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Binance Hack

Binance Hack | Hackers Make Off With $40 Million in BTC

According to Bloomberg, major cryptocurrency exchange Binance has suffered another hack. This time the hackers withdrew 7,000 Bitcoin, which values approximately $40 million USD. This is the second major breach the exchange has faced, the first being an incident in March 2018.

A notorious issue in the crypto-space, hacks have claimed $1.7 billion USD in 2018 alone.

Binance Hack

Via a post on its website, the exchange said that the hack occurred through a single transaction in a “large scale security breach.”

It furthered that the hackers used a “variety of techniques” including phishing and viruses to gather large quantities of user data. The exchange also warned that there may be additional accounts that are yet unaccounted for but have been affected.

Detailing the hack, Binance said:

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”

The hack was isolated to one wallet—Binance’s BTC hot wallet—which holds 2% of the company’s entire Bitcoin holding. It furthered that all other wallets are secure and unharmed.

The post went on to say the following:

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time […] We must conduct a thorough security review. The security review will include all parts of our systems and data.”

Binance Hack Security Review

This security review will take about a week, during which all deposits and withdrawals are suspended. Trading remains active, however, to allow investors to change their positions.

>> Ethereum Price Jumps 8%: CTFC Approving Futures Trading Soon?

As the news is fresh, the company is still unsure whether or not the hackers still control some accounts and could “use those to influence prices in the meantime.” Traders will be fully covered and no user funds affected, as Binance will use its emergency insurance fund called the Secure Asset Fund for Users.

Bitcoin dropped 3% in early morning trade upon the news. It has since pared those losses, however, and is currently up 0.17%, selling for $5,937 USD.

Does the Binance hack affect you? Are you concerned?

Featured Image: DepositPhotos © Kesu01

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Bitfinex

Bitfinex Plans to Sell $1 Billion Worth of LEO Tokens

Bitfinex has revealed plans of selling its asset LEO, which is estimated to be worth $1 billion. Although this might be seen as a bland move, leading analysts have nonetheless warned that it might hurt Bitcoin.

$1 Billion Worth of LEO Tokens

In a report last week by NewsBTC, Dovey Wan, the founder of Primitive Ventures, indicated that Bitfinex had plans of raising over $1 billion through the offering of its branded crypto assets through an on-platform initial coin offering. A section of the crypto community took the news as a joke, stating that it was not possible for the Hong Kong-based crypto exchange to come up with such a strategy after last week’s news indicating that the exchange was in a risky financial and legal standing.

Chinese cryptocurrency investor Zhao Dong published a document that showed that the LEO plan will, however, actually be moving forward. The Block’s Larry Cermak has stated that already, $600 million of the funding has been allocated to private investors who are considered to be industry insiders including Asian venture capital firms and Bitcoin Whales.

>> NYPD Warns of New Bitcoin Scam: “Don’t Take a Chance, Just Hang Up”

Bitfinex to Use 27% of Profits

The published document shows similarities between LEO and Binance Coin (BNB). Bitfinex plans to use 27% of its profits each month to acquire LEO tokens taken as dividends for holders. Additionally, if the exchange manages to receive $850 million, Bitfinex will be able to buy back LEO using most of the capital. The $850 million would account for the money it is owed from payment processor Crypto Capital and from a hack that lost the exchange thousands of Bitcoin.

Fundstrat’s Tom Lee has suggested that the exchange’s move will be a catalyst for negative price action for BTC. He indicated that $1 billion worth of tokens will affect BTC and other crypto assets because the market will need to absorb an increase in LEO tokens.

Featured image: DepositPhotos © Piter2121

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Bitfinex Tether

Bitfinex Tether Issue Continues | CoinFlip and Tron Postpone Plans

Last week, news about the Bitfinex and Tether issue surfaced when The New York Attorney General’s office said it received a court order against iFinex, the company behind Bitfinex and Tether. While Bitfinex has issued a response to the claims made by the NYAG, the issue hasn’t gone away. If anything, things are worse. On Wednesday, CoinFlip announced it is going to postpone tether buying “until the smoke clears.”

Here’s what we know.

Bitfinex and Tether Issue Continues

On April 25, NYAG Letitia James said her department is looking into Bitfinex and iFinex. Why? Because iFinex allegedly “engaged in a cover-up to hide the apparent loss of $850 million.” Unsurprisingly, Bitfinex did not take the news well. The “court filings were written in bad faith,” said the crypto exchange.

While it was smart for Bitfinex to issue a response quickly, it didn’t stop CoinFlip from postponing tether buying.

