Post-quantum Bitcoin wallets are already on sale, leaving investors to decide whether they’re buying insurance or paying up fear tax. Cryptocurrency wallet makers and security companies are pushing out post-quantum products even though large-scale quantum computers capable of breaking Bitcoin do not exist yet. The US National Institute of Standards and Technology (NIST) finalized its first post-quantum cryptography standards in 2024 and called for migrations before 2030. As standards bodies plan for a gradual cryptographic transition, parts of the wallet market are already monetizing that future. Read more
A federal judge sentenced PGI founder Ramil Palafox to 20 years in prison for running a Bitcoin Ponzi scheme that raised over $200 million from customers between 2019 and 2021. A US federal judge in Virginia sentenced the chief executive of Praetorian Group International to 20 years in prison for running a $200 million cryptocurrency investment scheme that defrauded tens of thousands of investors. According to the Department of Justice, 61-year-old Ramil Ventura Palafox, a dual US and Philippine citizen, was convicted of wire fraud and money laundering for what prosecutors described as a Ponzi scheme that falsely promised daily returns of up to 3% from Bitcoin trading. The US Attorney’s Office for the Eastern District of Virginia said investors poured over $201 million into PGI between December 2019 and October 2021, including at least 8,198 Bitcoin (BTC) valued at about $171.5 million at the time. According to prosecutors, victims suffered losses of at least $62.7 million. Read more
The loss was uncovered during an audit launched after a separate 320 Bitcoin custody failure, raising fresh concerns over digital asset management by authorities. South Korean authorities are investigating after 22 Bitcoin seized in a 2021 case disappeared from a cold wallet at a Seoul police station, according to local media reports. The 22 Bitcoin (BTC), worth about $1.5 million at current prices, were held by the Gangnam Police Station and discovered missing during a nationwide audit of digital asset custody practices, the Seoul Economic Times reported Friday. Authorities reportedly said the 22 Bitcoin had been transferred externally, though the cold wallet storing the tokens was not stolen. Read more
Boerse Stuttgart will merge its crypto arm with Tradias, creating a regulated European crypto unit providing services in trading, custody, staking and tokenized assets. Boerse Stuttgart Group, operator of one of Europe’s largest stock exchanges, said it will merge its cryptocurrency business with Frankfurt-based digital asset trading firm Tradias in a strategic move to expand its presence in institutional crypto markets. The transaction will consolidate about 300 employees under a joint management team from both companies, according to a Friday announcement. The combined unit aims to cover multiple digital asset services, including brokerage, trading, custody, staking and tokenized assets. It will serve banks, brokers and other financial institutions across Europe, providing fully regulated crypto infrastructure, the announcement said. Read more