BitTorrent owner and blockchain development platform TRON will be upgraded via a hard-fork by the end of this month (February), according to CEO Justin Sun announcement he posted on social media that we are looking more into in our altcoin news today.
TRON presents itself as a strong competitor to Ethereum (ETH) which aims to increase its appeal for institutional investors and users by launching crypto tokens and other crypto offerings. According to Justin Sun, the hard fork for TORN will provide institution-handling capabilities but will also offer other features such as multi-signature possibilities and better account management options.
The TRX token seems to be reacting well to the news when they initially surfaced a couple of days ago before Bitcoin started going down the road again and dropped by more than 8 percent on Sunday according to the intraday analysis.
With Sun in charge, the company started a massive expansion program including the acquisition of BitTorrent and the other popular torrent client uTorrent in 2018. At the same time, the crypto community wasn’t too happy of Sun’s criticism of Ethereum.
As previously reported, some users expressed their dislike about Tron after Stellar’s (XRM) Jed McCaleb attacked the platform when he was interviewed last year. Investors are positive that the next phase of TRON will be further fueled by the BTT token. TRX has also hundreds of dApps with thousands of active users as well.
In January alone, BitTorrent completed its initial coin offering (ICO) that helped the platform raise funds after which its token reached a stunning spike in price up to 600 percent soon after it was issued.
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
“Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate, that seems like it’s playing into what they are saying.”As it was previously reported in the best cryptocurrency news sites, the New York Attorney General’s Office (NYAG) noted that the crypto exchange Bitfinex lost nearly $850 million. The office also stated that Bitfinex used the funds from Tether to try and cover the previously mentioned $850 million. The lawyers for Tether confirmed the rumors that its tokens didn’t really have full reserve backing but that only 74 percent was backed by fiat dollars and some other reserves. The New York Attorney General Letitia James also requested a disclosure for the documents regarding the deal that was allegedly made between the two companies. Following her request, the New York Supreme Court Judge Joel M. Cohen decided that both of the parties should resolve their dispute in a refined argument. He also noted that the NYAG cannot bring its full force of the court against Bitfinex and Tether since both of the companies denied any wrongdoing. The companies even criticized the authorities for the way they handled the case.
Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000
Cryptopia Hackers Are Moving The Funds In At Least Four Wallets
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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