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June 2005

Bitrue Hacked | Another Crypto Exchange is Breached with 4.2M Stolen

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Bitrue

Bitrue

According to reports, Singapore-based crypto exchange Bitrue has been hacked. The culprits have made off with approximately $4.2 million in user assets.

What’s going on? Here’s what we know so far.

Bitrue Hacked

The hack was announced earlier today via Twitter, with the company saying it first noticed the issue around 1 am local time Thursday.

Those who have had funds stolen are to be reimbursed as tokens on the exchange are insured. Details have emerged about what was taken; according to Bitrue, the loot includes 9.3 million Ripple (XRP) valuing $4.01 million at present, and 2.5 million Cardano (ADA) worth $231,800 at current prices.

Bitrue tweeted:

“First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.”

The exchange detailed further how the breach occurred:

“A hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users. The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”

Currently, Bitrue has frozen funds and any accounts that are associated with the hack. It is conducting an emergency investigation into its system and will be up and running “as soon as possible.”

Cryptocurrency Hacks in 2019

The news is likely to stir investors who are all too aware of the dangers with cryptocurrency and hacks on exchanges. According to CoinTelegraph, so far in 2019, there have been seven large-scale crypto exchange hackings resulting in the loss of millions of dollars.

>> Bitcoin (BTC) Price Continues to Shine: Hits $13K Mark

Recently, on June 6, UK- and Slovenia-based crypto exchange GateHub was a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen. In this instance, an unidentified hacker used a “sophisticated method to gain access to a database holding users’ access tokens and steal their funds.”

Only one month prior, major exchange Binance faced its second major hacking. This time the hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time. The first major breach the exchange faced came in March 2018.

Hacking is a notorious issue in the crypto-space, with hacks claiming $1.7 billion USD in 2018 alone.

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Bitcoin Price | Crypto Market Top Ten Green

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Bitcoin Price

Bitcoin Price

Where Bitcoin (BTC) goes, the rest of the crypto market tends to follow. And with the top ten in green, it stands to reason that Bitcoin price is also faring nicely. In fact, BTC price as of late has been giving investors food for thought.

The first three months of 2019 have seen the coin make double-digit gains and this marks its best quarterly performance since Q4 2017.

While 2018 saw the coin hit all-time-lows, 2019 has surprised somewhat.

Bitcoin Price

Today, Bitcoin price is up 1.29% and selling for $4,157.87 USD per coin. Mid last week saw the coin finally rise above the $4,000 resistance mark and it has maintained its stronghold above that mark—even hitting highs of $4,275 on Saturday.

The current price represents a 13% gain on January’s opening price of $3,693, according to Bitstamp data.

This is the first time Bitcoin has made a double-digit quarterly gain since the end of 2017 when prices rallied a 220.84%. While it is no way near those days—and Bitcoin has dropped about 80% in value since— the double-digit gain still gives bulls something to hold onto.

Binance Coin

Elsewhere on the market, other coins besides Bitcoin are also in the green, with Binance Coin (BNB) leading the pack. Currently, Binance Coin is up 4.59%, continuing a high from the news that it was the top performing crypto in the top 10 coins in Q1 2019.

BNB surged 185% during this period, jumping from $6.069 to $17.335, according to Messari. Now, BNB is trading at $18.03 USD per coin.

Stellar (XLM)

Stellar (XLM) is on the rise almost 3% at the time of writing, selling for $0.11 USD approximately. Stellar has been on a roll since the beginning of 2019. The first lift came from Coinbase announcing a $100 million USD Stellar airdrop.

>> Social Media Companies Join the Crypto World: Facebook and VKontakte

Then, news that IBM would be using the Stellar blockchain to power its latest deals with banking institutions also lifted the coin.

All-in-all, between the first week of February and the end of March, the total market capitalization of Stellar is up by more than 29.7% according to CoinMarketcap.

What coins do you have your eyes on? Were you excited by the growth in Bitcoin price?

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Bitcoin Cash Hard Fork | Segwit Recovery & Schnorr Signatures

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Bitcoin Cash Hard Fork

Bitcoin Cash Hard Fork

A Bitcoin Cash hard fork was implemented earlier today as of block 58268. Although the network-split initially met with a hiccup, the upgrade has now successfully completed.

Bitcoin Cash Hard Fork

The hard fork sees the Bitcoin Cash network implement two new features. They are Segwit recovery and Schnorr signatures.

The Segwit recovery means network participants can now recover funds that were sent accidentally to Segwit addresses.

Before today, this was impossible due to the “enforcement of the new CLEANSTACK rule” which was implemented in the last upgrade in November.

The second new feature is the Schnorr Signatures. This is a digital signature scheme that allows for complex signing abilities.

According to news.Bitcoin.com:

“the basics of Schnorr signatures can slash roughly 4% off current transaction storage. In the future, after another Schnorr related upgrade, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts”.

Segwit Recovery & Schnorr Signatures

Invented by Claus Schnorr, the signature scheme was patented for years and that patent has only recently expired. Now Bitcoin Cash developers have added the preliminary basics of it to the main chain.

The Schnorr scheme means multiple parties can transact with simple multi-party “aggregation schemes”. At 64 bytes, Schnorr signatures are smaller than the traditional ECDSA signatures which run at 70 bytes in size. The overall scalability of the network will be enhanced when further upgrades and the
“implementation of public signature aggregation” are enabled. Predictions suggest the network’s scaling abilites could be improved by reducing blockchain storage and bandwidth by 20-25%.

NewsBitcoin.com explains further:

“When Schnorr is combined with concepts like pay-to-public-key-hash (P2PKH) addresses and the recently added opcode OP_CHECKSIG, other benefits can be added to transactions like privacy and decision-based smart contracts”. 

>HTC’s Blockchain Phone Exodus | Adds In-Wallet Crypto Swaps

Bitcoin Cash 

With a market capitalization of over $6 billion USD, Bitcoin Cash is the fourth largest cryptocurrency in the world.

Are you a Bitcoin Cash holder? Are you excited by the upgrade to the network?

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Kik Adviser to Face Deposition From SEC This Week

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kik

kik

The US Securities Exchange Commission (SEC) has requested the deposition of a representative from Kik, the former messaging app that now focuses on cryptocurrency, in its longstanding wrangle, which claims that the Canadian company violated securities laws when it carried out an ICO in 2017.

On January 23, a judge in the Southern District of New York ordered Kik to divulge information detailing how its business has changed since 2018, with the company shutting down its messaging service in order to focus on cryptocurrency. Initially hoping to hear from Kik CEO, attorneys representing both parties have agreed for technical advisor Tanner Philp to respond to the SEC’s inquiries on January 29.

According to his website, Philp began working in crypto after writing a college thesis on Bitcoin in 2013, which helped him land a job “supporting the CFO of a fledging chat app called Kik,” which led to his involvement in creating the initial proof-of-concept for Kin, Kik’s native coin.

The allegations against Kik stem from its Kin ICO in 2017, which raised over US$100 million. While the SEC alleges that the token is actually a security and, therefore, the offering should have been registered with the commission, it also argues that management at the company was aware that it would run out of cash by the end of 2017, and that the offering was simply a thinly veiled attempt at keeping the company afloat.

>> Bitcoin Hits $9K on Strong Momentum: Will It Sustain?

After an initial attempt to have the case thrown out on the grounds of vagueness was dismissed by Judge Alvin K. Hellerstein, Kik has pushed for a formal definition of a trial date for the lawsuit to be set. Livingstone has expressed his desire for the case to go to trial as soon as possible, and the two parties have since agreed on a roadmap to conclude the trial in June 2020 in response to a court order issued November 26.

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