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Stellar (XLM) the Latest Cryptocurrency Added to Grayscale

Grayscale, a cryptocurrency investment group, has just announced that it has launched its latest fund. This new fund is dedicated specifically to Stellar (XLM).

Grayscale Adds Stellar (XLM)

Grayscale is a digital asset management firm that operates under the Digital Currency Group umbrella. Before the addition of Stellar, Grayscale held eight other digital currency trusts.

The trusts now include:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Horizen (ZEN)
  • Litecoin (LTC)
  • Stellar (XLM)
  • XRP
  • Zcash (ZEC)

“We are pleased to bring Grayscale Stellar Lumens Trust to market and will continue to provide investors access to established blockchain projects with substantial traction and resources,” said Michael Sonnenshein, Managing Director of Grayscale. “Grayscale has established a leadership role in this emerging industry and the launch of this product will expand our coverage of the digital asset universe.”

The Grayscale Stellar Lumens Trust is now the first single-asset investment product that provides investors with exposure to Stellar (XLM). Stellar Lumens, or XLM, is the native digital asset of the Stellar Network.

>> Binance Freezes Tokens from Hacked Cryptopia Exchange

Sonnenshein spoke to Fortune about his views on the Stellar Network. The Director of Grayscale believes that Stellar is in a good position to be used in the world and believes the theory behind the project is sound. Specifically, Sonnenshein believes that the working capital aspect of the Stellar Lumens network is what will make it more appealing to banks.

The current banking system requires each major bank to hold large reserves of currencies in foreign banks, but being able to bring those balances of foreign currencies into working capital is what the Grayscale Director finds to be extremely valuable.

Currently, Grayscale also holds XRP, which is Stellar’s competitor. However, Ripple’s network is geared more towards banks, while Stellar (XLM) hopes its project will be used for just about anyone. Specifically, smaller businesses.

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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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Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

Are stablecoins the future of crypto? Cameron and Tyler Winklevoss, Bitcoin bulls and Gemini Exchange founders, seem to think so. This morning, an interview was published by Fortune where the twins discussed their first marketing campaign for Gemini.

Stablecoins and Gemini

The famous twins feel digital currency has a bright future, but there need to be banking-style regulations in order for investors to trust it.

“The idea is that companies that build on top of things like Bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation,” said Tyler on Fortune’s
‘Balancing the Ledger.’ “People believe in the dream of crypto, they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”

The newly launched Gemini campaign encompasses just that and is called ‘Revolution Needs Rules.’ The Winklevoss Twins have the ad spread all across Wall Street and have even purchased a full-page in the New York Times.

Crypto has been in quite the bear market the past year, and the twins believe that stablecoins (digital currencies pegged to a fiat currency) are a bright spot for this downturn. It just so happens that the twins have created their own stablecoin for their platform named the Gemini Dollar, pegged to the US dollar. Stablecoins seem to be the new trend among the crypto community, as crypto’s high volatility seems to be its biggest deterrent.

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

However, like Tether (USDT), it is hard to tell if the coin is really pegged to the dollar and how that process even works. The Winklevoss twins explained in their interview that at least 60% of US 100 dollar bills are held overseas. They think this practice could be simplified if the holders just used stablecoins, instead of actual dollars.

With so many new stablecoins in circulation now, it will be difficult to keep up with them all, but the fakes can easily be exposed since they all should hold the same value.

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Ethereum Classic Attack | Gate.io Will Return Most Funds

On Sunday, rumors spread around the community that there had been a double-spend attack on Ethereum Classic. The team behind the project immediately responded to the rumors, to ease investors.

Since Sunday, the Ethereum Classic attack has been confirmed, and the culprit has fessed up. During the week, the devs behind the project asked exchanges and pools to significantly increase their ETC confirmation times. Many in the community felt the Ethereum Classic team was trying to downplay the extent of the situation.

Ethereum Classic Attack Uncovered

The devs behind the project have officially responded with all the information they’ve dug up on the matter and expanded it into two posts.

The other post released most recently and can be seen below.

Donald McIntyre wrote a long blog post via Medium regarding the attack and details of the ‘post mortem’ meeting. The blog post by MacIntyre covers the majority of the information on the attack, including the dates, amounts, and who was affected.

The double-spend attack occurred from January 5th to January 7th. The Ethereum Classic attack included at least 15 double spend transactions that had at least 219,500 ETC stolen. Coinbase was the exchange that originally found the attack.

>> TRON (TRX) Up Almost 50% This Week: What’s the Deal?

SlowMist, a team focusing on security of the blockchain identified the culprit addresses that originated from Gate.io and Bitrue.

Gate.io has already confirmed it will cover 40K ETC losses for all of its users that had ETC stolen.

During the meeting, the team behind Ethereum Classic discussed how to prevent this from happening again and steps to take if it does occur. There was no monitoring system in place to alert the team of the double-spend, and the team has deemed this a top priority.

In addition, the devs behind Ethereum Classic have asked exchanges to increase their confirmation times on the digital token.

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Litecoin’s Charlie Lee Sparks Twitter Battle Over “Bitcoin Extremists”

Charlie Lee is at it again. The Litecoin founder isn’t shy when it comes to voicing his opinion on crypto via Twitter and yesterday was no different. It seems this time, he’s targeting Bitcoin maximalists.

Charlie Lee vs. Bitcoin Maximalists

It all started with a poll.

It seems Mr. Lee isn’t happy with a group of self-proclaimed Bitcoin maximalists. The Litecoin founder goes even as far as calling them “extremists,” which isn’t generally a positive thing to call someone.

In 23 hours, Charlie Lee has collected over 28,000 votes on his poll and Bitcoin maximalist has taken over the majority of it. At press time, Bitcoin extremist has 9%, altcoin maximalist has 33%, and nocoiner has 10%. That leaves the remaining 48% to individuals who deem themselves Bitcoin maximalists.

Traditionally, maximalists believe that Bitcoin (BTC) is the top cryptocurrency and the one to use day-to-day. Where Lee seems upset is that a group of these maximalists have attacked his own project and feel there is no space for any altcoins in the industry. This is what prompted the Twitter poll and attack on these so-called “extremists.”

Others had their own take on the poll and subject, as usual.

Another person actually knocking Litecoin said:

Not sure why the person above bought Litecoin because they thought Charlie Lee was a “good person” but that’s probably someone that shouldn’t be investing—just my opinion. Binance’s CEO even joined into the conversation.

>> Monero “Mistake”—Now You Can’t Pay for Fortnite Merch with Monero

From all the rest of the conversation via the initial tweet, it seems Lee isn’t the one who made up the term Bitcoin maximalists. He took that from Vitalik Buterin, Ethereum’s co-founder. It remains unclear why Bitcoin (BTC) supporters need to be placed into a category, but the altcoin leaders, like Charlie Lee, obviously feel it’s necessary.

According to CoinMarketCap, BTC broke over the $4,00 threshold recently and is currently trading at $4,044.75 a coin, down – $0.97%, in 24 hours.

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