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Industry Report: $150 Million in Cryptocurrency Is Destroyed


Nick Marinoff | Sep 20, 2016 | 10:37

Bitcoin Industry Report Bitcoin

Industry Report: $150 Million in Cryptocurrency Is Destroyed


Nick Marinoff | Sep 20, 2016 | 10:37


Reddit users get a glimpse into the lives of dark net vendors, Ethereum nodes come crashing down, and Synereo destroys nearly $150 million in cryptocurrency. Want to catch up on your latest tech and digital currency news? Read the stories below.

Also read: Industry Report: Apple Eases Up On Crypto


A Reddit user posting questions about the daily lives of dark net vendors has gotten some interesting answers. One commenter, nicknamed “Vendurr” claims to make anywhere from $200-300K per year. He typically gets up whenever he desires, logs on, and checks the orders for the day.

Another vendor states he makes $150K a year, and the job gives him free time to pursue work as a musician.

Despite the earnings, both say they’re unable to spend on larger items (i.e. houses, cars, etc.) Doing so is a surefire way to get caught, and their living locations remain a secret. Both are also highly meticulous when packaging products, and taking care of their customers’ needs. Vendurr explains:

“You have to treat EVERY package with equal care. Someone who orders a $5 order could be more prone to negative feedback than a $1,000 order and our feedback means EVERYTHING to us. I think great feedback is the best compliment someone can give me.”


Ethereum nodes are crashing, and potentially under attack. Those running the Geth client appear to be depleting their memory, and a security alert was posted to the company’s blog page on September 18. Users are being asked to switch to alternative clients until Geth is fixed.

Ethereum Cryptocurrency

The activity is also concurrent with Devcon 2 in Shanghai, China, a major Ethereum development conference. Many are speculating about the possibility of another hack attempt. Ether, once on the rise, has dropped to an even $12, and executives are continuing to monitor the activity, hoping to find any substantial clues.


Israeli blockchain startup Synereo has destroyed over $140 million of its native cryptocurrency. In a move to relinquish control over half its original holdings, over 730 million AMPs have been burned away.

Company CEO Dor Konforty states that it doesn’t make sense for Synereo to hold so much control, and went against the very principles it stood for. The primary goal is to create a proof-of-stake, decentralized blockchain for users to enjoy, and new AMPs will be distributed evenly amongst new users.

Konforty explains:

“This project will not help anyone if Synereo maintains an entrenched, centralized position. That is why we want to distribute AMPs as soon as we can, to begin establishing a truly decentralized economy… It was never our intention to be the central bank for our currency. Such centralization goes against the very principles Synereo stands for, but merely standing for principles is not enough.”

Know of any stories that belong in our regular industry reports? Post your comments below!

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