Altcoin News

Famous Coincheck Theft Was Masterminded By Russian Hackers: Report

Published

6 months ago

June 18, 2019

The famous Coincheck theft, which led the exchange to lose around $530 million worth of New Economy Movement (NEM) tokens was a hot topic in the altcoin news in January 2018. A new report recently emerged, showing that the hack had been finessed by an unknown group of Russian hackers.

Even though it is widely believed that North Korean hackers stand behind the famous Coincheck theft, the Japanese newspaper Asahi Shimbun is in the latest cryptocurrency news today with a new report – showing the Russian breadcrumbs in the Coincheck crypto exchange hack.

According to the Japanese newspaper, the examination of a Coincheck employee’s personal computer revealed a malware which was associated with Russian hackers. The hack, on the other hand, was a result of the crypto exchange’s employees and the fact that they installed infected software on their computers.

The famous Coincheck theft had the hackers sending emails to the employees (full of viruses such as Mokes and Netwire) which installed the malware on their machines and caused the massive financial loss. These viruses took over the infected computers and allowed the hackers to operate them remotely, gaining access to the private keys and executing the famous Coincheck theft.

Russian hackers have been known for leaving breadcrumbs of their misdeeds in the past. Therefore, it is not surprising to see many best cryptocurrency news sites reporting about them doing a shoddy job of covering the tracks once again – when they hacked the crypto exchange last year.

Despite the famous Coincheck theft, the crypto exchange was recently resurrected and now operates with a cryptocurrency license, unlike last year when it was hacked into. At that time, the exchange was awaiting a license and had poor checks and balances in place to prevent the massive theft knocking it into the ground.

Moreover, the inefficiency of Coincheck to protect its customers’ funds means that the hackers had to loot a fort with no defenses. If this was the Russians, it would have been a walk in the park – the country’s hackers are known for hacking the DNC server during the 2016 elections s well as many other cases of hacks, Bitcoin scams and more. Below is a proof of one.

DCLeaks was paid for with Bitcoin. The 11 Russian intelligence agents indicted today bought Bitcoin — and mined it themselves — to pay for the infrastructure they needed to hack into the DNC and release the documents. pic.twitter.com/VyJKx8RvA4— Nathaniel Popper (@nathanielpopper) July 13, 2018

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Altcoin News

Aggregate Crypto Market Cap Is $205BLN, 0.25% Of Global Stock Market

Published

6 hours ago

December 8, 2019

Stefan

The aggregate crypto market capitalization of all digital assets is now at $205 billion which seems like a lot. However, the global stock market is valued at $82.2 trillion in the aggregate which is about 40,000 percent higher than crypto. In the upcoming cryptocurrency news, we take a closer look at the analysis.With the creation of Bitcoin, the entire industry was spawned and blockchains along with crypto were widely used by individuals around the world, while the nascent market still remains small. As per the eToro senior analyst who is also the founder of quantum Economics Mati Greenspan, the aggregate crypto market is standing at $205 billion which is only 0.25% of the global stock market. The question remains: how can Bitcoin start boosting the market share of stocks and if it can, why is it good?Bitcoin already had a great decade by surging about thousands of percent since the ‘’IPO.’’ Though some say that the price increase is just starting, according to previous reports, Wences Casares the chief executive of Xapo earlier this year, there was an essay titled ‘’The case for a small allocation to Bitcoin’’ which can sum up most of the topics. The bitcoin adopter who is at the top of the Libra board claimed that while Bitcoin has a 20 percent chance of failure from his perspective saying that it remains an experiment with a 50 percent certainty that the cryptocurrency will succeed beyond the initial predictions.He also noted that BTC existed for 10 years with zero interruption concerts and that Bitcoin has a rapidly growing user base and an active use cases. Casares adds that if Bitcoin manages to get valued at a drastically higher price than it is now, it could reach up to $1 million per bitcoin. This price prediction would also correlate with one of the $18 trillion market capitalizations for bitcoin alone which means that it would be smaller than global stocks but still significant.It’s still not clear on what the growth of the altcoin will be but there are many theories. One of the theories believes that the system surrounding fiat money will collapse on itself in the upcoming decades which will lead to ‘’hyperbitcoinization.’’ One of the largest banks in Europe, Deutsche Bank stated that there are a lot of risk factors in the current fiat system and that it is fragile saying that crypto is inevitable and we will see that in 2020.

Altcoin News

Fiat Money System Is Weak, Crypto Is Inevitable: Deutsche Bank

Published

8 hours ago

December 8, 2019

Stefan

The fiat money system looks fragile and weak and over the next decade, some of the people will begin to demand alternative currencies such as gold and crypto as per the reports by the banking giant Deutsche Bank as we are reading today in the crypto news.The report by Imagine 2030 added that it would not be surprising if a new mainstream cryptocurrency will emerge in the upcoming decade:

"While critics bemoan cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable.’’

While the cryptocurrencies didn’t manage to lift off as a means of payment despite their benefits including speed, security, low fees and ease of storage, this can easily change in the future because the fiat money system is fragile. If the governments decide to back crypto and consumers demand them even more, the trends will continue and there will even be around 200 million blockchain wallet users until 2030 and crypto could replace cash as per the researchers. The report said:

"According to dbDig [Deutsche Bank Data Innovation Group] primary research, nearly two-thirds of consumers prefer dematerialized to cash payments and a third are concerned by anonymity. These are the two things that cryptocurrencies do best.’’

