Hackers Stole Over $12 Million Worth of Ethereum from Bancor Exchange 2570

bancor hacked

According to the representatives of a cryptocurrency exchange Bancor, its application was shut down for some technical reasons. No clear explanations were provided at that time.

In a couple of hours it became known that a hacker attack took place. Bancor employees assured the anxious customers that their wallets were out of danger. However, the app was still down, awaiting for the developers to counteract the attack.

Later on, the exchange released a report which included details of the hacking. The post said that the criminals managed to get hold of around 25k ETH. They took NPXS and BNT tokens as well. Unfortunately, the stolen funds cannot be frozen or transferred to cold wallets. Thus, the only thing Bancor could do is to cooperate with other exchanges and try to track the coins down.

Right now, the experts are still trying to fix the problem. Being a completely decentralized exchange, Bancor is still prone to hacker attacks and other vulnerabilities, however, not to such extent as the regular, centralized ones, which should “burn in hell”, according to Vitalik Buterin.

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Vitalik Buterin and Pavel Durov Entered the Rating of the Most Influential Young Entrepreneurs According to Fortune 315

crypto ranking

The famous American business magazine Fortune published a list of 40 Under 40, which gathered the most influential young people in business under the age of 40 years.

The founder of Ethereum Vitalik Buterin holds an honorable 22th line, American R&B- and pop singer Rihanna is ranked next to him, and the CEO of the well-known online cash platform Coinbase, Brian Armstrong.

Exactly one year ago, Buterin and Armstrong shared the 10th place in the list.

The publication noted that there are still rumours about Google trying to hire Buterin. He was supposed to help the corporation develop blockbuster projects, but he refused.

This year, the founder of Telegram Pavel Durov appeared on the Fortune list for the first time and took the 25th line. We would like to remind you that from January to March this year,  about 200 investors invested in ICO Telegram in the total amount of 1.7 billion dollars.

First place 40 Under 40 was shared by the head of Facebook Inc. Mark Zuckerberg and CEO of the social network Instagram Kevin Systrom.

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Where is it Better to Exchange Coins: On the Stock Exchange or In the Exchanger? 567

exchange coin

The vast majority of all operations with the cryptocurrency is carried out on exchanges with multi-million turnover. And what are the exchangers offering promising conditions for buying / selling the cryptocurrency? How do they differ from exchanges? We will consider it in this material.

Content:
(please, click the topic to scroll down to it)

  1. What is the exchanger?
  2. How does the online exchange of cryptocurrency work?
  3. Principal differences between the stock exchange and the exchanger
  4. Where is it better to buy/sell cryptocurrency
  5. Advantages of online exchangers
  6. What should a safe exchanger look like?
  7. Conclusion   

1. What is the exchanger?

The name gives the answer – it is the place where you can exchange the cryptocurrency for fiat or for other coins. There are two types of exchangers:

  • Online. This is a site where a visitor can make a purchase / sale of a cryptocurrency at a fixed rate.
  • Offline. Here, the currency can be exchanged for real money, having received a cache in the specified place – at the checkout or office.

Exactly the same is the work of known to all exchangers, working exclusively with fiat money.

2. How does the online exchange of cryptocurrency work?

The main condition for someone who wants to buy a coin is the presence of a cryptowallet. If any, the procedure is simple:

  1. Simple and not always compulsory registration;
  2. In the menu, find the currency you want to buy or sell;
  3. Fill in the fields with the requisites;
  4. Agree with the exchange rules and click “Exchange”.

You will be notified of the operation by e-mail notification. Cryptocurrency exchangers work in different modes:

  • Manual mode assumes that each operation is processed by an operator. It’s always long.
  • In semi-automatic mode, Bitcoin exchange can last half an hour or more, depending on the exchanger.
  • In the automatic mode, currency cranes operate with immediate withdrawal of funds.

The cryptocurrency exchanger has little to do with a stock exchange, with its adjustments, quotations, orders. But the investor is more interested in the price than the technical side of the exchange.

3. Principal differences between the stock exchange and the exchanger

At the exchange there are traders who determine the price of coins. In the exchanger, trading is inappropriate, because the course is determined by the owner of the resource. Is it good or bad?

On the one hand, there is no place for exchange speculation on the exchanger. On the other hand, there is always a real coin price on the stock exchange, which rarely coincides with the exchanger’s rate.

4. Where is it better to buy/sell cryptocurrency

If it is a matter of profit, then on the exchange with its market rate. The owner of the exchanger, of course, is guided by stock quotes, but his rate is always higher. By the way, the commission in the online cryptocurrency exchanger can differ from the stock exchange in the tens, and even hundreds of times.

In terms of convenience, the exchange also looks preferable, as it works around the clock without days off, which cannot be said about many exchangers.

An important point is the amount of currency reserves. If there are no problems for an exchange with a multimillion-dollar daily turnover  to make almost any transaction , then a poor exchanger can sometimes offer to wait an hour or two before the required amount of bitcoins or fiat appears. The security of the exchangers also raises doubts. If the top-level exchange is guaranteed to be protected against cyber attacks, then how this issue is decided by the owner of the exchanger is known only to him.

