Business Wars Crypto Wars | The Great Slow Motion Swindle | 3
Oct 27, 2021
In 2013, Bitcoin's rise is overshadowed by high-profile arrests and corporate failures. The arrest of Charlie Shrem shakes the crypto community, highlighting darker aspects of the industry. Meanwhile, the infamous Mt. Gox exchange faces turmoil, leaving customers stranded and questioning security. As chaos reigns, Coinbase positions itself as a trustworthy player, seizing the opportunity to rebuild trust in the market despite the industry's growing pains.
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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 as the company grew.
Silk Road Takedown
- Ross Ulbricht, the creator of Silk Road, was arrested by the FBI.
- His arrest compromised the identities of Silk Road's users and vendors.