China and India will have a very important role as well since both of the countries banned the purchase and sale of crypto but the things are moving quite quickly. In the meantime, the researchers noted that cryptocurrencies have to surpass some major issued in order to become widespread. At first, they have to become legitimate for governments and regulators which means the prices have to be more stable. They also have to allow global reach in the payment market. in order to do this, the alliances have to be forged with key stakeholders with apps such as Google Pay, Apple Pay, and Visa.To allow smooth transmissions towards the fully digitalized platform, the overall financial system has to be ready to overcome any kind of electricity shutdown or a hack. In the meantime, the traditional banking giant says that the ‘’fiat money system should be inherently unstable and prone to high inflation all other things being equal’’:

"Politically it is always too tempting to create money when nothing is backing it. That this current fiat system has survived so long has required a fortuitous set of global forces across multiple decades that have created sizeable natural offsetting disinflationary forces.’’

Altcoin News

Six Altcoins Which Are Rallying Now And Putting BTC In Shadow

Published

17 hours ago

December 8, 2019

Stefan

The latest altcoin news and rumors are showing that there are so many cryptocurrencies which are able to dethrone Bitcoin (BTC) now - well, at least in terms of surges. Today's analysis features six altcoins which recently made impressive gains and rose more than the most dominant coin out there.Currently, some of the best altrnative coins are Matic Network (MATIC), WePower (WPR), Zilliqa (ZIL), Verge (XVG), Fantom (FTM) and ChainLink (LINK). All of them have potential to move upwards and make gains. We are listing the idea on each one below.MATIC/BTCMatic is the first of the six altcoins which has risen over the past weeks. It missed multiple entries by a few sats at each level of support. The idea is that MATIC can post gains soon and its technicals look impressive. For now, MATIC is stable but away from the bullish zone.LINK/USDChainlink is definitely one of the hottest altcoins now. The latest cryptocurrencies news show that LINK versus USD is a pair worth grabbing. This cryptocurrency made one of the clearest short setups and followed through well. The price reached the bottom lately which is why analysts are suggesting buying LINK as soon as possible.ZIL/BTCZiliqa has a new momentum too. Most importantly, there is a break of the downtrend that ZIL has been experiencing for all of 2019. When the flip of the price occurred, it was the first sign that it is one of the six altcoins worth buying.XVG/BTCRising on the day to a price of $0.004522 and with a 2.84% increase, Verge is definitely a coin to watch. Its ascending channel over the past seven days is probably one of the best that we can see on the market. And for that reason, we do not expect the momentum to stop.FTM/BTCFor those of you who hear this altcoin for the first time, it is one that is trading at the 127th position at a price of $0.013. However, it is definitely one of the six altcoins to watch out for because if its recent rally - which could definitely repeat again.WPR/BTCWePower (WPR) is another altcoin that is not visible in the top 100. However, its momentum and general idea have allowed it to rise in the past few days. The WPR ERC-20 token functions as a payment and it has had a lot of ups lately.Whether it is these six altcoins or another set with a couple of these, investing in altcoins is good at this time!

Altcoin News

BitMEX Open Interest Is Still Dictating The Crypto Market Volatility

Published

1 day ago

December 7, 2019

Stefan

For some time Bitcoin price is traded at a tight range. Even, the few surges that happened from time to time, had for the biggest cryptocurrency the result of falling in the current range, over and over again. It seems as BitMEX Open interest is still responsible for the market volatility so let’s find out more in the coming altcoin news.It is likely that the asset remains in this range until the open interest on BitMEX reaches above 100,000 Bitcoin (BTC), which looks like it is the trigger for the most powerful and biggest price movements on the coin’s daily charts.It is not rational to deny that the BitMEX open interest is one of the most mighty entities in the cryptocurrency sector and that the movements on the margin trading platform could make trends when he most important price action occurs. According to one important crypto analyst, every moment open interest on BitMEX makes 100,000 Bitcoin (BTC) or more, the result is an extremely tough price movement in both up or down direction, making the trend for weeks to come.The previous time this happened the price of Bitcoin has fallen from about $9,000 to as low as $6,500 before recovering to current levels. At this time open interest is growing again, but there is still a long way to go before it comes to the key trigger level of 100,000 Bitcoin (BTC). It is expected by the analyst that, the first crypto asset in the world, Bitcoin (BTC) will continue to move until open interest rushes in a return of volatility.The mere fact that BitMEX is having such a big influence over the cryptocurrency sector in continuation is confusing and concerning. Besides the fact that there are many platforms of the same kind that offer the same or similar services, like Deribit, PrimeXBT, and the recently debuted DueDEX – a platform that is not a DEX- BitMEX was blamed for many violence’s, from counter trading against its clients to serving customers outside their jurisdiction.BitMEX is also the main focus of an investigation by the CFTC of the United States, and in the last half of October scared investors on Halloween when the exchange sent a notice to its clients without the much necessary blind-carbon-copying their client’s email addresses, jeopardizing them for potential cybercrimes.