Thursday, May 10, 2012

FBI report released on illicit use of Bitcoin currency

Threat Level has released a copy of an FBI report on the Bitcoin virtual currency and its potential for use in illicit activity.

Bitcoin uses peer-to-peer networking, cryptographic proof, and digital signatures to allow users to make currency transactions online. There is no centralized authority for the currency, and the total market for Bitcoins is currently around $45 million.

Earlier this year, over $228,000 in Bitcoin currency was stolen, according to a report from Ars Technica.

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