5. Advantages of online exchangers

All of the information mentioned above does not exclude the essential advantages of the cryptocurrency exchangers:

  • User-friendly interface. Registration procedure is extremely simplified, and often completely absent.
  • Any exchanger is fully integrated with all popular payment systems.
  • For registered customers, there is a program that provides an incremental discount for each subsequent exchange.

But all these advantages do not matter if the exchanger offers a disadvantageous course.

6. How should a safe exchanger look like?

A successful exchanger must work at least for a year. To be confident in successful exchange, you should take an interest in reviews on independent resources. In view of the volatility of the cryptocurrency, it is necessary to give preference to exchangers with automatic or semi-automatic mode. A good exchanger has enough reserves of cryptocurrency and fiat, it and its support work around the clock.

7. Conclusion

Online exchanger is a fast service for buying or selling coins. But it is completely unfit for trader strategies, since its commission can eat all the potential profits.

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Did the Winklevoss Brothers Buy the Approval of Gemini Exchange? 579

Winklevoss Brothers

The cryptocurrency experts have recently noticed an interesting coincidence between the fact that the Winklevoss brothers sponsored the political campaign of a government official and the approval that was received by their cryptocurrency exchange Gemini immediately afterwards. Or is it not a coincidence?

As the New York Post reports, Cameron and Tyler Winklevoss have both recently sent $50k each in support of the campaign of Andrew Cuomo, an American politician.

This happened in late April. About 3 weeks later, the digital currency exchange Gemini got an official permission from the administration of New York to conduct cryptocurrency trading operations.

Moreover, after another month passed the brothers sent another $15k checks each to Cuomo, even though they have never supported this politician prior to April. Nobody can deny the fact that the situation is pretty strange.

Despite all the suspicions, the members of Cuomo’s campaign claim that the Winklevoss twins just see Andrew Cuomo as an effective politician with good potential.

According to the representative of Cuomo:

No contribution of any size influences any government action.”

We remind you that this spring the twins Winklewoss have launched Gemini Block Trading for large transactions.

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Coinbase Admits Being Wrong After Claiming that It Got an Approval from the SEC 707

coinbase lied about sec

The cryptocurrency giant Coinbase has recently bought the platform Earn.com, and it is not going to stop there. This time the exchange is planning to purchase three smaller companies to expand even further.

The businesses that will soon belong to the exchange are:

  • Digital Wealth LLC;
  • Keystone Capital Corp;
  • Venovate Marketplace Inc.

However, for some reason, the representatives of Coinbase decided that they need the consent of the Securities and Exchange Commission for such an action. They even did an interview with Bloomberg where it was mentioned that the SEC gave Coinbase “the green light”.

In reality it turned out that not only the Commission did not provide any approvals, the approval wasn’t needed at all. The representatives of the company hurried to address the issue:

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process.

Although, the SEC is strictly watching over the cryptocurrency industry, in this case their services were not necessary. The spokesperson of the SEC stated that the plans for purchasing were discussed with Coinbase informally.

We would like to remind you that Coinbase has recently added new services to its growing list.

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Stellar Became the First Blockchain that Complied With the “Sharia Law” 1445

stellar received sharia license

As we mentioned in our article about the first authentic Arabic cryptocurrency (Dubaicoin), the countries of the Middle East were one of the last ones to consider such innovative technologies as blockchain and digital coins.

The thing is, that the citizens of these countries are muslim, which means that all spheres of their life are controlled by religion. All inventions are carefully examined and approved only if they comply with the so-called “Sharia law”.

Stellar which is a blockchain-based network payment platform was inspected by an agency specializing in providing official certificates for companies and projects that meet the “Sharia law” requirements. The agency found Stellar applicable for the certificate. The post about this appeared on the Twitter account of the platform.

According to the post on the official site of Stellar:

The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliant applications of Stellar technology in Islamic financial institutions.

Stellar’s representatives view the certificate as an important step in the development and expansion of their platform, since now it is available for thousands of new customers from Islamic countries.

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A Chinese Mining Giant Bitmain Invests $12 Billion Into EOS 676

bitmain invested in eos

As we reported earlier, one of the major cryptocurrency companies Bitmain was included in the list of official EOS block producers. These producers are required to let the main network of EOS operate without interruptions. However, Bitmain’s leader, Jihan Wu, decided to go beyond the status of a block producer and became an investor of the platform.

Block.one, a software developer company working on the EOS protocol, will receive an impressive investment worth $12 billion from Bitmain and an American businessman Peter Thiel.

According to Jihan Wu, he sees EOS as a quite potential platform which will be very beneficial for lots of other startups and products in future.

He stated:

The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.”

Meanwhile, the representative of Block.one are also pretty enthusiastic about the cooperation. They are interested in finding strong partners to advance and improve their project.

Actually, it is not the first large investment of Bitmain in the recent months. The cryptocurrency mining company has also contributed $50 billion to the web browser Opera.

We would like to remind you that Opera became the first among the top web browsers to implement its own cryptocurrency wallet.

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