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Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K

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Cape Cod's Largest Hospital Gets Bitcoin Donations Worth $800K

One of Cape Cod’s largest hospitals received two bitcoin donations this year totaling $800,000 in value. The Massachusetts-based not-for-profit medical centre (NPO), Cape Cod Healthcare, explained that an anonymous donor donated $400k last Friday and the NPO received a $400k bitcoin donation last month as well.

Cape Cod Healthcare Gets $800K in Bitcoin Donations

The hospital Cape Cod Healthcare (CCHC) is considered one of the leading providers of healthcare services in Cape Cod, Massachusetts. This week, the NPO told the Boston Globe staff member Anissa Gardizy that it received two bitcoin (BTC) donations worth $800,000.

CCHC’s senior vice president and chief development officer, Christopher Lawson, said the donor wished to remain anonymous and sent an email last month asking the hospital to accept BTC donations. Lawson said the donor had helped CCHC before the two crypto donations, and had just recently asked if the hospital would accept his BTC gift.

Lawson told Gardizy that before accepting the donation, the administration had to see if the hospital could deal with transactions sent in cryptocurrency.

“Before we responded, Lawson said. “We had to make sure there were not any issues. It required a good amount of research,” he added. “My office probably spent a week or two doing our best to learn who else was doing this.”

After getting approval from CCHC’s finance department and the hospital’s CEO Mike Lauf, the firm launched a donation address. Lawson said that because the donor gave the $800k worth of bitcoins to the hospital, he will be free from paying taxes on the funds.

“It makes it an asset that is attractive to donate,” Lawson stressed. “You get maximum impact on the value, and any gains you get, much like stock, you don’t pay the tax,” the hospital administrator added. Lawson did detail, however, that the CCHC finance team immediately converts the donations to dollars.

Mainstream Acceptance

The first $400k donation was sent on January 28, 2021, and the following month on February 19, the donor sent another $400k worth of bitcoins. CCHC’s senior vice president said that other NPOs could also set up bitcoin donation support in order to accept the crypto asset.

“I’m really excited. We are coming out of a period during COVID when donations were hard to come by for a lot of folks,” Lawson emphasized. “This lets people know that we have the capability of accepting these cryptocurrencies in donation, and we have the infrastructure in place.” Back in May, Cape Cod Healthcare furloughed more than 600 employees.

“It is not widespread but it is becoming more mainstream,” Lawson concluded. “People are accumulating these assets, and they are looking at opportunities to donate them,” he added.

What do you think about the two bitcoin donations totaling $800k sent to Cape Cod Healthcare? Let us know what you think about this subject in the comments section below.

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

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Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Coronavirus-driven lockdowns and social distancing limits affect people’s way of entertaining themselves, such as going to karaoke. In South Korea, that activity is too popular, and despite the COVID-19 outbreak, the crypto industry is trying to capitalize on it.

Somesing: A Blockchain-Based Karaoke App

Per Fn News, Somesing, a blockchain-based karaoke app, already hit the 400,000 users’ milestone. The figure is significant, considering that it’s doubling the user base (195,000) for the last six months.

Karaoke’s hobby is like the norm in several Asian countries, and the coronavirus pandemic knocked down this sector heavily.

In fact, according to figures published by local media, at least 2,137 “noraebang” businesses had to shut down across South Korea since the outbreak started. The number is the lowest level ever recorded, stated the Shopping Center Information Research Institute.

“Noraebang” is the Korean name given to private singing rooms, translated into Western countries’ language as karaoke places. South Koreans have the habit of going with friends and even workmates after finishing their duties to sing in the noraebangs.

Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms

Somesing’s platform allows people to sing along to their favorite tunes and upload them on the app. Moreover, the app rewards active users with tokens from other users or friends according to their popularity.

However, one-half of the coins will fund the platform, such as paying for maintenance costs and copyright fees, said the company behind the blockchain app. The popularity of Somesing has been on the rise across South Korea, as it has been featured on major TV channels.

