A hacker who reportedly stole 23 million XRP worth roughly $9.2 million is shifting the stolen crypto and trying to cash out at every opportunity.
The XRP was stolen from the crypto wallet service GateHub early this month. According to big data analyst and Forbes contributor Thomas Silkjær, the hacker tried to cash out by sending large chunks of the XRP to a long list of crypto exchanges including Binance, Changelly, KuCoin, Huobi and HitBTC.
The crypto exchange service ChangeNow says2.5 million XRP was sent to its platform. The team managed to stop a portion of the funds from being swapped into other cryptocurrencies.
“On the 9th of June, thanks to our team’s fast and coordinated actions, we have managed to stop a solid number of XRP exchanges that the hackers tried to make through us. The total amount of Ripple that was attempted to be transferred through us is 2.5 million. We managed to retain more than 500,000 XRP. Even though it is an impressive number, we think there could be more to be done on our part.”
GateHub says more than 18,000 XRP accounts were potentially affected by the hack.
“Altogether we detected 18,473 accounts that were potentially affected as a result of suspicious API calls. From these 18,473 accounts, 5,045 XRP Ledger wallets contained active balances. We promptly notified all GateHub customers who might have been affected through multiple channels, including emails, telephone messages, and calls.”
The company is calling on wallet holders to take action to protect their crypto assets.
“We have done our best to inform all of you about what we have learned and advise you on how to protect assets that you hold on the XRP ledger.
But we need your help. Our XRP Ledger Wallets are protected with secret keys kept in an encrypted state. GateHub does not have access to users’ native RCL wallets and we do not know your encrypted passwords. We cannot move or withdraw assets on your behalf. Only you can do this. Customers who previously received an individual warning e-mail from GateHub and thereafter did not move their funds to their hosted wallets are still at risk of having funds stolen by this thief.
We urge all customers individually notified by email to move their XRP into a GateHub hosted wallet immediately.”
Imgur Raises $20 Million From Ex-Ripple CTO’s Micropayments Startup
Imgur, a popular image hosting site, revealed it has received $20 million in venture equity from Coil, a micropayments tool for content creators.
In addition to the funding, Imgur has agreed to build Coil into its platform, which receives 300 million monthly users, to provide micropayments to users who view content, according to a report from TechCrunch.
The partnership will also be marked by a forthcoming premium Imgur membership with exclusive features and content for Coil subscribers. A $5 per month Coil subscription funds creators per second that the subscriber spends consuming their content at a rate of 36 cents per hour.
“Imgur began in 2009 as a gift to the internet. Over the last 10 years we’ve built one of the largest, most positive online communities, based on our core value to ‘give more than we take’” Alan Schaaf, founder and CEO of Imgur, said in a press statement. “Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Coil was founded last year by Stefan Thomas, the former chief technology officer of Ripple Labs, as a means to pay creators for their labor. It’s subscription service is now in open beta, and it provides extensions for Chrome and Firefox.
Comparable to Spotify, Coil’s Web Monetization API automatically pays creators in XRP based on usage, while the user enjoys the flat subscription fee.
Thomas will join Imgur’s board. Imgur previously received $40 million Series A from Andreessen Horowitz and Reddit.
Coil’s investment stems from Ripple Labs’ Xpring Initiative, which aims to fund proliferation of the Ripple XRP ecosystem. Imgur received US dollars in the funding deal.
Ripple And XRP (XRP) Can Benefit World’s Central Banks, And That’s The Final Goal
As we already know, the conventional banking system is experiencing lots of flaws that affect the customers, from slow transactions to high fees. Luckily, Ripple and its XRP (XRP) cryptocurrency can benefit the world’s central banks to perform faster and satisfy their clients’ needs in a more proper way than what’s happening at the moment.
And, as it seems from her latest statements, the IMF leader, Christine Lagarde, agrees with that. Even more, at the beginning of the year, Ripple announced that it teamed up with over 200 financial institutions, mostly global banks.
And, as for the banks’ part, they find themselves in an exceptionally troublesome situation, mostly related to the traditional methods they use for transacting and operating. And there’s where Ripple and its XRP (XRP) cryptocurrency come to the rescue as they offer a modern, faster, and cheaper way for the world’s financial institutions to conduct their operations.
World’s central banks can benefit from Ripple and XRP (XRP)
The most significant competitor for Ripple is SWIFT, that is the conventional method for banks to conduct transactions. The downside of SWIFT is its slow processing and, thus, the latency on which financial institutions carry on the transactions.
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it and those who self-induce that cannibalization. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful,” stated Christine Lagarde, the IMF director, this year, suggesting world’s central banks to adopt Circle or Ripple and its XRP (XRP)-based operations.
In short, Ripple and XRP (XRP) have the sustain of Christine Lagarde, the IMF leader, so, most likely, we’ll soon witness a change in the banking system. And when thinking that Ripple- and XRP (XRP)-based methods are all about instantaneous cross-border transactions, we believe that soon everything would change, triggering the rise of Ripple and XRP.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4667. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
As part of the Ripple course forecast, a test level of 0.4580 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5090. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4460.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4350 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on June 26, 2019 implies a test level of 0.4580. Further, growth is expected to continue to the area above the level of 0.5090. The conservative area for buying Ripple is located area of 0.4460. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4350. In this case, we should expect the continuation of the fall.