crypto users

Gas DAO Project Forms to Airdrop Tokens to Ethereum Users That Spent $1,559 in Fees

29/12/2021 by Idelto Editor

A new type of airdrop has been very popular during the last quarter of 2021 as quickly assembled decentralized autonomous organizations (DAOs) have been distributing lots of value to existing crypto users. Just recently, Opendao gave Opensea users an airdrop and many people accrued thousands of dollars in SOS tokens. Now, another project called Gas DAO is airdropping tokens to any wallet that’s paid more than $1,559 in ether gas fees before December 26.

Gas DAO Airdrops Tokens to Users That Spent $1,559 in Ether Fees Before the Snapshot

A lot of projects this year have created airdrops as a way to create a governance system, and people who have used these protocols at least once are usually rewarded with these airdropped governance tokens. In recent times, Bitcoin.com News reported on Shapeshift dissolving into a DAO, and the project airdropped FOX tokens to Shapeshift users. During the first week of November, our newsdesk also covered the Ethereum Name Service (ENS) airdrop when the project transitioned into a DAO.

Furthermore, this past week, crypto advocates have been discussing the Opendao airdrop as anyone who used Opensea before December 23 was rewarded with SOS tokens. Opendao (SOS) tokens have a market valuation of $167 million today and ENS has a market capitalization of around $885 million. Now a project called Gas DAO is the latest airdrop DAO buzz as the project is rewarding any Web3 wallet user with GAS tokens if they spent $1,559 in ethereum fees before December 26. If the user has not spent $1,559 in ether fees then the application will tell the person they are “ineligible” for the GAS token claim.

On December 29, the Gas DAO team tweeted:

There are over 143 Million unique addresses that have made a transaction on the Ethereum network. Gas DAO was created to be the voice and the heartbeat of the most active 643,000 users within that 143 million, to bridge together communities spanning across defi, dapps, and NFTs.

Crypto Advocates Review the Gas DAO Code and Airdrop Claim Process

Of course, many people have grown concerned about these airdrops and the safety of connecting with the application via a Web3 wallet. The application gains access to a view of the claimant’s address and the transactions processed in order to verify the $1,559 spent in ether fees. Twitter user Technoartoria (@artoriamaster) wrote a review of the Gas DAO contract and Adam Eisenman (@0xdigitaloil) also wrote a summary about “how safe and how fair it is.”

Eisenman highlighted a few differences between the Gas DAO airdrop and the SOS airdrop. “It’s worth noting that there is a sweep function that allows for the contract owner (dev) to claim all unclaimed tokens after the claim period has ended (May 1, 2022),” Eisenman wrote. “This implies a potential for the dev to end up with the majority of the token supply. Huge red flag.” Eisenman’s summary continued:

Structurally and spiritually, this contract is very different from SOS because the dev can end up with the majority of token supply. Unexpected. IMHO, definitely not a move that reflects fairness or inspires a grassroots movement to build upon GAS.

At the time of writing, the Gas DAO’s official Twitter page has 22.5K followers as well as tens of thousands of token holders so far. Gas DAO celebrated how quickly things were moving via a statement on Twitter on Wednesday. “To think that it’s only been 12 hours and we already have 20K followers and 26K holders,” the Gas DAO team said. “We couldn’t have asked for a better start to our journey of becoming the largest and most powerful community on Ethereum. We’re just getting started here.”

According to Technoartoria’s review, the “merkle tree claim cannot be manipulated” and the Gas DAO is “100% safe to claim and trade.” Besides the criticisms, Eisenman’s summary also asserts that the claim process is safe. “Now, to get to the part you’ve all been waiting for. Is it safe to claim?” Eisenman’s tweetstorm concludes. “Yes, claim function is straightforward… [It] just verifies merkle proof (to ensure you are entitled to the amount you are trying to claim); and then transfers the tokens to your address.”

What do you think about the Gas DAO airdrop and the recent DAO airdrop craze? Let us know what you think about this subject in the comments section below.

Thailand to Develop ‘Cryptourism,’ Considers Issuing Utility Token

29/09/2021 by Idelto Editor

In search of ways to heal its travel industry, hurt by the pandemic, Thailand is now recognizing an opportunity to tap into a growing market of cryptocurrency holders. Fostering a “cryptourism atmosphere” is what the country’s tourism agency intends to do, including by minting a new token and facilitating bitcoin card payments.

Tourism Board of Thailand Plans to Employ New Coin to Spur Demand From Crypto Market

Pondering how to capitalize on the expanding global crypto user base, the Tourism Authority of Thailand (TAT) has pitched the idea of issuing its own utility token dubbed TAT Coin. The Bangkok Post revealed on Wednesday that the body wants to examine relevant regulations and the viability of such a project before embarking on the initiative.

The state-run agency is now holding talks with the Stock Exchange of Thailand on the possible introduction of the token, the report details, quoting TAT governor Yuthasak Supasorn. TAT Coin would allow the transfer of travel vouchers into digital tokens that could help operators to gain greater liquidity, the newspaper added, without being a subject of speculative trading.

