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Credit: Lukas Gojda/Shutterstock| Credit: Lukas Gojda/Shutterstock
The firm was one of the biggest in the world when it collapsed. This is because the bids were made to buy more U.S. Treasury bond than allowed by law.
In a highly profitable plot, they hoped to manipulate auctions. This was back in the early 90s. Warren Buffett was also involved in the scandal, as he owned 12 percent of the company.
Now they are back with a new scheme to reclaim bitcoin wallets that were supposedly abandoned and have a value of over $700 billion, at the current Bitcoin price just below $118,000.
Sending notices to Revived Investment Firm
According to a Press Release shared CoinDesk is the New York investment bank that sends the notices. They claim they want to prevent future access by “rogue countries and criminal organizations with significant resources”.
The process itself has sparked a great deal of discussion, with speculation that the Salomon Brothers are connected to people such as Craig Wright who falsely claimed to have been Satoshi Nakamoto before a judge exposed his fraud.
“[They, the Salomon Brothers] David Carvalho of Naoris Protocol told CoinDesk that they are using Bitcoin infrastructure to create a bulletinboard. It’s clever. They’re also going for the big guns, targeting wallets with infamous addresses like “1Feex”, which contains around 80,000 BTC.” The value of that bitcoin alone is $9.4 billion.
Salomon Brothers claims on their site that assets which have been left untouched for a period of 14 years could be considered abandoned legally under a doctrine of abandonment, leaving the front doors open with regards to repossession.
Uncertain how BTC wallets will be accessed
It is still unclear how to gain access to these wallets. Carvalho, a CoinDesk reporter, said that the bitcoin community was “not doing enough” to stop Quantum hacking.
“The draft BIP proposal is completely inadequate and achieving consensus for a hard-fork will take such a long time that it will already be too late.” Carvalho stated that the Bitcoin community’s slowness is staggering, considering 6.51 million bitcoin worth over $700 billion are at stake.
Coindesk reported that wallet owners were given a deadline of 90 days to “claim ownership” by sending a payment or filling out an online form at the Salomon Brothers site.
In the press release, it is noted that “some owners responded by moving their digital asset to new wallets.”
