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BitDigest July 29 · Issue #710

Jul 29, 2020
Author
Gregory Landegger
Gregory Landegger
  • Bitcoin returns above $11,000 driving its market cap back to $200 billion
  • The Philippines is looking to issue its own central bank digital currency
  • Bitcoin option volumes hitting all-time-highs
BitDigest July 29 · Issue #710

Could Paying a Crypto Ransom Be Illegal?

The Twitterverse is abuzz following news that US smartwatch maker Garmin International was hacked and subsequently received the decryption key to recover its computer files from the ransomware attack. The issue in question is that to re-access its file, a ransom was likely paid – $10 million in cryptocurrencies – and as it is reported that the hackers were based in Russia, the payment could be construed as breaking US sanctions.

Don’t Forget to Update Your Wallet

Since we started investing in digital currencies, we have primarily been using Ledger wallets to custody our coins.  We prefer having self-custody of our own assets and we like the desktop interface that Ledger has developed. That said, if you are following a similar path, it is important that you periodically upgrade the firmware on your wallets and software for the different currencies. This is even more important if you are “hodling” crypto and keep your cold wallet in a safety deposit box or locked in some far-off, secret location. Many people, myself included, still own their first bitcoin, but it likely is in a wallet that needs to be upgraded. This process is relatively straight forward and should be manageable through your wallet’s software, but it could require you to upgrade to different versions of firmware (multiple steps) to complete the process. This is especially frustrating if you wish to transact with your wallet and are unable to until the wallet is running the most recent platform release.  The best solution is to make a habit of bring your cold wallet online every several months to verify its contents and perform an upgrade if required.  In full disclosure, we are investors in Ledger.

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