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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.

>> Crypto News: UPS Invests in Blockchain and Circle Stablecoin Fully Backed

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 News | UPS Invests in Blockchain & Circle Stablecoin Fully Backed

All major cryptocurrencies are seeing red again today. This week has brought higher-than-normal volatility for most of the top digital currencies on the market, making investors scratch their heads. Today, we’ll take a look at the latest trending crypto news.

Crypto News: UPS Invests in Blockchain

Today, the top crypto news is surrounding the logistic giant, the United Parcel Service (NYSE:UPS). It was announced that the investment arm of the shipping company made an undisclosed equity investment in the US enterprise blockchain company, Inxeption. This UPS investment will be used to create innovative new e-commerce solutions for B2B sellers and buyers.

“Inxeption’s technology is attractive to UPS because it helps unlock new efficiencies for customers using B2B e-commerce platforms,” said Kevin Warren, UPS Chief Marketing Officer. “UPS creates alliances and partnerships to gain market knowledge and position the company as the shipper of choice in ecommerce.”

Inxeption began operations back in 2017 and aims to use blockchain technology to improve various processes for businesses. A primary focus for the company is supply chain, something UPS could highly benefit from. This is positive crypto news, considering the number of recent hacks that are driving down investor confidence.

Crypto News: Circle Stablecoin Audit Report Released

Along with the UPS news, the other big crypto news released today was in regards to Circle’s stablecoin (USDC). The auditing firm Grant Thornton released an attestation report yesterday confirming its USDC coin being fully USD-backed.

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This is also great crypto news, as there has been vast skepticism on stablecoins across the board. The report confirms:

“In our opinion, the Reserve Account Information in the accompanying Reserve Account Report as of December 31, 2018 at 11:59 PM UTC is correctly stated, based on the criteria set forth in the Reserve Account Report, in all material respects.”

While this doesn’t speak for all stablecoins, it’s good for investors to know they can trust the Circle stablecoin.

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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.

>> Malaysia Regulates Cryptocurrencies: Traders Must Comply With New Rule

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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Malaysia Regulates Cryptocurrencies | New Rules that Must be Followed

Malaysia regulates cryptocurrencies as of today. The new rules affect both digital coins and ICOs (initial coin offerings). Though welcomed by many, the repercussions for those who don’t comply are deemed particularly harsh.

What will this mean for trading?

Malaysia Regulates Cryptocurrencies

The country’s Minister for Finance, Lim Guan Eng, announced that the order to regulate cryptocurrencies and initial coin offerings as securities has come into force—effective today, January 15th.

Launching an unauthorized ICO or exchanging in cryptocurrencies without approval could result in a 10-year jail term and a $2.4 million USD fine:

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [$2.44 million].”

Ouch.

Pro Crypto

Despite the harsh repercussions for illegal trading, Malaysia is predominantly pro cryptocurrency. The minister stated:

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternative asset class for investors.”

Trading

So what does this mean for traders as Malaysia regulates cryptocurrencies?

An official framework will be launched by the end of Q1 this year. This will detail the exact regulatory requirements for launching an ICO and trading on digital exchanges in the country. In general, crypto services and exchanges must obtain authorization from Malaysia’s Securities Commission. This body will work with the central bank to ensure compliance.

>> Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

As stated above, without official approval, traders face serious charges if caught.

The Capital Markets and Services Order 2019

Called ‘The Capital Markets and Services Order 2019,’ the next few months will prove crucial as traders and exchanges work to comply with the new relevant securities laws and seek approval by the commission.

India also recently regulated cryptocurrency. It spent most of 2018 implementing regulations for crypto services in its country.

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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.

>> Bitcoin Price: Another Sudden Sell-Off After a Steady Month

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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