Connect with us

Cryptocurrencies

Bitpoint Crypto Exchange Discontinues Service as Hackers Abscond with $32 Million in XRP, Bitcoin

Published

on

Bitpoint has just issued a notice and apology to its customers after the Japan-based cryptocurrency exchange lost $32 million to a hack. The security breach occurred on July 11, 2019, where five different cryptocurrencies were stolen from the exchange’s hot wallet. As a result of the theft, Bitpoint has completely suspended its services.

Another Hack, One Too Many 

Recently, Bitpoint announced that it had detected a security breach on its platform on the night of June 11, 2019. The attack led to the loss of five cryptocurrencies. The hackers were reported to have carted away about 2.5 billion yen, customers funds, and about a billion yen which belonged to the cryptocurrency exchange, Bitpoint itself.

Bitpoint further mentioned that its security team had noticed an issue in Ripple remittance. On trying to confirm the state of things, it noticed that truly, XRP was pilfering through the system. Further investigation showed that other assets also held in its hot wallet were affected. However, its cold wallets were not tampered with.

Hack Event Led To Exchange Closure

The hack has, therefore, led to the suspension of all its services where customers can neither create new accounts on the exchange nor trade crypto assets them. The discontinuation of services is in a bid to minimize losses. In the same vein, an investigation is still ongoing to identify the cause of damage and the actual outflows.

Prior to this time, Japan Financial Services had asked Bitpoint and other exchanges to improve internal controls before the order was lifted in June. The crypto market, on the other hand, has not recorded significant losses after the news went viral which can be attributed to the fact that the exchange catered to a small market.

Nonetheless, the same unaffected response was evident when Binance, one of the world’s top cryptocurrency exchanges was hacked on May 7, 2019. Binance had to fall back to its emergency insurance fund in order to cushion the effect of the hack which was valued at about $40 million.

A Global Launch Of Attacks On Crypto Exchanges

Hacks on exchanges seem to have become the order of the day given the trend that has been exhibited of recent. Like Bitpoint, Coincheck, another exchange based in Japan was hacked in January 2018 and $530 million worth of NEM tokens were carted away. Similarly, Cryptopia, a digital exchange in New Zealand was hacked twice in January 2019.

These events are not the last of its kind since DragonEx and Bitrue, two Singapore-based exchanges were hacked in March and June respectively. GateHub, a Slovenia-based crypto exchange on June 7, 2019, also reported a loss of almost $10 million worth of XRP on its platform.

News Source

Cryptocurrencies

Cryptocurrencies price prediction: Bitcoin, Ethereum & TRON – European Wrap – 17 October

Published

on

Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Bitcoin price prediction: BTC/USD recovery stalled on approach to $8,100 – Confluence Detector

Bitcoin (BTC) is changing hands marginally below $8,100. The first digital coin managed to regain some ground, having gained about 1% of its value in a matter of hours ahead of the European opening. Despite the recovery, BTC is vulnerable to further losses as the upside momentum is weak so far.

Bitcoin confluence levels

During early European hours BTC/USD  tested area above $8,100. Despite the recovery from the intraday lows, the upside momentum remains weak, which poses risks for Bitcoin. There are a few barriers both below and above the current price, though the move to the South looks like a path of least resistance. 

Ethereum market update: ETH/USD recovery capped by $178.00

ETH bottomed at $171.90 on Wednesday. By the time of writing, the second largest coin recovered to $176.78, however, the upside momentum is too weak to allow for an extended recovery towards critical $180.00. ETH/USD has gained 1.2% since the beginning of the day amid global recovery on the cryptocurrency market led by Ripple’s XRP.

Ethereum

TRON price analysis: TRX/USD crashes to 14th place on CoinMarketCap

At the time of writing, TRX/USD is changing hands at $0.0148. The coin has lost over 6.5% in recent 24 hours, and the downside momentum is still growing. Currently, TRON takes 14th place in the global cryptocurrency market rating, losing three positions to Monero (XMR), Cardano (ADA) and LEO. The total market value of Tron reduced to $983 million; an average daily trading volume registered at $626 million.

source featured


Continue Reading

Cryptocurrencies

China is Even “Closer” to Launching its Own Cryptocurrency

Published

on

While Libra is fighting obstacles, China is on the track to release its own crypto.

