Ep. 110 $1M K-pop ICO Launch Party

On this week’s episode of the Unhashed Podcast: the US government seized $1B Silk Road Bitcoin, Bitcoin SV lost funds due to a foolish multisig bug which makes Colin laugh uncontrollably, crypto lending platform Cred files for bankruptcy with police investigation on-going, Bitmex Research publishes an article on the prevalence of Merge Mining, and Ruben shares his $1M kpop ICO launch party story while the crew reminisces over the best buffet they ever had.

Weekly News Wrap Up:


  1. Over $1B in seized Silk Road Bitcoin has been seized by the US government.  Reading between the lines of the court documents,  the coins were traced to an individual who had hacked into Silk Road and stolen the coins.  Because this is a case of civil asset forfeiture, the suit is actually against the coins themselves, with the individual remaining anonymous, at least for the time being.  It's unknown if charges will be brought against him or her at a later date.

  2. In a related news story from September, according to Vice, the file supposedly containing the same coins is up for sale on the dark web.  The file has changed hands several times, suggesting that either the hackers are having a hard time getting into the wallet, or it is fake and they are seeking out greater fools to pass it off on. The article points out that there are ways to make it seem like a wallet.dat contains an address, when in reality the Private keys to the address are unknown.

  3. Believe it or not, BitcoinSVs homerolled multisig product is not very secure.  In a Reddit Post by Greg Maxwell, researchers found that the signature threshold in BSV had a sign mix up, and instead of greater than or equal to X signatures, the programmers had made it less than or equal to X signatures.  This allowed people with 0 of Y signatures to move coins.  Currently the stolen BSV coins are being used in a dust attack on large holders.

  4. Crypto Lending platform Cred has filed for bankruptcy  Per CoinTelegraph, Cred listed its estimated assets at between $50-100 million and its estimated liabilities between $100-500 million. The bankruptcy filing comes following an Oct. 28 announcement the platform would be suspending fund inflows and outflows for two weeks. Cred stated on Twitter that the suspension was not due to any criminal investigation, but the platform was working with authorities “to help investigate irregularities in the handling of specific corporate funds by a perpetrator,” citing a “fraudulent incident” as the cause.

  5. Bitmex Research published a new report on Merge Mining: "In this report we examine merge mining on the Bitcoin blockchain. In the last year or so, on average each Bitcoin block mined contains around two commitment hashes from other blockchains somewhere in the coinbase transaction, indicating that most miners are conducting multiple forms of merge mining. Currently over 90% of the Bitcoin hashrate appears to be engaging in merge mining of one type or another. There has been considerable growth in merge mining over the last few years and this may be of limited concern to some, due to the small potential security risks and increased mining centralisation pressure. Most of these risks could be mitigated away by blind merge mining, if these newer schemes are adopted."


Price Analysis:

Number go up


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Producers of the Show:

It’s time to thank the people who are making this show happen:

A big thank you to our VIP patrons:

  • Scott Offord from Crypto Mining Tools

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  • And Peter McCormack from the What Bitcoin Did Podcast

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Colin aulds