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
The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain
“Blockchain is definitely one of the new important technologies. In addition to Artificial Intelligence and Speech Recognition, it is one of the big issues we want to highlight in the coming period of the EU Presidency.”The Austrian government will provide Lancor with grants over a 5-year period for research equipment, clinical trials, facilities and more. Graz is not the only city in Austria with high blockchain interest. Vienna, the capital, is trying to stimulate blockchain innovation by opening a cryptocurrency bank last year. The country, in general, is open to negotiations regarding crypto legislation. The government also issued $1.35 billion in bonds on the Ethereum blockchain in September 2018.
DLT Use Cases: IBM Files A New Patent Application For Open Scientific Research On The Blockchain
UK Research Shows That Private Blockchains And New EU Privacy Rules Might Go Well Together
“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”However, blockchain operators could be treated like processors the same way the companies behind cloud technologies control the users’ data. Blockchain networks could store personal data externally to meet the rules of the privacy laws or allow nodes to delete the private key that has encrypted information. GDPR rules are really hard to comply with especially for crypto mining businesses which are why the researches urge the European Data Protection Board to create a guide of the protection law that will be clearer.
Maduro: You Can Trade Petro To Other Crypto Assets Only If You Have Bought It In 2018
“Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.”In the past 12 months, Venezuela suffered extreme hyperinflation, therefore, the national currency of the country, the Bolivar, is basically worthless. Many citizens in the country are incapable of buying necessary things such as food and medicine since the Bolivar lost its value. According to a report from BBC:
“A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas. Last Thursday, a toilet roll cost 2,600,000 bolivars. And a kilogram of meat cost 9,500,000 bolivars.’’In order to change this terrible economic situation, the president Maduro created Petro that is supposed to represent the oil reserves of the country and become the new national currency. However, there are many issues with the cryptocurrency and some experts deny calling it a cryptocurrency. According to the official whitepaper, Venezuela guarantees that Petro will be accepted as a method of payment of national fees, taxes, and public services. The government also claimed that they raised more than $1 billion from the token sale of Petro. A few months later that number changed to $5 billion in the token sale. Experts believe that the government cannot have control over cryptocurrencies such as Petro and that is exactly why Petro is doomed to fail.
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- The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain
- DLT Use Cases: IBM Files A New Patent Application For Open Scientific Research On The Blockchain
- CFTC With A Fine Of $1.1 Million To Crypto Fraudster
- Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
- CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
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