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Andrew Bustamante recently responded to a question on a subreddit thread on Reddit which asked what the biggest threat to the America national security in the future will be. He replied saying blockchain technology will be the biggest threat and whoever manages to figure out the technology first wins.

The subreddit thread where the question was raised is a thread dedicated to Bustamante’s ‘Everyday Espionage’, where he supposedly teaches people to benefit from international espionage techniques by implementing them in daily lives. Considering the fact that Bustamante is reportedly a former CIA intelligence officer, U.S. Air Force veteran and Fortune 10 corporate advisor, he does have the qualifications to do so.

On 22 December 2018, the question was raised in the subreddit thread, together with several possible answers such as “climate change”, “Iran”, “North Korea” or “Russia”. He responded saying blockchain technology is “super powerful stuff”, and the whoever is capable of figuring out “how to hack it, manipulate it or bring it down wins”. However, he did not elaborate further on how exactly blockchain could threaten the country’s security.

Since then, multiple Redditors have speculated possible theories regarding Bustamante’s remarks on the technology. One of them suggested that the ability to create false data within the blockchain would be disastrous when paired with the high difficulty of fixing data in a blockchain-based system. Another Redditor suggested that blockchain offers the potential of making certain transactions “untraceable” and “anonymous”, thus ending up being a possible threat to security.

Quantum computing was also mentioned in the thread. Bustamante replied to a Redditor’s question asking for clarification whether developments in blockchain or quantum computing would be a more concerning factor to the country’s security. He replied that the Redditor had a “fair point”, and this remark a lot sparked new discussions on the topic.

As quantum computing was said to hold the possibility of permanently changing the cryptographic protection that defines blockchain, it was speculated that quantum computing was what Bustamante was referring to by his “bring it down” remark.

Over the past few months, the U.S. Department of Justice (DoJ) had charged several people from Russia’s Main Intelligence Directorate (GRU) for crypto-related crimes. In July, the DoJ charged twelve individuals while another seven officers were charged in October, all from the GRU and involved in crypto-related hacking operations.

Source: Cryptoverze

Foxbit co-founder Gustavo Schiavon, known affectively as Guto, has passed away in a car accident in the Brazilian state of São Paulo.

While driving between Marília city and São Paulo capital his car spun under heavy rain and got hit, back side first, by a large cargo truck. The automobile was reduced to a fraction of its size by the impact.

Guto was accompanied by his girlfriend Ariadny Rinolfi who survived the crash but is in serious condition under intensive care at a São Paulo hospital.

A second fatal victim was involved in a different automobile. A total of 2 passenger cars and 2 large trucks were involved in the crash.

Foxbit

Schiavon, who held a degree in Information Systems, founded Foxbit in 2014. The business quickly became Brazil’s largest Bitcoin exchange.

In March 2018 Foxbit was hacked and lost over R$ 1 million in funds. The company had enough reserves to cover the customers’ balances and avoid a Mt. Gox like scenario.

Four partners founded Foxbit: Schiavon, João Canhada, Marcos Henrique and Felipe Trovão.

The Foxbit team earned several prizes and recognition for their innovative work with cryptocurrencies in Brazil.

Also in 2018 Foxbit got involved in a landmark lawsuit against a bank which shut down their main account due to “concerns over money laundering security” although no evidence of any wrongdoing was presented in the case. The bank’s argument was that it had the right to close down accounts, at their sole discretion, which they felt could “pose risks”. The ruling became a negative precedent for cryptocurrency businesses in Brazil. Later in the year, Brazil’s second highest court used this lawsuit to decide that banks had the right to unilaterally close bank accounts.

Source: Crypto.Bi

Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, a company blog post reports Dec. 19.

According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believe[s] is the largest crypto migration on record.”

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