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Altcoin News

TRON CEO Confirms: Hard Fork To Happen At The End Of February

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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.

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Altcoin News

Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin

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Tether issuer, the company behind the controversial cryptocurrency stated that it had invested a small part of its reserves in Bitcoin. According to the court filing that we have here today in our altcoin news, ‘’a small amount’’ of the reserves was invested into the largest cryptocurrency. Per the document, the attorney for Tether’s associate company Bitfinex David Miller, says that the Tether issuer has invested a small amount of USDT reserves into bitcoin highlighting that ‘’prior to the Apil 24 order, Tether did invest in instruments beyond cash and cash equivalents, including Bitcoin.’’ Miller stated further that Tether made other investments as well such as purchasing other assets. In response to the statement of the attorney, the New York Supreme Court Judge Joel M. Cohen pointed out the investigation of USDT and tried to understand why someone would invest in such a volatile asset like 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.
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Most Altcoins Report Moderate Gains, Bitcoin Reaches $8,000

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Most altcoins, especially the top 20 are reporting moderate gains on the day as the largest cryptocurrency approaches the $8,000 price point again. As noted in all of the altcoin news headlines, Bitcoin increased up to 2 percent on the day. The largest cryptocurrency is trading at $7,957 at press time according to the data from CoinMarketCap. Bitcoin is up by 2 percent on the day and by looking at its weekly chart the cryptocurrency is up by 2.55%. The proximity of the biggest cryptocurrency is $8,000 which comes as the United States Securities and Exchange Commission (SEC) reported a few days ago that they are ‘’still in information-gathering mode’’ regarding the VanEck bitcoin exchange-traded fund (ETF). Most altcoins among the top 20 are reporting notable gains and one of the biggest winners is Bitcoin SV (BSV) which increased up to 102 percent at press time. As reported in the latest cryptocurrency news, Bitcoin SV promoter and the self-proclaimed Satoshi Nakamoto-Craig Wright, has officially filed U.S copyright registrations for Bitcoin’s whitepaper and code. Ethereum (ETH) on the other hand, is clinging to its position as the largest altcoin by market cap which is currently standing over the $26.7 billion price point. The second largest altcoin XRP now has a market cap of $16.6 billion. Following the data from CoinMarketCap, we can see that the price of ETH increased by 3.1 percent over the past day. At press time, ETH is trading at $253. By looking at the weekly charts, Ethereum seems to have increased by over 18.5 percent. Ripple’s XRP is nearly three percent over its previous price in the last 24 hours and is now trading at $0.401. Over the week, the altcoin increased by about 4.50 percent. At press time, the total market cap of all cryptocurrencies combined is $248.5 billion which is three percent higher than the one reported week ago. Most of the oil futures and indexes saw some mixed signals over the day with WTI Crude going down by 0.13 percent. Brent Crude dropped by 0.08 percent and Mars US by 0.13 percent at press time. The Canadian Crude index saw some increase action by 0.6 percent at press time.
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Cryptopia Hackers Are Moving The Funds In At Least Four Wallets

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Last week, we wrote that the hacked exchange Cryptopia officially goes into liquidation - something that was published by many best cryptocurrency news sites. However, it seems like the Cryptopia hackers are tracked and appear to have begun moving the stolen Ethereum into multiple wallets. As the reports show, the Cryptopia thieves cleared more than $16 million and started moving the stolen cryptocurrency into multiple wallets. In January, Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Even though the company never disclosed the amount, analytics firms estimated that a hacker or a group of hackers made off with more than $16 million in Ethereum as well as other tokens. The Cryptopia hackers apparently made the exchange shut down - as it published on May 15 in a statement which was featured in the altcoin news - posting a message regarding its liquidation which said:
“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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Matic Network Surges 76% In A Day, Slowly Becomes A Favorite

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Matic Network, a crypto project backed by the crypto exchange giant Coinbase, surged up to 76 percent in 24 hours. The project is aimed at scaling ethereum and it traded at $0.31 with a market cap of $66.8 million so we read more about this amazing project in today’s altcoin news. The daily trading volume of the Matic Network is over $250 million which means that the daily volume of some other larger projects such as Monero, IOTA and Cardano is exceeded. Since the beginning of May, the coin increased by more than 600 percent. The main goal of the Matic Network is basically a blockchain solution or a scalability solution. The startup provides an off-chain scaling toll of the Ethereum network but for other existing networks as well. It aims to ensure a better user experience regarding the decentralized applications. The ecosystem incorporates a digital wallet, SDKs, payment APIs, and ID solutions. There are other products that are implemented in the project as well that will enable developers to build and shift dapps developed on other platforms such as Ethereum. The Matic network will use a modified version of Plasma but with a Proof-of-Stake based side chains. The project is still in its early ages. It was launched on Binance less than a month ago which means that Binance is responsible for more than 98% of the token’s trading volume. Matic is one of the Binance Launchpad coins that expressed some impressive returns and benefits. Matic revealed that it has joined the Binance Info transparency initiative that will help investors to always be updated about the progress of the project. The community now hopes that the Matic network will be listed on Coinbase since the team announced they secured funding from the Coinbase Ventures. As reported in the latest cryptocurrency news, Matic will integrate another Coinbase-backed crypto the USD Coin on its sidechains. Coinbase, on the other hand, will let its wallet users use the Matic network in order to transfer and trade cryptocurrencies. Investors believe that Coinbase should list the token but some members of the community believe that the project won't benefit a whole lot from the listing.
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