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Binance Freezes Tokens from Hacked Cryptopia Exchange

New Zealand-based crypto exchange Cryptopia was hacked two days ago. The thief (or thieves) made off with approximately $3.6 million in cryptocurrency. Now, the biggest cryptocurrency exchange, Binance, has frozen tokens sent to its wallet by the alleged hackers.

Binance Freezes Tokens

According to Binance CEO Changpeng ‘CZ’ Zhao, the exchange reportedly received an unspecified amount of cryptocurrency that social media users noted looked suspicious. The transactions were coming from addresses known to be related to the Cryptopia hack.

Cryptopia currently remains shut down while police investigate the hacking.

The Frozen Tokens

CZ spoke on the matter and said Binance staff are holding the tokens while the investigation is underway. The tokens arrived on the exchange in several batches of MTL coins valued at $7,830 and KNC tokens valued at $6,867 at the time of writing.

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Speaking on Twitter CZ showed his surprise at the hacker’s decision:

“[Binance was] able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Cryptopia Hack

Cryptopia itself has been unable to comment on events surrounding the hacking because of the police investigation. As a result, we don’t know an awful lot about the events leading up to the hack. One suspicion has arisen over large sums of tokens being moved on the exchange in the days preceding the attack. A positive move was that Cryptopia revealed it to investors immediately and didn’t try to hide it as has been an issue in similar past incidences.

Hacking on crypto exchanges is nothing new. Unfortunately, the regularity of hacking is a big reason why cryptocurrency has faced difficulty with mainstream adoption. The risks associated with trading the coins is considered far too volatile for major industry and financial bodies.

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Crypto Hack Takes Crypto Exchange Cryptopia Offline

Another crypto hack has plagued the cryptocurrency space. This time, the New Zealand-based Cryptopia found itself at the center of it. The cryptocurrency exchange announced the news via the company’s Twitter this morning, stating it “suffered a security breach which resulted in significant losses.”

Cryptopia Crypto Hack

The exchange’s website is now completely offline, and the company states that it is undergoing maintenance. However, it is more likely that the team at Cryptopia is trying to track down the hacker and figure out how they gained access to the exchange’s system.

The initial hack figures are said to be around 19,000 ETH tokens, worth just over $2.4 million. With previous crypto hacks, these figures have been initially blown out of proportion and often are off from the final, more accurate figures. In addition to the ETH, it has been rumored that 48 million Centrality (CENNZ) tokens have also been transferred from the site to unknown wallets.

The good thing about this crypto hack is that Cryptopia revealed it to investors immediately, rather than trying to hide it. It seems the team at Cryptopia is quickly working on damage control, but it remains unknown at this time when we’ll get official hack numbers.

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Investors aren’t pleased and are all voicing their opinions on why this occurred.

Crypto Hack Backlash

One investor tweeted:

Another felt that its focus on too many altcoins was its downfall.

Still, hacks have happened to a number of exchanges and are a big reason why cryptocurrency hasn’t made its full push mainstream. Until cryptocurrency exchanges get a consistent handle on security and can prove security over a long period of time, institutional investors won’t come close to owning or using digital currencies.

Crypto hacks like this are not giving investors confidence in crypto.

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Ethereum-Based “Stock” Exchange DX Plagued with Security Issues

The highly anticipated Ethereum-based “stock” exchange, DX, launched this week! Despite the vast enthusiasm for the project, problems were immediately discovered regarding the company’s security. The launch on January 7th was only a soft launch, but traders aren’t pleased with the lack of security the platform has initially provided.

Ethereum-Based DX.Exchange Flaws

At launch, the exchange reported a few outages as the site couldn’t handle the traffic that was being brought to it. What intrigued most investors was DX’s promise that it would have major tech stocks like Apple and Tesla on the exchange from the start. To bypass US security laws, the Ethereum-based exchange is not open to US residents.

However, DX’s CEO and co-founder recently just made claims that the exchange will hit the US sometime this year. How they will get that approved by the SEC is beyond me. Especially considering the public companies being listed on the exchange don’t benefit whatsoever from the listing.

DX’s soft launch exposed an array of issues with the platform that investors weren’t pleased with.