Another aspect that has to be clarified is whether the tourism board has the authority to issue a digital currency in the first place. In any case, Yuthasak emphasized that technology is changing the world and cryptocurrency is part of that process. In his opinion, TAT has to take the chance and enhance the competitiveness of Thailand’s tourism sector which was greatly affected by the spread of Covid-19. The official further elaborated:

We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.

TAT’s short-term goal is to increase income in the industry by attracting potential travelers and visitors. The long-term plan, according to the report, is to upgrade the nation’s business and leisure tourism platform in cooperation with Bitkub, a local cryptocurrency exchange.

The authority hopes to use the future TAT Coin, or a non-fungible token (NFT), to encourage demand from the cryptocurrency market and increase traffic at specific tourist spots. Bitkub CEO Jirayut Srupsrisopa has been quoted noting that the global crypto market capitalization is now four times larger than Thailand’s gross domestic product (GDP).

As part of its initiative to create a “cryptourism atmosphere,” the Tourism Authority of Thailand also considers offering bitcoin debit card services at the country’s airports. Crypto nomads, the agency says, can use these cards during their trips to make purchases without having to pay high fees at ATMs or money exchange shops. In August, Bank of Thailand announced it’s going to test its own digital currency which can potentially facilitate payments in the travel industry as well.

Do you think Thailand will become a crypto-friendly travel destination? Share your expectations in the comments section below.

Russia to Track Crypto Transactions With Help From Sberbank-Owned Company

05/08/2021 by Idelto Editor

The Federal Financial Monitoring Service of Russia is going to start tracking cryptocurrency transactions. The agency has already selected a contractor to develop the platform. The entity is affiliated with one of Russia’s largest financial institutions, Sberbank.

Rosfinmonitoring to Keep Record of Cryptocurrency Wallets Used for Illicit Purposes

Russia’s financial watchdog, Rosfinmonitoring, has selected a contractor for the building of a platform that will be used to track cryptocurrency transactions in the country. The company that won the tender, RCO, is managed by Rambler Internet Holding which is affiliated with the banking giant Sberbank, Russian crypto media reported.

The Unified Information System in the Field of Procurement portal shows that the project has a price tag of an estimated 14.7 million rubles (over $200,000). The money will be spent to enable the regulator to closely monitor illegal transactions involving cryptocurrencies. According to Rosfinmonitoring, the initiative aims to ensure compliance with the law and increase transparency in the crypto industry.

The platform will be expected to perform multiple tasks such as tracking flows of digital financial assets as well as identifying and profiling participants in the crypto market to assess their economic roles and behavior. RCO will have to create and maintain a database of cryptocurrency wallets associated with illicit activities and financing of terrorism.

Russia to Identify Crypto Users Suspected of Criminal Activities

Unlike other tools that analyze crypto transactions, the new platform should also reveal the identities of crypto users suspected of involvement in illegal activities, said Moscow Digital School associate Efim Kazantsev, quoted by Bits.media. However, he noted that with closed blockchains, the disclosure of user data will depend on the networks. Regulators and law enforcement agencies will probably be able to access this information only as part of ongoing investigations, Kazantsev elaborated.

The processing of cryptocurrency transactions also involves recording data outside the blockchain. For example, with internet providers, explained Maria Stankevich, director of development at crypto exchange Exmo. Using this type of information, an IP address can be established and a sender identified.

It is possible to de-anonymize transaction participants even on confidential blockchains such as Monero and Zcash, added Nikita Zuborev, senior analyst at the Russian exchange aggregator Bestchange.ru. He is convinced the latest big data analytics tools would be able to handle that.

Bitcoin (BTC), ethereum (ETH), and monero (XMR) are the most popular cryptocurrencies among criminals, according to Rosfinmonitoring. Earlier this year, it was announced that the agency had developed a crypto tracking system called ‘Transparent Blockchain.’ The motives for building a new one now remain unclear.

Do you think Russia will be able to track and identify crypto transactions and users? Share your thoughts on the subject in the comments section below.

US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

04/04/2021 by Idelto Editor

The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating to their crypto transactions.

IRS Got Court Approval to Summon Data on Crypto Users From Circle and Poloniex

The U.S. Department of Justice (DOJ) announced Thursday that a federal court has authorized the IRS “to serve a John Doe summons” on “Circle Internet Financial Inc., or its predecessors, subsidiaries, divisions, and affiliates, including Poloniex.” The notice reads:

The IRS is seeking the records of Americans who engaged in business with or through Circle, a digital currency exchanger headquartered in Boston.

Poloniex is named in the order since Circle bought the crypto exchange platform in 2018 but spun out the following year into a new company, Polo Digital Assets Ltd.

The DOJ further explained that the IRS is “seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020.” The Justice Department elaborated that “the IRS is requesting that Circle produce records identifying the U.S. taxpayers described above, along with other documents relating to their cryptocurrency transactions.”

The court order explains that the “John Doe” summons seeks information related to the IRS’s “investigation of an ascertainable group or class of persons” that the IRS has reasonable basis to believe “may have failed to comply with any provision of any internal revenue laws.”

