Cryptopia hacked, the stock exchange reported significant losses. Chithiram the end?

January has started briskly. A week ago hackers made a successful 51 percent attack on the blockchain Ethereum Classic, which ended in huge losses and damaged reputation of the team. Although the attackers returned the equivalent of 100 thousand dollars for the Playground Gate.io, the situation is not saved. Now the problem caught up with cryptocurrency exchanges — hacking reported Cryptopia.

What happens to Cryptopia

At the moment the site is not working. If you try to go to the exchange see the following.

The inscription says that at the moment Cryptobia is in unscheduled maintenance. Representatives of the team I apologize for the inconvenience and promise to get back on air as soon as possible. According to their statement, the developers are hard at work restoring health. It boils so much that the guys didn’t even notice the typo in the last word.

Intuition fails — the worst had happened. The details of the representatives of Cryptopia shared on Twitter.

According to the staff, January 14, the exchange has experienced problems in the security system that led to “substantial losses”. As soon as the programmers noticed the flaw, the site was transferred to the maintenance mode.

Cryptopia is not working

Immediately thereafter, the staff contacted state agencies, including the New Zealand police and the Department for combating high-tech crime. The latter is already investigating the situation.

Before the end of the relevant action trading platform will be unavailable. The company also promises to notify users about the progress of the situation.

It seems that this time the hackers got to the big money of the exchange, which is called the “Queen shitkino”. And although the same WhalePanda calls it “irrelevant”, the volume of trading remains high. By the way, the data on the exchange on CoinMarketCap already are not updated.

For the last 33 hours with Cryptopia brought at least 20758 ETH. It’s the equivalent of 2,657 million dollars.

If the losses are really “essential”, waiting for the falling of many coins. Ethereum, Zcoin, Ethereum Classic and other major projects are traded on the more popular exchanges, so that their event is unlikely to be affected.

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Bitcoin 10 years: Exchange BitMEX celebrated the anniversary of the first cryptocurrency Satoshi congratulations to The Times

In the room The Times of January 3, 2019 appeared advertising exchange BitMEX, timed to the tenth anniversary of the Genesis block of Bitcoin. Thus the user of the trading platform I wanted to thank the Creator of the cryptocurrency Satoshi Nakamoto. The cover of The Times was not chosen arbitrarily, because the title of this newspaper was in the first block of Bitcoin.

Grand anniversary

Message Bitmex also has “Easter eggs” — a little below is the hash of the transaction encrypted.

w#/ ThanksSatoshi /BTC.COM/��mm,���CA4Z_IGQ�~YVM܈H����{�|�|###B#b)#�

Today at 18:15 UTC, the Bitcoin blockchain will officially be 10 years old. Address with the first reward of the Genesis block has already received over 16 bitcoins as a gift. It is noteworthy that he is Satoshi can’t spend the first 50 bitcoins mined. Based on the rules of cryptocurrency mining, these coins will always remain in his wallet.

A short time later, after a hasty mining of the Genesis block, Satoshi explained some of the main principles of Bitcoin.

“You could say that coins are issued by the majority. They are available in a limited and predetermined quantity.Indeed, there is no one who could play the role of the Central Bank to regulate money supply with the increasing number of users. In this case we need a trusted party, as long as the software cannot know the real value of things.In this sense, bitcoin is more similar to precious metal. Instead of changing the proposal, we leave it fixed, therefore, the value of the asset is starting to grow. With the growth of the user base, that process will accelerate and lead to a vicious circle. Each new user alone increases the value of the coins, which, in turn, attracts even more users.”

Over the past few years Bitcoin has repeatedly been criticized, many analysts constantly predict “impending death” of bitcoin. However, all this negativity did not prevent the first investors in Bitcoin to make huge profits.

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Exchange Bithumb won a court user

Korean cryptocurrency exchange Bithumb won a lawsuit from his former user, which is required to compensate for more than $ 300 thousand, unknown stolen from his account. According to the court, the crypto currency exchange is not a financial institution, therefore, must not indemnify, besides, the hacking could occur due to the negligence of the user.

Cryptocurrency exchange from South Korea Bithumb won a lawsuit against its former user, who demanded compensation for the hacking of her profile, in which money was stolen, valued at approximately $ 355 thousand. This was reported by the portal CoinDesk Korea.

According to court documents, the user Bithumb with the surname Pak at the end of November transferred to your account a total of 478 million won, and within hours, an unidentified intruder entered his account, and he exchanged Fiat currency for air.