An anonymous trader told CCN that he created a dummy account of the site, in order to test its robustness, and discovered shocking details.  Allegedly, the trader found that the request he sent from his browser to the exchange included information about the authenticated token and the user’s details to access the account.

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In addition to the private and public keys, the information included the password reset link. Basically, the trader could fully access any affected account of the user’s account if it wasn’t already logged out of. Furthermore, he found he could access some accounts even after the user had logged out.

The Ethereum-based exchange quickly caught wind of this and took action.

Shortly after, DX published a blog post of the incident addressing the patches placed in their security issues. If you live outside the US and were considering trading on the DX platform, I strongly recommend you hold off—for now.

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Nasdaq-Powered Crypto Exchange Offers Tokenized Stock

A Nasdaq-powered crypto exchange called DX.Exchange is opening its doors to investors next week. So, it’s just another new exchange, right? No. Not at all.

DX.Exchange

DX.Exchange is a European-regulated crypto exchange, that will allow investors to buy tokenized stock from ten technology companies that currently trade on the Nasdaq Stock Market. That’s pretty impressive.

The company is 100 people small. At the helm is chief executive officer Daniel Skowronski who stated that the exchange is “launching with 10 of the top stocks traded on Nasdaq first” with plans to add “more as we move forward.”

Backed Tokens

The company can offer tokenized exchanges because of its partnership with MPS (MarketPlace Securities). This firm will back each tokenized stock with an actual share of the purchased company. It is in this way that DX.Exchange is hoping to stand out from the rest.

ERC-20 Tokens

The Exchange will accept trading with ERC-20 tokens and will also have support for 40 crypto trading pairs. The service will be launched next week in Europe but won’t be available in the US until later in 2019.

Some of its starting offerings include Apple, Amazon, Facebook, and Netflix shares.

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Security

The DX.Exchange will use Nasdaq’s SMARTS technology to track suspicious trading activity including spoofing and market manipulation. Skowronski stated further:

“We built it on the back of Nasdaq’s SMARTS and its matching engine technology. We follow MIFID compliance. Our license in Estonia allows clients to exchange fiat to crypto and crypto to crypto. And we have a full-scale institutional custody solution.”

Some benefits of tokenized stocks include the ability to trade 24/7 and to buy only a part of a share and not the whole thing. Also, on DX.Exchange, customers will be able to change their crypto into fiat currency and then stock, directly on the platform. Some believe trading in this manner could also improve liquidity.

What say you? Are you a fan of tokenizing stocks?

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Coinbase Just Moved $5 Billion for Altcoin Expansion

Coinbase has been extremely active with its ’12 Days of Coinbase’ marketing initiative. The cryptocurrency exchange has been releasing daily updates on its company for the last ten days. Yesterday’s announcement was the biggest yet.

Coinbase Moves $5 Billion

On day one, the cryptocurrency exchange announced that its users could buy e-gift cards from a wallet on its platform through WeGift. Vendors supported on WeGift include Uber, Nike, and many others.

On day five, Coinbase announced that it had teamed up with PayPal, and the platform now offers PayPal withdrawals in the US. The announcements just keep getting bigger and bigger. It will be interesting to see what day 12 will hold!

Yesterday, on Day 10, Coinbase announced that it took on what it believes to be the biggest cryptocurrency transfer on record. The cryptocurrency exchange recently moved 5% of all Bitcoin, 8% of all Ethereum (ETH), and 25% of all Litecoin (LTC) in circulation. The reason for doing so was to move the funds to its new evolution of a cold storage wallet.

The announcement reads:

“We began planning months before the actual move date and involved almost every team at Coinbase in the process. We conducted risk assessments, honed monitoring plans and conducted test migrations until we were positive that the live migration would go off without a hitch.”

The migration went without complication. This new cold storage system is a core part of the company’s strategy to expand its asset offerings.

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Day 11

Today, Coinbase announced it has expanded to six additional European countries. Starting today, the cryptocurrency exchange will be available in Lithuania, Iceland, Isle of Man, Guernsey, Gibraltar, and Andorra. The company was already operational in 33 countries before today’s announcement.

“Next year we will continue expanding rapidly into new regions and adding assets to the Coinbase platform to meet customer demand,” the announcement concludes.

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