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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.

>> Dragonchain Partnership with Hurify: IoT and Blockchain Merger

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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Ripple Update | XRP Private Keys at Risk but CEO Optimistic

Ripple has been in the crypto news quite a lot these past few weeks. The company behind the world’s second-largest digital currency, XRP, has released statements on growth, a hack, and a number of other developments with its platform. Today, we provide our readers with a Ripple update and the latest developments of the xRapid platform.

Ripple Update: Potential Private Key Vulnerability

This morning, Ripple provided investors with an update regarding a recent research paper released by DFINITY Foundation and the University of California. In this paper, both parties revealed that a portion of Bitcoin (BTC), Ethereum (ETH), and XRP addresses were vulnerable to attacks.

Ripple wanted to clear this up on their end before things spun out of control. The Ripple update informs investors that the private XRP keys used before August 2015 are vulnerable. The researchers in the report claim to have successfully hacked hundreds of private keys thanks to “biased nonces.”

Ripple concludes that deterministic nonce generation has been a part of its software since August 2015, making it safe from this vulnerability. While this hack is alarming, the research also states that centralized and single-computing systems are hacked with much more success and frequency than private keys.

Ripple’s Positive Movement

On the more positive side of the Ripple update, last week Ripple announced RippleNet has passed the 200 customer mark. RippleNet is currently operational in over 40 countries and on six different continents.

>> Crypto Hack Takes Crypto Exchange Cryptopia Offline

“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity,” said Brad Garlinghouse, CEO of Ripple. “At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”

XRP Movement

According to CoinMarketCap, XRP is currently trading at $0.328 a coin, up +0.18%. The digital currency remains the world’s second-largest cryptocurrency by total market cap.

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Dragonchain Partnership With Hurify | IoT and Blockchain Merger

A Dragonchain partnership was announced earlier today. The blockchain leader is partnering with Hurify Digital Markets to revolutionize decentralized IoT and blockchain development.

Dragonchain Partnership

The US’s Dragonchain is a blockchain developer that works across four business areas: enterprise services, entertainment, education, and project incubation/acceleration. The company wants to empower businesses with an enterprise-grade blockchain solution.

Hurify, at its core, is a “global ecosystem for developer communities, entrepreneurs, and IoT solution vendors.” Its members span the globe.

Hurify Digital Markets, then, is an IoT project development platform that uses smart contracts to “support IoT project development and deployment supply chain.” The platform essentially brings together in one place the talent, hardware, and services necessary to enhance IoT development and adoption.

The Technicals

But how will the Dragonchain partnership help its case?

Hurify will use Dragonchain’s smart contracts to provide a safe, blockchain-enabled global database of IoT developers. These developers will have the ability to connect with each other through the blockchain. In this way, Hurify will be able to build and maintain its dynamic global ecosystem.

>> Ripple Update: XRP Private Keys at Risk but CEO Optimistic

Innovation

By paring blockchain with IoT, the businesses are merging two of today’s most forward-moving and innovative technologies. As Filip Hantson, VP of Business Development at Dragonchain, puts it:

“We’re looking forward to working with Hurify on our Dragonchain platform […] Like blockchain, IoT is a young technology that has a massive potential to take the market by storm.”

First of its Kind

The Hurify and Dragonchain partnership will mean a first-of-its-kind launch of the Hurify IoT Marketplace blockchain platform.

According to Mouli Srini, CEO and President of Hurify Digital Markets, the new service has the power to take down barriers that have blocked the development of IoT:

“Dragonchain will enable Hurify to take advanced, multi-level private and public blockchains to the IoT community […] We now have a versatile solution for a range of IoT operational challenges, such as access control, securing data, and scalability; which Dragonchain overcomes with remarkable ease of use for developers.”

What are your thoughts on this? Do you think a Hurify/Dragonchain partnership is a match made in heaven? Let us know!

Featured image: DepositPhotos © monsit

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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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