In the latest crypto news, we are reporting a case which proved vulnerability in one exchange, and in which were stolen more than $220,000 worth of cryptocurrencies – specifically tokens of the Ethereum Classic (ETC) altcoin.
About 40,000 ETC was stolen from the exchange Gate.io during the ongoing manipulation of the project’s blockchain network. As the exchange confirmed on Tuesday, the Ethereum Classic blockchain was under 51% attack in which a single entity takes control of more than half of the network’s hash power, allowing it to rewrite its transaction history and double-spend coins.
There were three accounts about the attacker(s) which were instantly identified. As Gate.io revealed in an official blog post:
“It happened between 0:40 Jan.7, 2019 and Jan 4:20 Jan.7, 2019 UTC for about 4 hours. All the transactions were confirmed normally on the ETC blockchain and became invalid after the blockchain rollback.”
The ETC/USD rate at the time was fluctuating between $4.90 and $5.25 according to data. As Gate.io further explained:
“Gate.io’s censor successfully blocked attacker’s transactions at the beginning and submitted them to the manual exam. Unfortunately, during the 51% attack, all the transactions looked valid and confirmed well on the blockchain. The examiner passed the transactions. It caused about 40k ETC loss due to this attack. Gate.io will take all the loss for the users.”
Following this attack, almost all of the exchanges discontinued their ETC deposits and withdrawals and none of them – except Gate.io – have reported any losses. The situation now leads to a scenario where the attacker(s) is or are holding the stolen ETC with no options to liquidate them for fiat.
A developer named Donald McIntyre from the Ethereum Classic team also responded, saying that they were looking at a textbook 51% and double spend attack. According to the group at ETC:
“To be clear we are making no attempt to hide or downplay recent events. Facts are facts and as the situation develops we’ll soon get a full picture of what actually took place. Linzhi is testing ASICS. Coinbase reported double spends; both may be true.”
The team also raised its prevention tactics by asking other exchanges to increase their block confirmation times.
Coinbase Amassed 30 Million Users: 5 Million In Last Month
TRON Price Tumbles After The Rescheduled Lunch Between Buffett And Sun
"The illegal fundraise accusation is wrong. Tron complied with regulators and refunded investors on Sept. 20 in 2017, immediately after the order [of a ban on initial coin offerings] from seven ministries in China," he said (translated).The Tron price tumbles as we speak, again proving that everything can affect the price of crypto and again showing volatility just like the other coins in the latest cryptocurrency news. Currently, TRX sits at $0.024 with a 16% loss on the day.
Five Cannabis Infused Cryptocurrencies To Invest In This Year
DopeCoin Gold (DOPE)DopeCoin Gold has been featured in the coming altcoin news many times - as a blockchain and cryptocurrency which aims to 'provide marijuana enthusiasts with a modern and secure way of doing business for the 21st century’. Created on Bitcointalk, DopeCoin Gold (DOPE) was first launched in early 2014. The creator of this altcoin also founded CryptoBillings which is a payment processing application for vendors interested in accepting crypto. You can purchase DopeCoin Gold as one of the five cannabis infused cryptocurrencies on markets such as Bittrex.
HempCoin (THC)HempCoin launched in 2014 and just like DopeCoin, aims at revolutionizing the cannabis industry by providing a trusted network currency. As the website behind this project notes: “HempCoin is on a mission to achieve mass adoption in the agriculture sector by offering solutions that tackle the issues plaguing cross-border transactions. We aim to offer solutions for the lack of banking and payment services for industrial hemp and legal cannabis businesses.” You can buy HempCoin (THC) on Bittrex.
PotCoin (POT)PotCoin also launched in 2014 and quickly made a name for itself - becoming one of the frontrunners in the cannabis crypto industry. This is why it is in our list of five cannabis cryptocurrencies to watch out for. From its website: “PotCoin provides an underserved legal cannabis industry with a decentralized infrastructure and payment solution. Using PotCoins, industry participants can realize significant cost savings, scalability, and unparalleled enterprise security.” PotCoin can be used to buy weed paraphernalia in different online headshops. The website also advertises a unique Shopify store. Staking rewards are also present on the POT blockchain.
CannabisCoin (CANN)CannabisCoin (CANN) deserves to be in the five cannabis infused cryptocurrencies to watch out for. Even though it was originally planned to produce its own medical-grade marijuana products (priced at 1 gram of weed at 1 CANN coin) the cryptocurrency was also self-titled as 'The Marijuana Bitcoin'.
Paragon (PRG)Paragon is also featured in our altcoin news as one of the five cannabis cryptocurrencies. It launched in 2017 with a main goal of: “…building the next generation of seed-to-sale tracking software based on blockchain, while offering cannabis entrepreneurs a high tech co-working environment.” However, its plans got derailed when the SEC came down hard on the project for violating the rules regarding the issuance of security tokens. The CEO of Paragon, Jessica VerSteeg, is a former Miss Iowa winner. She was in the news for framing the SEC ruling as a positive for Paragon at the time, stating: “Paragon is proud that the PRG token is included in today’s action by the SEC and are thereby being granted the opportunity to avail itself of this groundbreaking path forward while continuing to pioneer efforts and to participate in the ever evolving ICO marketplace.”
Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World
“I think all these other cryptos are bridges to where we have a Bitcoin environment,” he said.Appearing in the unique trademark Bitcoin tie, Tim Draper believes that US regulators were too heavy-handed dealing with innovations like Bitcoin, blockchain and related fields - which is what he told CNBC. He did not say anything about other altcoins which might have been featured in our altcoin news section. When it comes to Libra, he said that there was no need to demand regulatory assurances before the product had even launched.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” he continued.Currently, many best cryptocurrency news sites explore the link between Libra and Bitcoin. At press time, Bitcoin looks stable and is trading more predictably after a turbulent week which saw a lot of price swings as the Congress debated a cryptocurrency policy. Tim Draper believes that there is lack of Bitcoin support against government. He is in a lot of interviews recently, talking about being a Bitcoin bull, his investments in the crypto space as well as his outlook on the future of the crypto space.
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Big BTC Price Boom Will Bring To Consolidation: Market Experts
Bitcoin News3 days ago
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
Bitcoin News2 days ago
Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
Bitcoin News3 days ago
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
Blockchain News4 days ago
Japan Will Create International Crypto Infrastructure Better Than SWIFT
Altcoin News3 days ago
Bank Of Thailand Is Open To Discussions With Libra
Blockchain News4 days ago
Former CEO Of WEX Crypto Exchange Gets Arrested In Italy
Analysis4 days ago
High Bitcoin Volatility Expected Soon: Price Analysis