The IRS previously served crypto exchange operator Coinbase a similar John Doe summons. The company fought the order for more than a year before complying with a court order and handed over data of about 14,000 customers. According to Coinbase, this represented a 97% reduction in the number of customers impacted by this summons.

What do you think about the IRS seeking information on crypto users? Let us know in the comments section below.

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

25/02/2021 by Idelto Editor

A number of forum posts and tweets say that the website bitcoinpaperwallet.com is compromised and people have said they have lost bitcoin using the paper wallet generator. Three years ago the website domain changed ownership and ever since then losses have been reported on Reddit forums, bitcointalk.org, Twitter, and other public venues. The owner of the paper wallet generating web portal denies the platform’s codebase is compromised and claims it has been audited by a security expert.

Bitcoinpaperwallet.com Wallet Generator Site Accused of Being Compromised and Unsafe

Years ago, a website that was once operated and owned by, Canton Becker, called bitcoinpaperwallet.com was once an extremely popular paper wallet generator. However, when the website was sold in 2018, bitcoinpaperwallet.com’s reviews became very negative. The complaints continue to this day and a month ago on Reddit, a user named u/heroiclife created a thread asking people to help him shut down the website.

“Help me shut down the bitcoinpaperwallet.com scam,” the post explains.

The Reddit user u/heroiclife said he wasn’t personally affected, but he was a crypto wallet recovery service provider that heard about several cases.

“I’ve heard from customers who had their Bitcoin stolen there. It’s dumb to use a paper wallet in 2021, but not everyone knows that,” the individual said. He also asked if bitcoiners could help submit abuse complaints to Enom the domain registrar, report abuse to Linode the web host, and to flag the website on Google Safe Browsing as malicious.

Twitter is also littered with posts that say that bitcoinpaperwallet.com has been compromised. On January 3, 2021, on Bitcoin’s 12th anniversary, Dustin Dettmer said: “Just had a friend lose all his holdings using this website, which appears to be a total scam. How do we get it shut down? We should get the word out about this particular scam bitcoinpaperwallet.com,” Dettmer added.

On December 13, 2019, a Reddit user named u/maff1989 said he lost funds after getting a paper wallet inside a Christmas card.

User Claims His $700,000 in Bitcoin Was Sent to Another Wallet One Minute After Loading the Paper Wallet

A month ago, on the web portal stackexchange.com one user said he leveraged the website bitcoinpaperwallet.com offline and sent 14.5 BTC ($700k+) to the wallet’s public key. A minute later, his 14.5 BTC was sent to another wallet. “Any advice on what I can do?” he asked. “I’ve accepted the loss and the lesson (should have used the offline generator) but want to make sure this doesn’t happen to others.”

After the site was sold in 2018, some Reddit users have accused the current owner of going “rogue.” Others have said that it is obvious that the website is not producing private keys as it should. The Reddit user u/senor_curioso explains it can be tested and said:

“Yes, here is how you can prove that the current site is producing predictable keys.

Save the HTML generator to computer
Find the long set of “testing keys” represented by eckey_test=[{,,,}]; and replace it with just a single keypair like this:eckey_test=[{pub:”MUtDQ25Td05uQ0I0Y05ZN0hFc0hja1M4Vjk5bUxFNjJKZQ==”,priv:”NUpreTZtM2lZS2FxTm1NZ2NvaEdYb2o0dXVyVTNXaXhiak54R1N4NmNlbmU3S25FWGR6″}];
Now load up the generator. It will generate the exact same (predictable) wallet over and over.
The server is giving each visitor a different set of “testing keys”. They are not being used as tests. There are being used as seeds for the random number generator, and are obviously being saved on the server so that they can be stolen later.”

Website Owner Claims Paper Wallet Generator’s ‘Servers Are Clean’ and Audited by a Security Expert

A recent report written by the author, Colin Harper, details that the paper wallet generating website is currently maintained by an individual named Sarkis Sarkissian. In the report, Sarkissian is quoted as saying that the owner has “received complaints from users who claim to have lost their bitcoin using our website.”

It seems he was available for commentary concerning the matter at hand. Sarkissian stressed, however, that the complaints were likely “resolved” or the user figured out it was “their own fault.” Harper also asked Sarkissian if he was aware of a “back door” in the bitcoinpaperwallet.com codebase.

“We have searched our source code for the issues present in those documents and we cannot reproduce the same results,” Sarkissian was quoted as saying. “Our servers and source code has been verified clean by [our security expert Jonel Richard]. He is still on retainer and continues to investigate, trying to reproduce the issue found by others,” the website’s current owner insisted.

Creating a paper wallet must be handled with great care and it’s possible that user error was involved with a number of the accusations toward the domain strewn across the web. It is always mentioned in many walkthrough guides, no matter what type of wallet generator leveraged, it should always be done completely offline. A person who attempts to create a cryptocurrency paper wallet online, while being connected to the web, is extremely vulnerable to hacking exploits.

What do you think about the website bitcoinpaperwallet.com accused of being compromised? Let us know what you think about this subject in the comments section below.