“BigSpender” BTC Double-Spending; Blockchain Not Protected by 4th Amendment; NVIDIA $1 Billion Lawsuit

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. “BigSpender” BTC double-spending vulnerability found in several BTC wallets. Blockchain data not protected by 4th amendment, US court rules. NVIDIA files dismissal for mining revenue lawsuit. IRS searching tools to trace privacy coins and second layer transactions. Maker Foundation to pay 25,000 DAI to winner of Reddit token scaling contest, and Bitcoin 2020 conference delayed to 2021.

“BigSpender” Flaw Detected in Several BTC Wallets

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A group of researchers from a blockchain startup called ZenGO unveiled a flaw causing double-spending on the BTC network via the RBF (Replace By Fee) feature. Named “BigSpender,” the flaw depends on how every wallet implements RBF, and can even prevent the user from using his wallet ever again. The “BigSpender” vulnerability was tested in several BTC wallets, with three of them (BRD, Ledger Live, and Edge) found vulnerable. BRD and Ledger already patched it, and Edge declared it would so in the near future.

Blockchain Data Not Protected by Fourth Amendment

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The US Fifth Circuit Court of Appeals ruled blockchain data from wallets is not protected by the Fourth Amendment. The appeal was made by Richard Gratkowski, a man indicted in a case involving child pornography, who had his BTC transaction history seized by the state and used against him. The ruling states bitcoin transactions are more related to bank statements than to cellular data, and are prone to search and seizure. Experts say this is no surprise because blockchain transactions are public by default.

NVIDIA Files Dismissal in $1 Billion Crypto Mining Lawsuit

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NVIDIA, the leading GPU manufacturer, filed a dismissal of a $1 billion sale understatement lawsuit filed by shareholders, stating the company issued misleading statements in regards to the mining-related sales of equipment. In its filing, NVIDIA says these investors cherry-picked extracts from executives’ statements to allege fraud. At the core of the dismissal is a statement from Jensen Huang, CEO of NVIDIA, saying there was no way of knowing if the GPUs sold were used for mining or for gaming back in 2018.

IRS Wants to Trace Privacy Coins and Second Layer Transactions

The Internal Revenue Service unveiled a request for information (RFI) for usable tools to track known privacy-based cryptocurrencies and Lightning Network transactions. The request for information explicitly mentions Monero, Zcash, Dash, Grin, Komodo, Verge, and Horizon as the currencies these tools would help to scrutinize. “Acquiring applications to allow an investigation to more easily trace privacy coins and other protocols that provide anonymity to illicit actors would allow investigations to be more effective,” the IRS stated.

Maker Foundation to Pay 25,000 DAI to Reddit Token Scaling Project

The Maker Foundation, an organization promoting the Maker ecosystem, decided to grant 25,000 Dai to the proposal that wins the contest Reddit opened to tackle scaling of a reward token system. While Reddit will benefit from this proposal, the platform itself offered no prize to the winners. The Maker Foundation declared “helping to power the growth of Ethereum is a critical part” of getting Dai to thrive as the most popular decentralized stablecoin in DeFi.

Bitcoin 2020 Conference Officially Moved to 2021

The Bitcoin 2020 conference, one of the most advertised cryptocurrency meetings of 2020, confirmed it won’t be happening this year. The conference, which was set for March 2020, and then was postponed to Q3, has been rescheduled to happen April 30th – May 1st, 2021 in Los Angeles, according to a PR statement. The conference will have Nick Szabo and Tony Hawk in its speaker lineup, and organizers expect to attract over 10,000 attendees from all over the world.

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