According to reports, CoinFlip was going to add the TRON version of USDT to over 180 of its machines in the United States. But now that’s not happening. According to CoinFlip CEO Daniel Polotsky, this rollout has been put on hold because of the Bitfinex and Tether issue. He told CoinDesk on Wednesday that “given the news, we are going to be postponing our launch until the smoke clears (if it ever does).” Polotsky added the crypto ATM startup wants to make sure Bitfinex and Tether are “operating 100% lawfully before offering their products.”

Not Just CoinFlip

It’s not just CoinFlip that has postponed plans because of the Bitfinex and Tether issue. Yesterday, Justin Sun, the CEO of TRON, said he is postponing TRON’s $20 million rewards program. According to Sun, the program will be postponed “until there’s more clarity” regarding the Bitfinex and Tether issue.

>> CoinMarketCap Data Accountability and Transparency Alliance

Takeaway

What do you think about The New York Attorney General’s office looking into Bitfinex and iFinex? Do you think CoinFlip and TRON were right to postpone their plans?

Let us know in the comments below!

Featured image: DepositPhotos © Grey82

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CoinMarketCap

CoinMarketCap Data Accountability and Transparency Alliance

Cryptocurrency-price tracker CoinMarketCap has issued a post urging exchanges to provide mandatory data by June, or else they will be removed from its calculations.

The crypto-data source celebrates its 6th birthday today and announced a list of “major initiatives” as part of its celebrations.

CoinMarketCap: Data Accountability and Transparency Alliance

The site listed five major initiatives that it has been working on for months. They are as follows:

  1. Data Accountability & Transparency Alliance
  2. Block Explorers
  3. Shop
  4. API Revised Plans
  5. Mobile Apps

The first initiative—Data Accountability and Transparency Alliance—is the most eye-catching as it aims to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”

CoinMarketCap’s alliance requires all the crypto exchanges to give up more data, or more precisely, “mandatory API data” including live trading data and live order book data.

The post goes on to say that this data will help it to determine “liquidity, order book depth, spreads, and other meaningful measures. With these additional data points, users will be better able to contextualize the pricing and volume being reported on the site and API.”

If an exchange does not provide the mandatory data, however, it will be excluded “from all price and adjusted volume calculations on the site.”

>> Amazon Web Services Introduces Managed Blockchain to Everyone

The changes will go into effect on June 14th.

According to Cointelegraph, a number of exchanges have already joined CoinMarketCap’s alliance. These include Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex.

Controversy

Back in March, CoinMarketCap was lauded for hosting unregulated exchanges on its site. Bitwise Asset Management released research purporting that 95% of the volume on unregulated exchanges is most likely fake. Following the report, the site officially announced plans to alter its listings.

CoinMarketCap is the leading source of data about all digital currencies listed in the cryptocurrency sphere.

Featured Image: DepositPhotos © Grey82

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CoinMarketCap

CoinMarketCap Data Accountability and Transparency Alliance

Cryptocurrency-price tracker CoinMarketCap has issued a post urging exchanges to provide mandatory data by June, or else they will be removed from its calculations.

The crypto-data source celebrates its 6th birthday today and announced a list of “major initiatives” as part of its celebrations.

CoinMarketCap: Data Accountability and Transparency Alliance

The site listed five major initiatives that it has been working on for months. They are as follows:

  1. Data Accountability & Transparency Alliance
  2. Block Explorers
  3. Shop
  4. API Revised Plans
  5. Mobile Apps

The first initiative—Data Accountability and Transparency Alliance—is the most eye-catching as it aims to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”

CoinMarketCap’s alliance requires all the crypto exchanges to give up more data, or more precisely, “mandatory API data” including live trading data and live order book data.

The post goes on to say that this data will help it to determine “liquidity, order book depth, spreads, and other meaningful measures. With these additional data points, users will be better able to contextualize the pricing and volume being reported on the site and API.”

If an exchange does not provide the mandatory data, however, it will be excluded “from all price and adjusted volume calculations on the site.”

>> Amazon Web Services Introduces Managed Blockchain to Everyone

The changes will go into effect on June 14th.

According to Cointelegraph, a number of exchanges have already joined CoinMarketCap’s alliance. These include Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex.

Controversy

Back in March, CoinMarketCap was lauded for hosting unregulated exchanges on its site. Bitwise Asset Management released research purporting that 95% of the volume on unregulated exchanges is most likely fake. Following the report, the site officially announced plans to alter its listings.

CoinMarketCap is the leading source of data about all digital currencies listed in the cryptocurrency sphere.

Featured Image: DepositPhotos © Grey82

If You Liked This Article Click To Share

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