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




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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange



Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited ( ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub ( ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?



2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata



Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub ( will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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