On the same day, as claimed by Pak, Bithumb 4 times to have authorized the withdrawal from his account of the ether. In the end, his score remained the cryptocurrency equivalent of 11 cents and less than a dollar to Fiat money.

Through the court of Pak has requested the exchange to offset any lost funds. According to his statement of claim, Bithumb was to provide “a high level of security required of financial institutions.” He also suggested that criminals could take advantage of a weak point in the security system of the exchange, resulting from a large-scale hacking trading platform in April 2017.

In court, the defense said:

“According to the law on electronic financial transactions, Bithumb not responsible for compensation because it is not a financial company and electronic financial officer or financial assistant… as we have strengthened security policy since the leak of personal data that have fulfilled their commitment to be a reliable administrator.”

In the end, the judge sided Bithumb, agreeing that the act does not apply to the exchange and adding that cryptocurrencies are used “primarily as a means of speculation, and therefore cannot be considered as electronic means of payment”. The judge also added that to determine if the break-in 2017, it is impossible — it is possible that Pak has compromised the access credentials of the account after entering a phishing site or as a result of hacking his phone.

Finally, the court pointed to the fact that the exchange fulfilled the duties of a customer because Puck sent 10 SMS messages with a warning about the withdrawals from his account before approving the operation.

Earlier research organisation CER issued a report in which he accused the Bithumb crypto currency exchange in large-scale fraud in trading volume. According to analysts, the volume of trading on the exchange grew too fast during the fall. In addition, the trade volume is not correlated with price fluctuations on the stock exchange.

In early November it became known that Bithumb planning soon to open in the U.S. exchange for trading security tokens.

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Google originally congratulated cryptologist with the anniversary of the historic high Bitcoin exchange rate

Page, to appear on December 17 at the request of bitcoin, reported by users that we are talking about the financial bubble that “as many believe, pop.”

Amazing wording appeared on Monday morning and a few hours later, was replaced by the more neutral: “…a cryptocurrency, a form of electronic money”, which appeared etc.”

The point here is the features of the search algorithm of Google results for request is accompanied by a link to the page that the artificial algorithm considers most relevant based on its search rankings. Often enough such is the relevant article from Wikipedia. Which is known to be filled on a voluntary basis by content regular users with their view of the world and events.

“Edit wars” on Wikipedia — is more than a common phenomenon, and that the victim of such war was the Bitcoin.

User Smallbones 12 Dec changed the wording in the article, accompanied by its comment that is, say, the opinion of the majority on this issue, and backed by the link to the article by a columnist of Bloomberg, also calls Bitcoin a bubble. However, other editors have expressed their disagreement with the edit, it was canceled, but Google managed to index the previous version.

Note that the search results Google, features of algorithms, and opportunities for manipulations — a topic rich. Last week, for example, the CEO Sundar Pichai during the hearings in Congress had to answer the question, why is the idiot query, the search engine produces photos of the US President Donald trump.

However, the relationship of the largest search engine for Bitcoin and cryptocurrencies in particular simplicity do not differ. And speech here not only about the bans. In a recent advertisement for one of their Google services referred to mining and cryptocurrencies in a sarcastic manner, calling them “fake money”.

However, this does not prevent researchers to analyze the frequency of queries in Google as one of the indicators of public interest in cryptocurrencies.

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The Commission on urgent exchange trade of the USA has requested public comments about the technology of Ethereum

The Commission on urgent exchange trade of the USA (CFTC) have expressed a desire to learn more about Ethereum and its underlying technologies, and markets that have been created around it.

Published on Tuesday, December 11, a request to retrieve relevant information, the regulator explains that it wants to receive public comments on various issues regarding Ethereum — from technology to its application. For replies CFTC took 60 days, answers can be submitted via electronic or regular mail, or transfer physically.

“The CFTC expects that the comments received and the information will be of benefit LabCFTC, FINTECH-the initiative of the CFTC and will help the Commission better understand these promising technologies,” — said in a press release.

In the request for information noted that these answers also help the Department to get a better idea about how it should be regulated Ethereum-market, and the associated cryptocurrency markets derivatives.

“Information received at this inquiry, the CFTC will help to ensure the integrity of the derivatives markets, and will also facilitate monitoring and reduce systemic risk by enhancing legal certainty. The purpose of the request is the understanding of the similarities and differences of various virtual currencies including bitcoin and Ethereum, Ethereum and the inherent opportunities, challenges and risks,” it says.

The document contains 25 different questions about Ethereum and its network are divided into categories such as its purpose, underlying technology, markets, supervision, as well as cyber security and custody decisions.

The questions touch on themes such as, for example, the forthcoming launch of Ethereum for algorithm proof-of-stake, the problems of scalability, network usage at the moment, the possibility of audit of deposits in ETH, etc.

One of the questions, for example, as follows:

“How the introduction of derivative contracts on Ether capacity to change or modify the structure of the [financial] incentives underlying the model proof-of-stake?”

Subsequent questions in more detail affect the potential impact of the market on Ethereum built on top of it, the derivatives market and Vice versa.

Recall that in late November LabCFTC, a research unit of the CFTC, issued an official guide to smart contracts, pointing out their advantages and risks.

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“The case of WEX” continues: “Sailor” still bought exchange

Russian service of BBC reported that Dmitry Hevchenko who fought in the Donbass under the Callsign “Sailor”, through his daughter acquired the Singapore company World Exchange Services, which is the operator of the cryptocurrency exchange WEX. According to the BBC, “Sailor” intends to recover the missing assets WEX, to start a “fight against the dominance of the dollar”, as well as to participate in the search for disappeared funds of the stock exchange BTC-e, the volume of which is estimated to be worth from $ 150 to $ 500 million.

The family of former entrepreneur from Kiev Dmitry Hevchenko who fought in the Donbas under the Callsign “Sailor” purchased the infamous cryptocurrency exchange WEX, formerly known as BTC-e. About it told the Agency the BBC.

According to the publication, became the new owner of Muscovite Daria, Chevchenko — 29-year-old daughter “sailor”. As told Dmitry Hevchenko to register a company on his name is not allowed by the Singapore business registry — probably due to involvement in armed conflict in the Donbass.

WEX is the successor of the exchange BTC-e, which stopped working shortly after the arrest of Alexander winnik in Greece in July 2017. He was arrested in the United States, where he is accused of laundering several billions of dollars stolen from the exchange Mt. Gox through BTC-e. Winnick denies the charges, calling himself an ordinary consultant. To date, extradition winnik require four countries, including Russia. The trial in Greece is still ongoing.

In the launch of Wex involved a “Alexey from Khabarovsk”, which is listed under the name admin. Care was provided by Dmitry Vasilyev, who was a major client of BTC-e before the crash, buying and selling cryptocurrencies in the interests of the wealthy Chinese. On it was written the official legal entity of the new exchange — Singapore World Exchange Services.

Wex returned the leading position and the end of 2017 entered the top twenty of the most popular kryptomere the world, the daily trading volume reached $ 80 million (data from Coinmarketcap).

This summer, according to media reports, Chevchenko already tried to purchase the stock exchange, but the deal fell through. According to two interlocutors BBC close to “Sailor”, he could be a corporate conflict with the administrator Alexey from Khabarovsk, which controls access to the wallets of the exchange. The latter was supposedly ready, and Vasiliev, to cede its share in the stock exchange, but then changed his mind.

In fact, the exchange is closed for several months, the app has actually frozen. Moreover, users have reported the illegal withdrawal of their funds by unidentified persons.

Despite the catastrophic situation of the stock exchanges, Chevchenko declares that he intends to restart Wex:

“The main task now is to recover the missing scriptactive. This will work a team of lawyers and collectors,” said he of the BBC, not excluding the possibility of recourse to law enforcement.

The specific timing of when to resume trading, Avchenko not called.

However, he said that the headquarters of the WEX will be placed in the Crimea, and the exchange will become a platform for financial support of the DNI, LC, Transnistria, Abkhazia and South Ossetia:

“Our goal is the struggle against the dominance of the dollar”, — he explained.

Another goal is to try and find the money missing after the closure of BTC-e, the so-called “treasures of winnik”. As pointed out by the BBC, one source of savings was a Commission from transactions — by estimates of the edition, creators of a platform at the peak could earn up to a quarter of a million dollars a day. Another source of steel custom tools that have not been withdrawn after the collapse of the exchange.

Evaluation means BTC-e are different. A source close to winnick, told the BBC that the speech can go about $ 500 million. BBC interlocutors close to the beneficiaries of the exchange, cited the figure at $ 150-200 million.

For cash transactions BTC-e at various times used at least 15 offshore companies in different jurisdictions, from Cyprus to the Seychelles to Belize and the British virgin Islands. The world was scattered and Bank accounts: part of the money was credited to the national investment Bank of Mongolia, it follows from the payment documents of one of the users.

Winnick’s lawyer Timothy Musatov told the BBC that after his arrest to his client was treated “different personalities”, which promised protection in exchange for “close cooperation on all issues,” including money.

The main contenders for the part of “treasures winnik” — the U.S. government. At the end of July 2017, the Bureau for combating financial crimes at the U.S. Treasury took a decision to fine the exchange for $ 110 million, and winnik for another $ 12 million for the systematic violation of the laws on combating money laundering. The justification shows that although the exchange has worked all over the world, it used both American citizens.

According to the BBC, in the government group on the search of money BTC-e for payment of the penalty included Tigran Gambaryan — special agent of the Department of criminal investigations the internal revenue Service, also subordinated to the Ministry of Finance of the United States. The special agent did not deny that investigates the activities of the exchange, but declined to comment.

The struggle for “treasures of winnik” is living in the Czech Republic, the Russian Sergey Mayzus — owner of a financial company Mayzus Financial Services (MFS).

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BAKKT EXCHANGE DELAYED! – 268

https://www.podbean.com/media/share/pb-cb5z4-9fdd70

Today’s episode we speak about the upcoming cryptocurrency exchange from the Intercontinental Exchange called Bakkt. 

 

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

 

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

 

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

 

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SVK Crypto – Daily News Blog

Kraken safest exchange

Respected cyber security company Group-IB analyzed the security of kryptomere and ranked the marketplaces.

Developer measures to protect against cyber attacks, the Russian company Group-IB has developed a policy evaluation of cryptocurrency exchanges, in terms of insurance risks and built the world’s first rating of their insurance security. First place at the Kraken, and OKEx, Huobi Pro and CoinCheck has proven to be more risky.

The results of Group-IB estimated only reflect insurance risks: insurance statistics of Group-IB takes into account losses from cyber-attacks, theft, fraud and illegal actions of employees and can prove to be quite useful for companies providing services of insurance cryptocurrency assets.

To develop a mechanism for assessment of risks Group-IB used a number of different criteria, including technical security, reliability, storage keys, the integrity of passwords and protection of user personal data exchanges. Group-IB estimates of the exchange and also from the point of view of the use of methods of exchange regulation, “know-your-customer” (KYC) and anti money laundering (AML).

In the ranking of Group-IB of the exchange are divided into four groups: from the safest to the most risky to the insurance. Kraken came in first place, showing the lowest percentage of risk for insurers is 1.25%. In the second group turned out to Coinbase and Bittrex Pro is 1.5%. The group with the highest risk ( 1.9 per cent) entered Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, MyEtherWallet and Poloniex. The most risky exchanges of Group-IB called Yobit, Zaif, Bitstamp, TopBTC and bit-Z, the terms of which were so low that they were completely excluded from the list.

To date, the maximum coverage offered by the insurance companies in the market, equivalent to 15 BTC. Lately there is a tendency to an increase in insurance premiums along with the increase in the duration of the period of cover, which may indicate either that the insurers are confident in the growth of the cryptocurrency market, or that the number of cyber attacks on stock exchanges will grow even more. We remind you that according to a recent study, the company CipherTrace hacking cryptocurrency exchanges and wallets during the first 9 months of 2018, the year has brought hackers to 927 billion dollars, accounting for 250% of similar indicators of 2017.

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SVK CRYPTO PODCAST 240- 10/10/2018 – BANK FREEZES EXCHANGE FUNDS?

https://www.podbean.com/media/share/pb-yxxp6-9c0971

Welcome to the SVK Crypto, 15 Minutes of Crypto Fame, brought to you by your host, Charles Storry. We provide daily cryptocurrency content and analysis on topics such as Bitcoin, Ethereum, Altcoins and ICO’s.

We not only produce our daily content we feature CEO’s of all exciting ICO’s! Stay tuned to find out more!

If you’d like to stay in touch or get more info from me, please SUBSCRIBE to the channel and spread the good word!

Follow us on Twitter: https://twitter.com/SVK_Crypto

Visit our website: http://www.svkcrypto.com

Email us: cstorry@svkcrypto.com

Telegram: https://t.me/SVKCrowd

SVK Crypto – Daily News Blog