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A report from the Bitcoin-only exchange River suggests increased Lightning usage will play a key role in Bitcoin becoming a better medium of exchange. Bitcoin’s layer 2 Lightning Network has seen an estimated 1,212% growth in two years , with around 6.6 million routed transactions in August, a significant jump compared to August 2021’s 503,000 transitions, according to data from the Bitcoin (BTC)-only exchange River. In an Oct. 10 report, River research analyst Sam Wouters explained the jump in routed transactions — which use more than two nodes to facilitate a transfer — came despite a 44% fall in Bitcoin’s price and considerably less online search interest. “‘Nobody is using Lightning’ should now be a dead meme,” Wouters said in an Oct. 10 follow-up X (Twitter) post, taking a shot at Lightning critics. “Nobody is using Lightning” should now be a dead meme. Launching a new #Bitcoin report from @River: How the Lightning Network grew by 1212% in 2 years It’s time to pay attention to ...

The founder of collapsed Turkish crypto exchange Thodex, Farouk Fatih Özer, has been sentenced to 11,196 years, 10 months, and 15 days in prison along with his sister Serap Özer and brother Güven Özer, and fined for 135 million liras ($5 million). The Anatolian 9th Heavy Penal Court announced the verdict on Thursday. Özer was accused of running off to Albania with $2 billion in customer funds when Thodex , one of the largest crypto exchanges in Turkey at the time, suddenly went dark in April 2021. The Thodex founder was extradited back to Turkey in April 2023. Serap and Güven Özer were also detained, along with at least 83 others. However, the court acquitted 16 of the 21 defendants and released four of seven in jail due to lack of evidence. Several others were given prison sentence s for various offences. Thodex chief receives jail sentence for tax evasion amid ongoing $2B fraud trial Read more: Thodex chief denies fraud, says crypto exchange was hacked According to the p...

UAE-based Nigerian influencer ‘Mr. Woodbery’ has been sentenced to eight years and four months in prison for scamming US businesses out of $8 million, and must now pay back that amount to his victims and give up a fleet of luxury cars and watches, on top of 151 bitcoin ($4.5 million) already forfeited. According to the US Department of Justice (DoJ), 31-year-old Olalekan Jacob Ponle, otherwise known as ‘Mr. Woodbery’ and ‘Mark Kain,’ stole millions while living in the UAE in 2019. The fraudster relied on money mules to convert stolen funds into bitcoin. Ponle bought himself luxury cars with the illicit gains, including a Rolls Royce Cullinan, Lamborghini Urus, and a Mercedes-Benz G-Class AMG G55. The Nigerian also had a taste for Rolex and Patek Philippe watches, the DoJ noted. These items have since been confiscated by dripped out authorities. ‘Mr. Woodbery’ was part of a scamming group that tricked employees into interacting with ph...