Business Wars Encore: Crypto Wars | The Great Slow Motion Swindle | 3
May 17, 2023
In 2013, the cryptocurrency world faces turmoil as arrests and corporate collapses shake the industry. Notably, Coinbase seizes the opportunity to build trust amidst the chaos. The dramatic arrest of a pivotal Bitcoin figure adds to the chaos, alongside the catastrophic collapse of Mt. Gox. As trust becomes paramount, Coinbase’s strategic approach and a critical presentation fortify its reputation. Rivalries heat up, particularly between Coinbase and the Winklevoss twins, highlighting the fierce competition in a rapidly evolving landscape.
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BitInstant's Troubles
- BitInstant CEO Charlie Shrem faced pressure from the Winklevoss twins to launch a new site.
- He also faced legal trouble for operating without proper money transmitter licenses.
Coinbase Security Breach
- Coinbase experienced a security breach where a contractor's account was used to steal Bitcoin.
- This incident highlighted the need for tighter security measures to protect customer funds.
Silk Road Takedown
- Ross Ulbricht, the founder of Silk Road, was arrested by the FBI.
- His arrest provided law enforcement with access to Silk Road's user data.
