In the latest cryptocurrency news, we are focusing on the altcoin IOTA and the hack that made the token lose about $11 million worth of IOTA tokens which are alleged to have been stolen by an individual from Oxford, UK.
The news show that almost all of the tokens have been found. As IOTA’s co-founder and board co-chairman Dominik Schiener told Reuters, the funds are currently being held as evidence in a police investigation.
As reported a week ago, the Europol-coordinated effort involved both British and German enforcement agencies into arresting a 36-year old man suspected of stealing $11.4 million in IOTA from around 85 victims worldwide since last January.
The investigation also found that the thefts took place by targeting users of the now-defunct website that created 81-digit security seeds for IOTA wallets, where the hacker managed to retrieve the seeds and in that way gain access to users’ wallets while draining their funds.
IOTA has been working with the police for several months. According to Schiener, what they told was an entire hacker group turned out to be one individual – which he described as a person “who had a normal job and is well-educated.”
“The exchanges have blocked the hacker’s accounts. He tried to free the money, but he did not succeed. Just a small amount of the stolen IOTA tokens has not yet been found,” Schiener told Reuters.
The British Police already arrested the Oxford man and charged him for theft, money laundering and fraud last week, seizing a number of his computers and electronic devices.
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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