Bullet Blockchain And Sailo Technologies To Join Forces Revolutionizing Bitcoin ATM Security In The U.S.

Rhea-AI Summary

Bullet Blockchain (OTC: BULT) has signed a Memorandum of Understanding with Sailo Technologies, making BULT the exclusive U.S. partner for implementing advanced cybersecurity solutions in Bitcoin ATMs. The partnership introduces crypto wallet insurance of up to $150,000 per wallet and real-time protection services.

This initiative addresses significant cybersecurity challenges in the crypto sector, where hackers stole $3.8 billion in crypto assets in 2022. According to FTC data, Bitcoin ATM scam losses increased tenfold since 2020, reaching over $110 million in 2023, with $65 million lost in the first half of 2024. The median loss was $10,000, with individuals over 60 being particularly vulnerable.

BULT owns two critical Bitcoin ATM patents through its subsidiary First Bitcoin Capital : US9135787B1 and US10332205B1, which are essential for Bitcoin ATM operations.

Positive

• Secured exclusive U.S. partnership for implementing advanced cybersecurity solutions in Bitcoin ATMs
• Offering crypto wallet insurance up to $150,000 per wallet
• Owns two essential Bitcoin ATM patents critical for industry operations

Negative

• Operating in a sector with rising cybersecurity threats ($3.8B stolen in 2022)
• Industry facing increasing scam losses ($110M in 2023, $65M in H1 2024)

Innovative Partnership for Exclusive Crypto Wallet Insurance for Bitcoin ATM Users Enhancing Bitcoin ATM Security for Cryptocurrency Transactions

RENO, Nev., Dec. 12, 2024 (GLOBE NEWSWIRE) --  Bullet Blockchain, Inc. (“Bullet Blockchain” or the “Company”), (OTC: BULT), a pioneering BaaS company at the forefront of blockchain and Bitcoin ATM technologies, is pleased to announce the signing of a Memorandum of Understanding (MOU) with Sailo Technologies CY Ltd. (Sailo Technologies), a pioneering cybersecurity company based in Cyprus. This strategic partnership will designate Bullet Blockchain as the exclusive partner of Sailo Technologies’ advanced cyber-security solutions for the Bitcoin ATM industry across the United States.

This innovative partnership between Bullet Blockchain and Sailo Technologies introduces a cutting edge, first of its kind, crypto wallet cybersecurity protection with money back guarantee services. Sailo Technologies provides an assurance-based coverage for blockchain transactions and real-time wallet protection setting a new standard of trust and safety for Bitcoin ATM and related cryptocurrency transactions.

Enhancing Bitcoin ATM Security:

Sailo Technologies specializes in cutting-edge cybersecurity solutions designed to protect cryptocurrency transactions and wallets from any unauthorized access and cyber threats. By integrating Sailo Technologies’ innovative security protocols into Bitcoin ATMs, this collaboration aims to provide unparalleled protection for users, ensuring secure transactions and safeguarding digital assets.

Exclusive Crypto Wallet Insurance for Bitcoin ATM Users

To further enhance user confidence, Bullet Blockchain will introduce Sailo Technologies’ crypto wallet insurance of up to $150,000 per wallet, exclusively for Bitcoin ATM users. This initiative provides an added layer of financial protection, reinforcing the Company’s commitment to user security.

Commitment to Secure Cryptocurrency Transactions

“Our collaboration with Sailo Technologies and the introduction of crypto wallet insurance will represent significant advancements in securing Bitcoin ATM transactions,” said Simon Rubin, CEO of Bullet Blockchain Inc. “By combining our patented technologies with Sailo Technologies’ cybersecurity expertise and elite services, we are setting a new standard for protecting users' crypto wallets, reinforcing our dedication to safety and innovation in the digital asset industry.”

Addressing Rising Cybersecurity Threats:

CBS recently reported that in recent years, the cryptocurrency sector has faced significant challenges due to cyberattacks. In 2022 alone, hackers stole a record $3.8 billion in crypto assets, marking a 15% increase from the previous year.

According to the Federal Trade Commission (FTC), consumer losses due to Bitcoin ATM scams have surged nearly tenfold since 2020, reaching over $110 million in 2023. In the first half of 2024 alone, reported losses exceeded $65 million, with individuals over 60 being more than three times as likely to fall victim compared to younger adults. The median loss reported during this period was $10,000. Scammers often impersonate government officials, businesses, or tech support, creating a false sense of urgency that prompts victims to withdraw cash and deposit it into Bitcoin ATMs, unknowingly transferring funds directly to the scammers' cryptocurrency accounts.

