The Spark Pool Chinese mining pool has been making headlines within the Ethereum community for the past few days. Two transactions within this mining pool had left the Ethereum community stunned, as almost 20,000 ETH was paid in transaction fees, worth about $5.2 million. The most worrisome part is the fact that the transaction itself was worth less than $90,00, 350 ETH. The other transaction was worth even less than that, standing at just 0.55 ETH, or $133.
An Suspected Partially Successful Hack
From a glance, a crypto community simply figured that the sender of the fund had mixed up the fields in regard to the value of transfer as opposed to the fees. However, Vitalik Buterin, the Co-Founder of Ethereum, stood with PeckShield, a blockchain analytics firm based in China, suggested a whole other option. They indicated that a crypto exchange, one they’ve refrained from disclosing, was being held to ransom by a group of hackers. According to these two, these hackers had managed to gain access to the exchange’s wallets.
So the million-dollar txfees *may* actually be blackmail.
The theory: hackers captured partial access to exchange key; they can’t withdraw but can send no-effect txs with any gasprice. So they threaten to “burn” all funds via txfees unless compensated.https://t.co/kEDFGp4gsQ
— vitalik.eth (@VitalikButerin) June 12, 2020
It’s thought that these criminals manage to obtain partial permissions in the exchange, such as server management or what have you. However, this undisclosed exchange used multi-signature verification when it came to its private keys, which helped protect against theft due to the multiple private keys needed to sign each outgoing transaction. Because of this, the hackers were incapable of sending the crypto holdings to their own wallets.
Scorched Earth Tactics
However, the hackers seemed to be capable of getting an edge regardless, leveraging the permissions they had to blackmail the exchange into sending their funds. They did so through burning the exchange’s assets by way of paying incredibly high transaction fees.
Buterin went further, explaining that similar events could occur within “Scorched Earth” games. This included scorched-earth vaults, rather the “Moeser-Eyal-Sirer” vaults. These include scenarios within staked funding, as well, where hackers could slash these funds, but not outright steal it.
Everything Probable, But Nothing Concrete
The story itself is still unconfirmed, with the theory of human error losing credence by the hour since there were two transactions. It’s hard to make a mistake that costs you so much money twice in a row, after all. It should be further noted that the transactions themselves, paying only a handful of Ether for a massive gas price, belong to a crypto whale, as well. The wallet of the shipper stood at more than 21,000 ETH left within the address, which is worth more than $5 million. This is the case after $5.2 million in ETH transaction fees was paid out already.
Billionaire Mike Novogratz Builds Bitcoin Position on Prescience
The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally. Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to […]
The post Billionaire Mike Novogratz Builds Bitcoin Position on Prescience appeared first on BeInCrypto.
The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.
Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.
And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.
Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,
Bitcoin’s Rough Resistance
The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.
Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.
Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”
Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,
“Bitcoin will break $20,000 like a massive BOSS.”
The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.
Latvian Financial Watchdog Issues Crypto Fraud Warnings
Latvia’s Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities. The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices. In an official statement published by the FCMC, investors were urged to stay vigilant against […]
The post Latvian Financial Watchdog Issues Crypto Fraud Warnings appeared first on BeInCrypto.
Latvia’s Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities.
The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices.
In an official statement published by the FCMC, investors were urged to stay vigilant against the growing number of investment opportunities that target individuals across different channels.
According to the FCMC, cryptocurrencies, and associated platforms within Latvia function with a lower degree of regulation when compared to many other financial markets. It claims this makes attacks more prevalent in the country.
The regulators also mentioned that these attacks might be difficult to detect at first because they oftentimes use “the names and images of renowned companies.”
Uptick in Fraud
Many online advertisements used for fraud purposes lead unsuspecting victims to fancy websites that give them a false sense of security.
The FCMC noted that online fraudsters are constantly on the watch for new ways to extort money from potential victims and that they will often contact investors via email or other popular social media platforms, and even sometimes by phone.
The scammers normally try to mislead investors into buying currencies that don’t exist, refuse withdrawals, or demand that they pay exorbitant amounts for transfers of funds.
The FCMC has welcomed residents to check with the watchdog in order to verify the legitimacy of any platforms or services before actually investing any money. The regulator also listed verified financial service providers on its website.
Upgraded XMR Becomes Best Performer Among Top 15 Coins: Analysis
The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news. The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR […]
The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news.
The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR ranked 14th by market cap and trades at $127, increasing by 5% in the day, trimming the weekly losses to less than 4%. At the same time, other major coins from the top 15 which are less than 3% in a day. XMR increased today after a slight reaction to the expected update which was launched on Saturday.
Initially announced in August 2020, Monero’s latest Oxygen Orion update brings some more important improvements to the network at a time when the regulators are getting increasingly worried about the privacy coins. The latest update brings the so-called compact linkable spontaneous anonymous group feature.
As per the Monero blog, the CLSAG update allowed smaller and tighter transactions and will also reduce the transaction size by about 25%. This will also improve the transaction times by 10% and will bolster privacy with Dandelion ++ which is a feature that aims to protect users’ IP addresses. The latest update release comes not too long after another speed and security-centric upgrade named Nitrogen Nebula was launched which was one of the many upgrades that went live in the past few months.
Right before the release, Monero enjoyed an increase in price and moved up by about 35% in a month and 125% in a year while the US Department of Justice released a new report that explains the risks of end-to-end encryption along with the US Internal Revenue Service which declared war on privacy coins, offering a bounty of about $625,000 to crack Monero’s privacy code.
Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.
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