A security expert is in the latest cryptocurrency news, claiming that passwords and data belonging to users of the GateHub cryptocurrency wallet (which makes use of the XRP Ledger protocol) have been dumped onto a hacking community website.
As reports from the media outlet Ars Technica and Tony Hunt of the “Have I Been Pwned” website show, the security breach took place in October this year. There were around 1,408,078 wallets which are said to be compromised – and where users got their passwords and data exposed. In a separate dump, data which belonged to around 800,000 RuneScape bot provider EpicBot account holders have also been reportedly compromised.
The same media outlet noted that the databases in question “include registered email addresses and passwords that were cryptographically hashed with bcrypt, a function that is among the hardest to crack.”
The posted of the 3.72 GB dump shows that two-factor authentication keys, mnemonic phrases and wallet hashes are also among the data which was made available in the dump. The information got leaked on the “Have I Been Pwned” website described as a “popular hacking forum.”
A Twitter user also alerted Hunt on November 15 about the leak, stating that his GateHub credentials including password and data had been “found compromised on the dark web.”
@troyhunt Just got word from Experian's IDNotify that my credentials for @GateHub were found compromised on the dark web. FYI in case you were getting any news about a GateHub breach or hack.— Aashish Koirala (@aashishkoirala) November 14, 2019
As you probably know, Gatehub experienced a separate data breach in June this year where hackers allegedly broke into around 100 XRP Ledger wallets and made off with an estimated $10 million (in USD) worth of cryptocurrency.
The data provider, knowing that its users lost passwords and data, also issued a warning earlier this year about a phishing attack which was made using emails made from convincing looking domain names such as “gatehub.com.”
Even though there were 2.2 million unique addresses in the two dumps, it is very possible that the corresponding passwords or data is not included with each one. Still…
Is this telling us something?
Well, we can certainly say so. The passwords and data leaked from GateHub definitely indicate that the company needs to take care of its users in a better way. With the increased popularity of the XRP Ledger solution, every user must feel safe when storing his data on the ledger.
Ripple IPO And How It Would Affect The XRP Price
“Initially, after the IPO, the market participants might be patient but they will soon seek results. When the results don't come through, it will hurt prices.”According to him, the lack of progress for Ripple despite its various deals with major banks and other businesses now means harder times are still to come. Moreover, a sure sign that liqudity is problematic is the mass selloff of XRP by Ripple.As the Ripple news now show, these were bigger in 2019 than ever before. Even the IPO announcement failed to move the altcoin higher. The idea of an IPO becoming a straightjacket for Ripple was echoed by many.For him, the IPO would be a litmus test for buyer appetites which are already under scrutiny after the XRP selloffs. “Many see Ripple selling XRP regularly as a recurring 'IPO' already sans shareholder rights,” an analyst named Allen Scott added.By contrast, the contributor and ex-eToro analyst Mati Greenspan said that an IPO could allow Ripple to strengthen its position with XRP. “My feeling is that it would be positive. Additional funding for Ripple would mean less reason to sell off tokens,” Greenspan summarized.Predictably, prominent XRP investors share even less of the sense of foreboding now. Even though some see the Ripple IPO as "healthy," the effect that it could have on the XRP price could change a lot of things in the markets.
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“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company,” the Ripple CEO Garlinghouse noted.https://twitter.com/ashgoblue/status/1220413896068038656?s=21For those of you who haven't been following our crypto news, an IPO basically refers to the process of offering the shares of a private company to the public in a new stock issuance. Because of this, IPOs are often referred to as "going public" or as "floating" corporate shares to the wider market.The Ripple news also show that Garlinghouse is a fan of IPOs. As the crypto industry shifts its focus from initial coin offerings (ICOs) to initial public offerings (IPOs), there are many new and cumbersome legal and regulatory processes.However, as this space matures and in the wake of the post-boom ICO rout (which saw a lot of offerings exposed as either fraudulent or simply unsuccessful), firms are now seeking to build confidence with mainstream investors by way of public listings on stock exchanges.This is a trend which the Ripple CEO Garlinghouse appears to consider and thinks that it would consolidate itself in the near future. This comes even as some of the industry's largest players struggled to meet the stringent requirements of an IPO.Meanwhile, many major crypto firms such as Blockstack have chosen to pursue complaint token sales with the approval of the United States Securities and Exchange Commission (SEC). Silvergate Bank is one of the banks which went public in November 2019 and released its IPO on the New York Stock Exchange.The Bitcoin and altcoin news this afternoon show that BTC gained more than 1.40% on the day and the 24 hour volume looks impressive at $96 billion now.
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