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Ethereum (ETH) Users’ Funds Stolen as MyEtherWallet Gets Hacked

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Ethereum

Ethereum was doing its best on fighting against this short-lived market dip when some Ethereum was stolen from MyEtherWallet. What happened and who is to blame for this case of stealth: not enough cautious ETH users, the hackers or MyEtherWallet security protocol? Let’s find out what exactly happened.

Funds Get Stolen from MyEtherWallet

A huge sell-off of the freshly risen coins wasn’t the only problem that appeared in the market as of the latest case scenario. It seems that the Ethereum users, specifically users of MyEtherWallet, had other, graver things to worry about.

Apparently, it was originally noted as reported by a couple of exchanges, that some ERC20 tokens were experiencing some issues while acting troublesome. In accordance with CoinMarketCap, which makes up for the most reliable source of information when it comes to crypto market analysis, ERC20 tokens make 90% of the total market cap of all cryptocurrencies brought together.

That being said, having ERC20 tokens “gone bad” isn’t just a minor issue that can just be pushed under the rug with no expected consequences.

Some exchanges, as a response to a case of troublesome ERC20 tokens even decided to put ERC20 transactions into a suspension until this case is resolved.

This decision was actually backed up by a fact that some users of MyEtherWallet reported having their funds stolen directly from their Ethereum wallets, that were supposed to be a safe and secure way of keeping and depositing ETH units.

The users that reported the stealth claim that the stealth didn’t occur due to their misconception of the way the wallet works, but it was attacked by the hackers having their funds stolen as a consequence.

This report was originally posted as a part of a Reddit post that was open a day before a report about misbehaving ERC20 tokens appeared in the public.

As a response to this Reddit post, the representatives from the team behind MyEtherWallet stated that the hacker attack did occur, but that the hackers who stole the funds didn’t break through the security of the wallet.

It is said that the hackers have managed to get onto the servers supporting the wallet, so they were able to get their hands on the unsuspecting users’ ETH funds.

Further, on this matter, Gary Gensler, who is ex-chairman of the Commodity Futures Trading Commission claims that Ethereum’s Ether might contain a security bug, due to the fact that many of Ethereum’s ERC20 tokens are acting troublesome. In case there is a security bug in Ether, as Gary Gensler claims, there could be a case of reduced exchange markets that would be willing to work with Ethereum, even though ETH makes up for the second-largest currency in the market.

At this point, it is only left for the public to wait and see how this situation is going to turn out for Ethereum and ETH users, as well as for ERC20 tokens.

How is Ethereum doing at the Current Moment?

Even though a portion of ETH users lost their funds from MyEtherWallet, due to what might be a security bug, Ethereum is not feeling the turbulence of this case in the market, as this currency is slowly rising above being traded in the red.

While there was a massive sell off a couple of days ago that made the majority of coins trading in the red while suffering from drops in the price, those currencies along with Ethereum are now slowly recovering while trading in the green.

After the latest change in the market, Ethereum has gone up to 0.82%, which although humble, showcases a current trend in the market.

In addition to trading up against the dollar, ETH is also trading up against BTC, going up for slightly over 2% against Bitcoin, which means that ETH is currently doing better in the market when compared to the first currency according to the global coin ranking list.

After the most recent change, ETH can be purchased at the price of 634.44$ per one unit. While Ethereum is currently going up, this currency has a long way to go until it is able to get back to its all-time high of over 1389$ per one unit as recorded back in mid-January at the beginning of 2018.

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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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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

Xeno Holdings Limited (xno.live ), 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 (market.xno.live ), 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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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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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Altcoins

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

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

The XENO NFT Hub (https://xno.live) 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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