A new warning is in today’s crypto news – posted to the Monero subreddit in regards to the Monero version 0.14 and Ledger 1.1.3 because of a bug which has apparently changed transactions. According to one user and his claims, he has lost 1600 of his Monero altcoin savings which is worth about $83,000 at press time.
Even though there is still no proof for this claim, the user said:
“I didn’t get it back. I restored my seed on another Ledger and the balance was still 0.”
Another user warned other uses because of potential “ledger crypto developer” issues, stating:
“Do not use Ledger Nano S with client 0.14 until more information is provided.”
Currently, there are a few primary transaction models in the world of cryptocurrencies. While Ethereum and other cryptos use the “account” model where a single address deducts and credits other addresses – Bitcoin, Monero and many other cryptos use “unspent transaction outputs” (UTXO) which credit new transaction.
For example, if you have received 2 deposits of 1 BTC each and want to send 1.25 BTC to an exchange, Bitcoin will deduct one UTXO and .25 from the other. The remainder will move to a “change” address within the same transaction.
The change address will be generated based on the private keys of your wallet. Most of the wallets nowadays generate hundreds or more addresses and one of them is randomly chosen so that you can receive the “change.” In that manner, you wallet balance is .75 BTC minus the transaction fee to send the 1.25.
This is how Monero works too. According to one Redditor, a single unspent output of 1600 would create two transactions unless the whole balance was sent: 1 “outbound” and one “inbound.”
According to one user:
“If that 1600 XMR is there as a single output, there is no other way than to split it and put most of it into change: You try to transfer out 0.001 XMR, all 1600 XMR will go out, and a change tx of 1599.999 should come back to you. […] That’s not a Monero problem by the way, that’s just the way most cryptocurrencies work in general, so if this freaks you out, maybe it’s back to PayPal.”
It is still unclear if the user’s coins are actually “lost” or are not just syncing properly.
XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips
Join us on Facebook
- Binance Launched Completes Another Successful Token Sale Of Celer Network
- XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
- Trade On YorkBit Today: A Legit Broker With Low Fees
- Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
- QuadrigaCX Co-Founder Was Involved In Criminal Activities In The Past
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Bitcoin News1 day ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Altcoin News4 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green
Bitcoin News3 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News4 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News2 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Altcoin News4 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News4 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill