Cryptos having better technology than Bitcoin

It uses the Cardano blockchain. … (DAG) based Smart Contract platform designed in solving the scalability issues of distributed ledger technologies.

KuCoin Global CEO, Johnny Lyu in a statement disclosed yesterday about a reported hack lately in details after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.

He added by saying the findings of the internal security audit report, revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.

“The assets in the cold wallets are safe and unharmed, and the hot wallets have been re-deployed.”

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However, Cryptoquant an On-chain data/chart provider for investors had a shred of strong evidence showing the crypto exchange might truly be affected.

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“It seems Kucoin got hacked.

“Usually, after being hacked, the $BTC outflow increases rapidly and then becomes zero. Since 20:00 UTC on September 25th, the outflow has continuously been zero,” Cryptoquant tweeted.

It seems #Kucoin got hacked.

Usually, after being hacked, the $BTC outflow increases rapidly and then becomes zero. Since 20:00 UTC on September 25th, the outflow has continuously been zero.

Chart: https://t.co/kHsUEzh92Cpic.twitter.com/qgycevVsnT

— CryptoQuant (@cryptoquant_com) September 26, 2020

GTBank 728 x 90GTBank 728 x 90

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According to Paolo Ardoino, the Chief Technical Officer at Bitfinex and Tether, the two entities froze $33 million in total.

If the sum of $150 million was hacked, that represents 22% of the lost funds. He said:

“Bitfinex froze 13m Tether USDT on EOS as part of the hack, Tether just froze 20M Tether USDt sitting on this Ethereum address as a precautionary measure.

READ: Cryptocurrencies and its usage in Africa

PSA: re #KuCoin hack@bitfinex froze 13M Tether USDt on EOS as part of the hack@Tether_to just froze 20M Tether USDt sitting on this Ethereum address https://t.co/GYmESH44da as precautionary measure.

Stay safe everyone!

— Paolo Ardoino (@paoloardoino) September 26, 2020

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In the official statement, Lyu said KuCoin disclosed it was partnering with major crypto exchanges that included Binance, BitMax OKEx, Huobi, and ByBit. The Kucoin also added it was cooperating with law enforcement agencies on the matter.

At least in the near term, it would make it challenging for hackers to try to move the funds. The CEO said:

“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”

Number of cryptocurrency users increases by 189% to 101M in 2 years

“BTC is followed by ethereum (ETH – 35%) and bitcoin cash (BCH – 30%) respectively. Certain regions have different miner popularity ratings …

The ongoing coronavirus pandemic has forced most people to ditch cash which helped increase the cryptocurrency adoption. In fact, a recent study revealed that there are now more than a hundred million users of digital currencies worldwide.

To be exact, there are now 101 million users of cryptocurrency, according to Bitcoin.com. This was the figure given by the third “Global Cryptocurrency Benchmarking Study,” which was just published this month.

The study was conducted by the University of Cambridge and the school’s Centre for Alternative Finance. The 71-page September 2020 third edition of the Global Cryptoasset Benchmarking Study examined various issues such as the crypto industry’s growth, regulation, user profiling, security, and mining.

Despite being known for the price volatility of cryptocurrencies, the number of crypto users actually increased by 66 million in just two years. “In 2018, the 2nd Global Cryptoasset Benchmarking Study estimated the number of identity-verified crypto asset users at about 35 million globally,” the study said. “Applying the same methodology, an update of this estimate indicates a total of up to 101 million unique crypto asset users across 191 million accounts opened at service providers in Q3 2020.”

This represents a 189 percent increase in the number of cryptocurrency users since the previous report which was released in 2018. “This 189% increase in users may be explained by both a rise in the number of accounts (which increased by 37%), as well as a greater share of accounts being systematically linked to an individual’s identity, allowing us to increase our estimate of minimum user numbers associated with accounts on each service provider,” UC’s study added.

When it comes to crypto mining, Bitcoin (BTC) remains the most mined token followed by Ethereum (ETH). “The benchmark report notes that bitcoin (BTC) is the most popular coin with 89% of respondents mining the crypto asset,” the study wrote. “BTC is followed by ethereum (ETH – 35%) and bitcoin cash (BCH – 30%) respectively. Certain regions have different miner popularity ratings depending on the region and demographic.”

UC’s study noted that Ethereum (ETH) is more popular among Latin American cryptocurrency miners. On the other hand, Bitcoin (BTC) is more popular among miners located in North America and APAC.

There are also regional variations when it comes to the miming privacy tokens. “The mining of privacy coins in Western regions also differs from the global average: 28% and 19% of European and North American hashers report mining zcash, and as many North American hashers also engaged in monero mining,” the authors of the study wrote.

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Chainlink Weekly MACD Bearish For First Time Since Parabolic Rally Began

Chainlink cryptocurrency tops the list of the industry’s best-performing … and has never had a drawdown phase like most other cryptocurrencies.

Chainlink may have rebounded with a record-breaking single-day rally, it did so after a 60% fall from its all-time high set just over a month ago.

A key indicator measuring momentum has flipped bearish on weekly timeframes for the first time since the parabola began. Is this a sign that momentum is about to slide further to the downside?

Chainlink Flips Bearish For First Time Since Parabolic Rally Started

Chainlink cryptocurrency tops the list of the industry’s best-performing tokens in 2020 and the years before it. Chainlink was launched during the bear market and has never had a drawdown phase like most other cryptocurrencies.

Even devastating flash crashes to nearly zero have always bounced back by stronger than ever, setting record high after the next.

Related Reading | Chainlink 30% Rally Closes Record “Best” 2020 Daily Performance

After breaking its previous record in May, the crypto asset went into full price discovery mode and reached a peak of $20 per LINK coin.

The cryptocurrency since crashed to just $8, then from there rebounded to $11 in a shocking record recovery rally. But before bulls begin celebrating, the weekly MACD could be signaling a major momentum change and that a deeper correction could be next.

chainlink linkusd

chainlink linkusd

LINKUSD Daily MACD Indicator Bearish Flip | Source: TradingView

Weekly Close Critical For Continuation, According To MACD Indicator

This week’s close in Chainlink is critical for the unstoppable cryptocurrency’s rally to continue. The MACD, the moving average convergence divergence indicator, has just flipped bearish on weekly timeframes for the first time since April.

The indicator flipping bullish in late April resulted in an over 500% climb to $20 per token. And now that the asset’s parabola is broken, a 60% correction may not be enough.

Chainlink’s weekly bull trend line is currently still holding, however, and the weekly candle has yet to close. If bulls can uncross the MACD moving averages within the next 24 hours, the altcoin could keep on climbing.

Related Reading | Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle

At the same time that Chainlink is giving such a signal, so is Bitcoin, suggesting that a greater crypto market correction could be ahead of both assets collapse together.

Chainlink throughout its lifecycle has always shocked and surprised the industry with its astronomical rise. After such a strong rebound, regardless of what the MACD says, LINK could keep on climbing.

It’s also worth noting that the MACD is often considered a lagging indicator, which could mean this bearish crossover will be short-lived and another bull cross could happen within the next week or two.

Featured image from Deposit Photos, Charts from TradingView

Major cryptocurrency exchange KuCoin was hacked

Over 200 cryptocurrencies are listed on KuCoin, with an average daily trading volume of $ 100 million. After the developments, KuCoin’s crypto currency …

Singapore-based KuCoin, one of the major crypto money exchanges, announced that it was the target of hackers. Hot wallets of the stock exchange were seized.

KuCoin, one of the leading crypto money exchanges, has been hacked.

In a statement made today by the exchange, it was reported that it was determined that a large amount of Bitcoin and Ethereum tokens were withdrawn from an unknown wallet as of Friday at 22.05.

The problem started to appear when users complained of having withdrawal problems. In the first place, the admin team of the exchange thought there was a system problem.

KuCoin CEO Johnny Lyu said in his livestream today at 07.30 that one or more hackers seized the private keys of the exchange’s hot wallets. Lyu stated that KuCoin is transferring the remainder to new hot wallets and closing fast deposits and withdrawals. It was emphasized that the money of the customers affected by the incident will be covered by KuCoin and the company’s insurance fund.

According to the statements of the CEO, cold wallets were not affected by the incident. As is known, cold cryptocurrency wallets are not connected to the internet and are therefore considered more secure than hot cryptocurrency wallets.

150 million dollars may have been stolen

While the exchange was planning to refund customers, Lyu did not reveal how much crypto was stolen, but stated that the exchange will publish the hacker’s wallet address and a list of stolen coins. According to data from blockchain explorer Etherscan, a transfer of 11,000 ETH was made from two Ethereum wallets owned by KuCoin to an unknown address. The same address also received over 150 Ethereum-based tokens worth more than $ 146 million.

Over 200 cryptocurrencies are listed on KuCoin, with an average daily trading volume of $ 100 million. After the developments, KuCoin’s crypto currency KuCoin Shares (KCS) lost more than 17 percent.

Bitfinex and Tether froze $ 33 million

Paolo Ardoino, technology director of Bitfinex and Tether, announced that $ 13 million USDT stolen from KuCoin was frozen by Bitfinex and $ 20 million USDT by Tether. Thus, USDT worth a total of $ 33 million was captured.



Lightning Network Developer Discovers ‘Unsolvable’ Vulnerability

Created as a layer 2 payment protocol, the developers behind LN sought to improve Bitcoin’s scalability issues. Despite years of development, LN did …

A developer who works on the Bitcoin Lightning Network (LN) recently discovered a major attack vector that could pose a severe problem to LN users. According toJoost Jager, the scalable payment network could be easily damaged without any significant effort or cost. At the same time, Jager stated that he will work hard on presenting a solution to this problem.

In a thread on Crypto Twitter, the independent developer explained that while LN is great, it has not been tested for potential vulnerabilities. Specifically, he revealed that the discovered attacks could be followed through the Wumbo channels. The newly introduced feature allows a party comprised out of two individuals to safely and swiftly create a large transaction. Currently, regular Lightning Network channels are limited to hosting $1,760 in Bitcoin. On the other hand, Wumbo solves the issue by removing the limits nodes have.

However, Wumbo channels turned out to not be as safe as people believe. Jager believes that they can be exploited as Wumbo channels can contain no more than 483 hash and time-lock contracts despite their set capacity. In simple terms, an individual could disrupt the system by sending 483 small payments to themselves and controlling the time-lock contracts. By doing so, the channel could be disabled for two weeks.

Furthermore, the attacker could make the process even more efficient by changing certain parameters. The LN developer stated:

If the script kid is lucky, they only need to send 54 payments to get it done. A single tiny channel takes double-digit amounts of Bitcoin out of business.

He plans to solve the problem by introducing a new sort of firewall for Lightning nodes called Circuit Breaker. For now, the developer did not share any specific details regarding the mechanism of his firewall.

Upon being questioned if the Wumbo channel threat represents the biggest threat to the LN, Jager responded positively. He stated that there are other attacks that could make people lose money in even worse ways. However, he believes that the exploit he discovered is the most significant one in terms of developers not knowing how to solve it.

Recently, leading cryptocurrency exchange Bitfinex announced that it integrated Wumbo channel support to its LN nodes. While users who used the LN to send small payments will not see any difference by using this feature, Wumbo will allow users with larger portfolios to finally participate in the LN.

The Lightning Network is a scaling solution that launched for the first time in 2018. Created as a layer 2 payment protocol, the developers behind LN sought to improve Bitcoin’s scalability issues. Despite years of development, LN did not receive the adoption level many thought it would have. While the number of nodes on LN reached 10000 in 2019, the number of Bitcoin transferred through the protocol still remains low.


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