While Libra is fighting obstacles, China is on track to launch its own cryptocurrency. 

Cryptocurrency and China: closer and even closer. In August, the country said that its own token is just around the corner. The recent reports reiterate this “closeneness.” 

To be fair, China’s efforts are remarkable. Why? Because the country has banned and re-banned crypto. As a result, 88 Chinese cryptocurrency-exchanges closed. 85 projects for the initial placement of tokens seized to exist.

At the same time, in March 2019, the People’s Bank of China refused to recognize cryptocurrency as a means of payment, referring to its unreliability. However, it seems like it is a matter of who actually owns the cryptocurrency — the Chinese government or someone else. Thus, in August China’s central bank announced it is going to launch CBDC very soon.

It seems that the continuously worsening trade war between the U.S. and China only encourages this project.

What will be the main features of China’s crypto?

The CBDC coin will have a 2 level structure due to the country’s complicated economy. Mu Changchun, Deputy Chief of the People’s Bank of China (PBOC) explained, “The People’s Bank of China is the upper level and the commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the acceptance of the digital currency.”

He also mentioned that CBDC’s design will to some extent replicate Libra. And it will handle 30.000 transactions per second.

CBDC will be supported by Alipay and accessible through WeChat. Curiously, Alipay officially advised a few days ago they will ban any crypto payments.

The soon-to-be launch has generated a lot of opinions. In particular, Ripple’s CEO, Brad Carlinghouse believes it should be “a call for action for the US” if they want to remain a leader in the cryptocurrency industry.

News Source

Continue Reading

Cryptocurrencies

Which Cryptocurrency Should I Invest in 2019?

Published

on

What is the best cryptocurrency to invest in 2019? Lots of new and existing crypto investors ask this question. There are so many cryptos to invest in, but many analysts recommend investing in the oldest cryptocurrency in existence. If you have heard of digital currency, then Bitcoin must be the first you would come across. Its dominance is the highest in the market. If the coin continues to rise, it may just be the best cryptocurrency to invest in 2019.

Why you should invest in Bitcoin

Bitcoin price changes every day and it has seen several lows and highs in the last couple of years. BTC price went from $76 to $20,000 in a massive bull run in December 2017. After reaching this point, the coin dropped again to $6,000 and picked up again in April 2019. Since this time, it has fluctuated up and down.

With such a volatile market, how can you pick an excellent time to invest in Bitcoin? Here are some ways to find out:

One event was when BTC was split into 2 cryptos – Bitcoin and Bitcoin Cash. The investors who took advantage of this opportunity made huge profits while doubling their investments.

BTC price dropped a while later and investors panicked and sold off their Bitcoin which pushed the price below $10k. Bitcoin is the best long-term crypto investment you can make in 2019. Now is the best time to buy since there are only a few BTC left to be purchased. Also, BTC is the most secure investment of crypto and it also controls the market to a large extent.

In addition, the technical competence of bitcoin with Schnorr signatures, Segwit, MAST, Bulletproofs, MimbleWimble, Confidential Transactions, Drivechains, Sidechains, and Lightning Network is on the rise. All these factors come together to make it hard for other cryptos to catch up.

How to invest in bitcoin

You can buy Bitcoin from popular crypto exchanges such as Binance and Coinbase. The process is easy and you can easily store it in so many wallets on the web or even hardware wallets. It is an excellent time to have Bitcoin in your portfolio and it can take up 40-50% of the crypto portfolio.

However, if you want to venture into a Bitcoin investment, you need to remain updated with the latest trends and news around BTC. Most times, when there is new information about technical improvement in BTC, it may be a good time to buy. Another good time to buy is when the price of Bitcoin crashes because it is a good opportunity to buy at a low price.

If you haven’t invested in cryptos at all, then starting with BTC is the best option. Despite missing the first opportunity to buy bitcoin when it was cheap, investing now is still an excellent idea.

Investing in cryptos generally can be profiting. However, it means that you must also be ready to lose money. All the expert predictions in the world can not be correct all the time. No one in the space truly knows what will happen to the price of a cryptocurrency.

The best advice to heed when it comes to investing is only investing money that you aren’t afraid to lose. Keep this in mind before investing in any cryptocurrency.

News Source

Continue Reading