Connect with us

Blogs

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

Published

on

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of World’s Direction via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

Published

on

Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

Continue Reading

Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

Published

on

Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

Continue Reading

Press Release