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Altcoins take the most hit as Bithumb gets hacked amid a market meltdown

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It is no surprise that the market has been struggling to stay afloat over the past few months. However, even after what appeared to be a slow but sure recovery recently, news of Bithumb getting hacked pulled back the gains that had been made almost in an instant. The hackers managed to escape with cryptocurrencies worth $30 million from Bithumb (world’s sixth largest cryptocurrency exchange in terms of trading volume).

As a result of the hack, the market lost billions in a span of minutes with Bitcoin leading the meltdown as a 16 percent decline was realized. Although most altcoins were hit the hardest with coins such as IOTA, Dash and Monero shaving more than 3 percent of their initial value, Ethereum remained rather stable changing hands at $520 which is about close enough to where it had been trading the past few days.

The hack that triggered market turmoil

After noticing abnormal access to its servers, Bithumb managed to move a significant amount of Ethereum to its cold wallets in an abrupt move to maximize security and perform a server check on June 16th. The maintenance exceeded its scheduled time after which reports indicated that the hack was orchestrated “on the night of June 19th .”

Although the effects of the Bithumb’s attack seem to have only had a mild effect on the market seeing that the dip is leveling off at the moment, it was nothing in comparison to the flash crash that hit the market only ten days ago. Basically, after mainstream media news reported that CoinRail (a small South Korean based crypto exchange) was getting hacked, the key support levels for Bitcoin were compromised leading to a race to the bottom that saw Bitcoin shed about $300 in an hour.

At the time, reports indicated that the CoinRail’s hack had not only led to a $40 million loss but that it was the main trigger to the “knee jack” sell-off that resulted in a flash crypto crash in the market.

Exchanges still record high trading volumes

News about cyber attacks to cryptocurrency exchanges has almost become ubiquitous in the crypto space at this point. However, taking a closer look at the amount of money lost in the past few days due to cyber attacks, you will notice that it is nothing more than a paltry sum when compared to the regular daily trading volumes of most crypto exchanges. Bithumb, for instance, boasts of daily trading volumes in the range of $300 million, while Binance, an exchange that is barely a year old, boasts of over 1 billion USD in trading volume.

With all deposits and payments on Bithumb being suspended until further notice, Bithumb traders and investors will, unfortunately, have to wait for further updates from the exchange platform. Bithumb has however issued out a statement acknowledging the hack while also guaranteeing to issue out compensations to users on its platform affected by the $30 million hack.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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