Bitcoin Daily: Block.one Gets Patent For DLT That Monetizes Social Media Posts; Bitfinex Seeks US Subpoenas To Track Down $800M In User Funds

Block.one, which is behind the EOSIO (EOS) protocol, now has a patent for a blockchain-based bidding system for promotional exposure for social media, according to Cointelegraph.

The U.S. Patent and Trademark office approved the patent on April 28. The idea behind the program is to create a kind of bidding system where users can choose to compete to have their profiles displayed in better positions on popular trending posts.

According to Block.one, the first hash value of the original content will be stored on the distributed ledger technology (DLT). The system could possibly monetize every single social media post on a given network for operators as well as content creators.

The way the system will work is by letting bidders use tokens, which will be distributed to the author of the post, the highest bidder and the admins of the platform in question.

The program will likely make use of Voice, Block.one’s own social media network, which Block.one invested millions of dollars into last month so it could operate independently of Block.one.

In other news, crypto exchange Bitfinex wants to get back over $800 million in seized funds in four different countries via an investigation into payment processor Crypto Capital, according to CoinDesk.

Bitfinex is looking for evidence that around $800 million of its funds were seized in the U.S., Poland, Lisbon, London and elsewhere as part of a money laundering investigation into criminal charges against Crypto Capital, which had its bank accounts frozen in a money laundering scheme.

Ivan Manuel Molina Lee, the president of Crypto Capital, was arrested in Poland last October on charges of being part of the international money laundering scheme with profits in the billions. Other Crypto Capital officials were charged with fraud and conspiracy around the same time.

Bitfinex’s parent firm iFinex is seeking subpoenas in Colorado, Arizona and Georgia, trying to access funds held there for Crypto Capital, the processor where Bitfinex’s customer and exchange funds were held.

Bitfinex’s goal is to track how Crypto Capital moved its money around to boost Bitfinex’s claims of ownership of the funds.