South Korean Entertainment Sector Relying on Tokenization Solutions

Other entertainment sectors have also been struggling with their businesses. Still, tokenization has been offering an alternative during these times.

Fn News highlighted a travel-based blockchain platform that doubled its user base in the last three months.

Milk relies on a token that can be used to acquire books, and people can exchange it for vouchers in e-commerce outlets such as Shinsaegae.

In the cinema industry, Moviebloc is another blockchain-powered service that offers South Korean filmmakers an alternative to showcase their work. Platform’s users can earn tokens by writing reviews and rating films, whose coins can be exchanged in domestic crypto exchanges.

What do you think about this karaoke tokenization idea in South Korea? Let us know in the comments section below.

Darknet Market Joker’s Stash Retires After Raking in $1 Billion in Cryptocurrencies

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One of the largest darknet marketplaces for selling identity data and stolen credit card information, Joker’s Stash retired last month after making off with a cool $1 billion in cryptocurrencies. Weeks ago, U.S. and European officials seized some of the web portal’s servers tied to Joker’s Stash site, but were unable to completely shut operations down.

Darknet Market Joker’s Stash Closes Shop

A number of reports indicate that the world’s largest darknet market (DNM), in terms of stolen credit card and identity sales, has called it quits after operating since 2014. Joker’s Stash explained in mid-January that the business would be closing shop in mid-February and it has followed through with the plan.

The blockchain analysis firm Elliptic detailed that the Joker’s Stash raked in more than $1 billion in cryptocurrencies during its tenure. Elliptic also revealed that the estimate was a conservative calculation based on the revenue Joker’s Stash took in during the years and all the fees.

Darknet Market Joker’s Stash Retires After Raking in $1 Billion in Cryptocurrencies
Admins from Joker’s Stash left a letter to customers that explained the operators would be retiring.

On January 15, Joker’s Stash admins said the site would go dark on February 15, but Elliptic monitored the web portal and said the DNM went offline on February 3, 2021. Joker’s Stash had a lucky run up until 2020, when reports detailed that the owner of the DNM contracted the coronavirus and had to go to the hospital for seven days.

At the time, Joker’s Stash customers started complaining and having issues with card data and identification intel reliability. Both Krebs on Security and Gemini Advisory have published reports with a comprehensive analysis on the Joker’s Stash operations.

Covid-19 and Global Law Enforcement Push the Joker’s Stash Toward the Brink

Ever since the admin caught Covid-19 and the weeks that followed, Gemini Advisory said the business saw a “severe decline” in volumes. The image below, created by Gemini shows the decline in Joker’s Stash CNP and CP data toward the end of August 2020.

But Covid-19 wasn’t the only issue Joker’s Stash operation dealt with in 2020, as the law enforcement officials from Europe and the U.S. stepped in as well. Interpol and the U.S. Department of Justice (DoJ) seized a number of its servers on December 16, 2020. But much like The Pirate Bay, Joker’s Stash set up new infrastructure on the web and operations continued until the retirement announcement.

“Joker goes on a well-deserved retirement. Joker’s Stash is closing,” the farewell letter said. “When we opened years ago, nobody knew us. Today we are one of the largest card/dumps marketplaces.”

Admins promised to leave the store’s “Stash” open for 30 more days and told people not to fall for any phony websites that could appear in the future. In capital letters, Joker’s Stash said that it would “never open again.” Joker’s Stash made it clear that customers should not trust any imposters going forward.

The hoard Joker’s Stash obtained from payment card records stemmed from firms that saw large data breaches over the years. Gemini Advisory said that Joker’s Stash data came from high-profile hacks that saw the loss of massive amounts of confidential customer data.

Merchants caught in the hacker’s crossfires include Whole Foods, Saks Fifth Avenue, Hilton Hotels, Hy-Vee supermarkets, and Lord and Taylor.

What do you think about the Joker’s Stash admins retiring after operating since 2014 and raking in $1 billion in digital assets? Let us know what you think about this subject in the comments section below.