The largest crypto exchange in the world by trading volume, Binance, was hacked yesterday. There were many numerous concerned users that took to Reddit and Twitter complaining about their altcoins that were instantly converted into Bitcoin without their permission.
Even though a lot of these users haven’t log to their accounts in days, they saw that the only thing they have in their Binance accounts was Bitcoin worth of funds. As one of the users said:
“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some XRP, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”
Other reports by users on Reddit say that the Bitcoins of some users were used to buy VIA coins for 0.025 each. After receiving the bitcoins, the hackers managed to withdraw them in small amounts without attracting any attention. For Binance, the hack was spotted after almost an hour – and the accounts were frozen after they got the first complaints.
Another Reddit user also tried to describe what happened to his profile, stating:
“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”
While some of the traders pointed out to this hack as one coming from the vulnerabilities of trading bots and APIs for some services, others tossed these assumptions. Even though there are several theories about how this hack happened, Binance said that all irregular trades have been reversed and that withdrawals, deposits and tradings are now fully operational.
Binance has reversed all irregular trades. All deposit, trading and withdrawal are resumed. will write a more detailed account of what happened shortly. Interestingly, the hackers lost coins during this attempt. We will donate this to Binance Charity.
— CZ (not giving crypto away) (@cz_binance) March 7, 2018
Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains
‘’Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers.’’No matter the industry, businesses are looking deeper into the ways blockchain can improve the supply chain but also for other possible use cases. For example, the US National Pork Board partnered with a blockchain startup dubbed ripe.io in order to test out a new blockchain platform that tracks the pork supply chains. This platform makes possible for the companies to monitor and evaluate all of the food safety standards, the health of the livestock, level of sustainability and how to protect the environment. Also, earlier this month, Bumble Bee Foods-the largest seafood firm in North America, launched their own blockchain platform for improved traceability of the seafood. Customers are now able to observe every step of the supply chain and are able to get information on the origin of the product, shipping history, and product packaging.
CipherBlade Accuses WSJ Of Using Faulty Methods In ShapeShift Investigation
“By tracing alleged ‘laundering’ through ‘no more than two intermediaries before reaching an exchange’, the WSJ’s stated methodology was fundamentally flawed [...] The tracing of any funds — illicit or not — over the course of multiple transactions is extremely difficult, and presenting the total contents of subsequent wallets as illicit is forensically unsound.”CipherBlade stated that WSJ’s claims were distorted and that by using a decent forensic method would show a granular tracing of privacy coins:
“Of the ShapeShift addresses which receive ETH within three hops from the initial dirty addresses, less than half of the ETH traded through them are tainted. Using the most generous assumptions, this is still only 23.53 percent of the WSJ’s claimed $9 million.”CipherBlade also wrote a dozen of criticism of the technical analysis of WSJ but also for its collected data that doesn’t support their own conclusions. The intelligence company noted that most of the addresses from ShapeShift to WSJ’s spreadsheet, only 30 percent correspond to trades that turn out to be exchanged coins for Monero. The company is also focused on money laundering by using the Ethereum (ETH) cryptocurrency and its network since in some cases, privacy coin conversions were involved and also didn’t pay much attention to the Bitcoin-related data that was provided by the Wall Street Journal. ShapeShift founder and CEO Erik Voorhees also stated that the claims made by the WSJ were ‘’factually inaccurate and deceptive’’ and that the authors didn’t really understand blockchain or cryptocurrency technology.
Mt. Gox Trustee Kobayashi Finished Processing The Creditors’ Rehab Claims
“On March 15, 2019, the Rehabilitation Trustee approved or disapproved rehabilitation claims regarding MTGOX Bitcoin exchange users’ rights to make claims against MTGOX for the return of cryptocurrency and/or cash [...] and submitted to the Tokyo District Court a statement of approval or disapproval.”There still hasn’t been an exact date set up for the prospective reimbursement but the announcement makes clear that procedural details regarding how creditors can check on their claims will be available for the creditors to get a hold of. Kobayashi has published a statement previously in 2018 where it says that he had liquidated more than 26 billion yen which is about $230 million in BTC and Bitcoin Cash for about four months starting from March 2018. The liquidations that were run by Kobayashi brought him a new nickname ‘’ Tokyo’s Bitcoin Whale’’ for allegedly having an adverse effect on the market which stopped when the civil rehabilitation proceedings started in June last year. At the start of this month, the ex-CEO of Mt. Gox Mark Karpeles got suspended but also sentenced for two and a half years in prison after he was found guilty of tampering financial data. Karpeles was found guilty for mixing his personal files with the ones of the exchange but he was also later acquitted of embezzlement charges and will not serve the sentence unless he commits another crime in the next four years.
JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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- Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains
- Twitter’s CEO Wants To ‘’Give Back’’ To The Crypto Ecosystem By Hiring Crypto Engineers
- CipherBlade Accuses WSJ Of Using Faulty Methods In ShapeShift Investigation
- Vitalik Buterin: The Growing Price Of Ethereum Guarantees Security
- Mt. Gox Trustee Kobayashi Finished Processing The Creditors’ Rehab Claims
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