Bitcoin Blender no longer in business, a trusted technology news source reported on Thursday, May 30. Speculations are that the cryptocurrency mixing vendor made its intention known before moving forward with the program’s cessation. It allowed ample time for members to retrieve their investment allocations.
Some users missed the withdrawal flash warning, issued by Bitcoin Blender’s official website. The service lets consumers mix bitcoins anonymously, which protects their identity while they’re doing these transactions online. The company claims to give them absolute security against the complex Blockchain Analysis.
Several forums discussing the latest bit news reiterated Bitcoin Blender’s shutdown notice. Despite these efforts, and the website making an official announcement, it’s left scores of regulars clueless. Many of whom are frantically scouring cyberspace for a sensible recourse. Are the coins lost forever? With the official website offline, it’s now a matter of waiting and hoping.
What’s worse, cryptocurrency policy regulators – Europol and Luxemburg, Dutch authorities conducted invasive investigations into a viral money laundering scheme. This incursion prompted the shutdown of a prominent cryptocurrency mixer, namely BestMixer. Official statements from the authorities stipulate that coins issued by the cryptocurrency tumbler were part of a money laundering enterprise. The cryptocurrency news update appeared on Cointelegraph.
According to cointelegraph.com, BestMixer operated the third largest cryptocurrency tumbler network online. Now, this revelation begs to question the siege on Bitcoin Blender. Are the two connected in any way? In the wake of these events, Vitalik Buterin, Ethereum’s co-founding partner, proposes an on-chain beacon ether tumbler. He recommends counteracting these vulnerabilities with technoscientific beacon contracts. The aim is to employ a proof-of-stake consensus.
CoinDesk’s operative, Jordan explains that this process enables cryptocurrency mixers to run multiple instances of transactional data across various systems. Today’s enterprising cryptocurrency network utilizes a core processing framework. Buterin added that this beacon chain would have two primary functions: safeguard smart contracts and coordinate data.
In essence, this smart beacon chain, purposes to execute contracts based on the values of the source algorithm. Jordan anticipates a framework that emulates that of bitcoin, where beacon chain contracts would adopt similar parameters and conditions. With an almost identical execution environment, will it suffice to overcome today’s security restraints?
Buterin believes such an intervention is necessary to navigate complex cryptocurrency channels and remain transparent. Unquestionably, these changes will cost a fortune. Buterin has no clear direction as it pertains to transaction parameters and contract deployment as the proposal is still in development.
