investor or CEO was saying what they thought about bitcoin, there was this entire story unravelling in emerging markets around the world that's really powerful," says Kim Grauer, director of research at Chainalysis, a leading data company in the sector. "There's a massive crypto footprint in many of these countries ... [and] a massive amount of entrepreneurial opportunity." Chainalysis ranks Vietnam first for crypto adoption worldwide -- one of 19 emerging and frontier markets in its top 20, with only the US among advanced economies making an appearance at number eight in 2021. "It's very striking this year, [adoption] is a story of emerging and frontier markets," adds Grauer. Separate data from UsefulTulips.org, tracking bitcoin transactions on the world's two biggest peer-to-peer crypto trading platforms, show that in the past few weeks, sub-Saharan Africa has overtaken North America to become the geographical region with the highest volume of this kind of crypto activity.

[...] Emerging markets are fertile ground for cryptocurrencies, often because their own are failing to do their job. As a store of value, as a means of exchange and as a unit of account, national currencies in some developing countries too often fall short. Unpredictable inflation and fast-moving exchange rates, clunky and expensive banking systems, financial restrictions and regulatory uncertainty, especially the existence or threat of capital controls, all undermine their appeal. Nigeria, Africa's most populous country, is a case in point. Its impatient, youthful population has to contend daily with high unemployment, the vagaries of black market currency exchanges and capital controls. As the price of oil, the country's main export, dropped during the pandemic and further squeezed dollar supply, many businesses were unable to pay foreign suppliers and lenders, almost leading to the default of a World Bank-backed power plant that provides a tenth of Nigeria's electricity. For individuals sending or receiving remittances or billing customers, the lack of dollars is a constant headache.

El Salvador bought roughly $20.9 million worth of bitcoin, one day before it formally adopts the world's most popular cryptocurrency as legal tender. From a report: In a series of tweets Monday, President Nayib Bukele revealed that the country had purchased a total of 400 bitcoin, the first step in a larger push to add the digital currency to its balance sheet. The tweets were posted a few hours apart. Based on the bitcoin price at the time of the tweets, the amount of the digital coin purchased totaled roughly $20.9 million. "Our brokers will be buying a lot more as the deadline approaches," he wrote. The price of bitcoin rose following the tweets and was trading at around $52,681.85 at 12:16 a.m. ET Tuesday. The posts came hours before El Salvador's bitcoin law, which was passed in June, took effect Tuesday. El Salvador is the first country to accept bitcoin as legal currency, which will work alongside the U.S. dollar. Proponents and critics around the world will be watching to see how this unprecedented experiment plays out.

This week the Guardian reported that a "tumultuous few weeks" awaits El Salvador as it prepares to become the first country to adopt Bitcoin as legal tender on Tuesday. In August a research note by Bank of America enthused about the new law's ability to reduce the cost of cross-border transactions (remittances account for 20% of El Salvador's GDP), increase digital penetration in a country where 70% of people still do not use banks, and attract foreign investment as a first mover in cryptocurrency adoption. Since then, however, the verdict from international financial organisations — and El Salvadorans themselves — has turned decidedly pessimistic. "The law was adopted extremely quickly, without a technical study or a public debate," says Ricardo Castañeda, a local economist. "I don't think the president has fully understood the implications of the law, its potential to cause serious macroeconomic problems and convert the country into a haven for money laundering."

The regulatory framework for adoption has yet to be published and there are rumours of delays to the Chivo app. Bankers in the capital say they have received calls from anxious clients threatening to withdraw their deposits rather than risk exposure to the volatile cryptocurrency markets. The ratings agency Moody's downgraded El Salvadoran debt over fears of "weakened governance" evidenced by the new law, and the IMF — with which the government is negotiating a $1bn loan — published a blogpost highlighting the risks of adopting crypto as national currency. "The shift from euphoria to scepticism has been very fast," says Castañeda.

The potential benefits identified by the Bank of America are probably overstated. A paper by Johns Hopkins University says the cost of remittances via Bitcoin will be higher than traditional methods, and a July survey found that nearly two-thirds of El Salvadorans would not be open to accepting payment in Bitcoin. Eric Grill, CEO of Chainbytes, which produces Bitcoin ATMs, told the Guardian that his plan to relocate manufacturing to El Salvador had faced serious challenges in sourcing parts. Local geothermal energy experts say Bukele's plan to power energy-intensive Bitcoin mining activities from the country's volcanoes are wildly optimistic.
Reuters offered an update on Thursday. "In the main handicraft market of El Salvador's capital, traders complain that with a week to go before bitcoin becomes legal tender, no officials have come to explain how it will work or what benefits it may bring."

Twitter's latest beta update introduces support for providing content creators with Bitcoin tips using the "Tip Jar" feature that Twitter introduced earlier this year. MacRumors reports: Bitcoin isn't yet available to select as a tip option for beta users, but code in the beta suggests that Twitter is in the process of rolling it out. When the Tip Jar was first introduced, Twitter allowed users to add Bandcamp, Cash App, Patreon, PayPal and Venmo links to their Twitter profile, but soon, there will be a Bitcoin option.

Details in the latest Twitter beta indicate that users will be directed through a Bitcoin tutorial that includes details on the Bitcoin Lightning Network and custodial and non-custodial Bitcoin wallets. Twitter gives Strike, Blue Wallet and Wallet of Satoshi as examples of custodial wallets and Muun, Breez, Phoenix and Zap as examples of non-custodial wallets. Twitter also informs users that a Strike account is required. "We use Strike to generate Bitcoin Lightning invoices so you'll need to connect your account to accept Bitcoin tips" reads the text.

An anonymous reader shares a report from Fast Company, written by Michael Grothaus: One of the biggest movers on the cryptocurrency market in the past 24 hours is Solana. As of the time of this writing, Solana is up almost 20% over the past day, according to Coinbase. In the past week, it's up over 58%, and in the past month, it's up 275%. As for the past year, Solana has surged over 2,348%.

What is Solana? Solana is a decentralized blockchain platform. It facilitates the transactions of the SOL coin as well as digital assets like non-fungible tokens (NFTs). Is Solana a bitcoin competitor? Sure, because it's another cryptocurrency. But it's more apt to liken Solana to Ethereum since both are blockchain platforms that handle smart contracts.

Why is Solana surging? This is always a hard question to answer. Though Solana is holding some kind of mysterious "Ignition" event today. Nasdaq speculates that Solana might announce that it will "burn" tokens. That's when a certain number of coins are removed from supply, making the remaining ones more scarce and thus more valuable. Alternately, Solana could be set to announce new smart contract features.

Business Insider reports: Jack Dorsey, one of bitcoin's biggest advocates, is planning to build an open platform to create a decentralized exchange for bitcoin through TBD, his new business venture, according to his tweet Friday.

A decentralized exchange is a type of cryptocurrency exchange that allows peer-to-peer transactions without the need for an intermediary. Dorsey retweeted an original tweet by TBD project leader Mike Brock, who offered some direction on where the unit is headed... First, Brock said his team believes that bitcoin will be the native currency of the internet. But the problem, he noted, is how trading bitcoin often involves exchanging fiat at a centralized and custodial service... "While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all...."

His team wants to make it easy to fund non-custodial wallets globally through a platform that builds on- and off-ramps into bitcoin. Think of it as a decentralized exchange for fiat, he added, one that is "bitcoin-native, top to bottom.... this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use," Brock said. "No foundation or governance model that TBD controls. Permissionless or bust."