Bullet Blockchain’s Intellectual Property

Bullet Blockchain continues to advance its licensing initiatives, offering operators and manufacturers a variety of partnership models including transaction-based fees and revenue-sharing opportunities centered around its intellectual property. As previously announced, Bullet Blockchain acquired First Bitcoin Capital LLC, which owned an intellectual property portfolio consisting of the rights to two Bitcoin ATM patents, becoming the owner and licensor of these valuable assets. By virtue of its subsidiary First Bitcoin Capital LLC, Bullet Blockchain’s intellectual property includes the ownership and the exclusive rights to US Patent Nos. US9135787B1 “Bitcoin kiosk/ATM device and system integrating enrollment protocol and method of using the same” (US9135787B1) and US10332205B1 “Bitcoin kiosk/ATM device and system and method of using the same” (US10332205B1), respectively. The combined patents acquired by Bullet Blockchain are critical patented technologies for Bitcoin ATMs and networks to operate.

About Sailo Technologies

Based in Cyprus, Sailo Technologies is a leading cybersecurity firm dedicated to delivering cutting-edge solutions for the protection of digital assets. Their advanced offering focus on securing cryptocurrency transactions and ensuring the integrity and safety of users' worldwide. Sailo Technologies is a leading cybersecurity company specializing in security-agnostic service solutions for financial blockchain transactions. Its technology is designed to make transactions transparent only between the participants, much like standard financial transactions. Our real-time algorithm works without any manipulation of private currencies or chains, and no off-chain/on-chain bridges. The Sailo Technologies protocol allows customers to prevent tracking, currency theft, hacking, and other cyber-attacks.

What sets Sailo Technologies apart in the industry is our unique multilayer cyber protection services emerge into one enhanced confidant position allowing our customers to enjoy the peace of mind so required in this era where the associated risks have grown exponentially.

At the core of Sailo Technologies’ offering is its real-time monitoring risk detection, and real time active prevention and protection system. This uniqueness allows us to introduce to the market a very important decision-making tool the KYR^TM, Know your risk, in real-time for every transaction. Standing head and shoulders above all is the privacy protection layer which provides the ability to transform real transaction data into an untraceable format, inaccessible to any unauthorized 3rd party or hazard groups on the open ledger. This revolutionary feature ensures our client's utmost privacy and security and goes beyond traditional security measures, setting Sailo Technologies apart as a cutting-edge cybersecurity solution provider.

We are committed to providing our business-to-business customers with innovative solutions that are tailored to their specific needs. Our team of experts is dedicated to staying ahead of the curve when it comes to cybersecurity, and we are proud to offer our clients the latest technologies to ensure their transactions are always secure and private.

At Sailo Technologies, we believe that real confidence and trust are the foundation of any successful financial ecosystem built upon business relationships. That's why we prioritize transparency, honesty, and integrity in everything we do. We are constantly striving to improve our products and services to better serve our clients and look forward to continuing to make a positive impact in the global blockchain cybersecurity industry, shaping the future of blockchain security by delivering a promise.

About Bullet Blockchain
Headquartered in Reno, Nevada, Bullet Blockchain Inc. – common stock is publicly traded on the OTC Markets under the symbol (BULT) – is a diversified software development and SaaS company, specializing in blockchain technologies and Web 3.0, and though its wholly owned subsidiary, First Bitcoin Capital LLC, the owner and licensor of two Bitcoin ATM patents. Bullet Blockchain is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to rapid growth and increasing the shareholders’ value.

Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our OTC Markets’ disclosures, press releases, public conference calls, and webcasts. We also use social media to communicate with our email subscribers and the public about Bullet Blockchain, services, and other related information. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in Bullet Blockchain to review the information we post on Bullet Blockchain’s social media channels listed below. This list may be updated from time to time. 

Follow us at: 

• Find BULT news at http://www.BulletBlockchain.com  
• Follow BULT news on X (f/k/a Twitter) @BULT_stock
• Follow BULT on Reddit at  https://www.reddit.com/r/BULT/  
• Follow BULT on Facebook at  https://www.facebook.com/BulletBlockchainInc/
• Follow BULT on LinkedIn at  www.linkedin.com/in/bullet-blockchain-inc 
• Find investor and general information at https://www.otcmarkets.com/stock/BULT/profile
• For investor and general information, please email  contact@BulletBlockchain.com 
  

Forward-Looking Statements: 
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change at some point in the future. However, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.

Contact us: contact@BulletBlockchain.com

FAQ

What is the maximum crypto wallet insurance coverage offered by BULT through Sailo Technologies?

Bullet Blockchain (BULT) offers crypto wallet insurance of up to $150,000 per wallet through its partnership with Sailo Technologies.

How much did Bitcoin ATM scam losses increase in 2023 according to the FTC?

According to the FTC, Bitcoin ATM scam losses reached over $110 million in 2023, representing a nearly tenfold increase since 2020.

What Bitcoin ATM patents does BULT own through First Bitcoin Capital ?

BULT owns US Patents US9135787B1 and US10332205B1, which are essential technologies for Bitcoin ATM operations.

What was the median loss from Bitcoin ATM scams in the first half of 2024?

The median loss reported from Bitcoin ATM scams in the first half of 2024 was $10,000.

How much did crypto hackers steal in 2022 according to the press release?

In 2022, hackers stole a record $3.8 billion in crypto assets, marking a 15% increase from the previous year.