Bithumb, Leading Korean Exchange, Hacked Again?!

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Just recently, on March 30, 2019, Bithumb saw yet another cyber attack. It appears that the exchange is hacked and unofficial information says that around 3 million EOS are stolen.

Bithumb temporary pauses Withdrawals and Deposits

The exchange started communicating to its followers on Twitter, saying that they apologize to their users for delaying deposit and withdraw services. Also, they wanted to inform about the “circumstances” of the grounds and informed that users’ funds are safe.

However, it appears that the hacker transferred 3,1 million EOS out of their hot storage within 16 transactions, says the unofficial source.

The first transactions from the Hacker.

Moreover, it looks like not only EOS is the victim, the same unofficial source claims that more than 20 million XRP is on the line as well!

This is the Bithumb EOS account (g4ydomrxhege), which suffered the attack.

The remaining balance is transferred out of the wallet and into the Bithumb cold wallet (bithumbshiny).

The second major Bithumb hack

Bithumb has suffered from hackers almost exactly a year ago as well. Only that time the losses were much more significant. Bithumb reportedly lost around $31 million, but managed to recover $14 million during the investigation. Many tweeters say that this incident is almost ridiculous, and Bithumb hasn’t learned anything from the previous hacks.

Also, another thing which a lot of people note is that this time EOS won’t be able to help/freeze the transactions because now it is too late. The hacked disposed the stolen EOS via ChangeNow, a non-custodial cryptocurrency swap platform that does not require KYC from it’s customers.

Additionally, according to this issue, many people now have found out that Bithumb kept $15 million worth of cryptocurrency in a single wallet. Many seem to question this kind of action.

The entire timeline

A Twitter user @DoveyWan has collected the entire timeline on how the situation escalated.

(SGT time-zone)

  • On 3/29 at 9:40 AM – Hacker account ifguz3chmamg was created via accountcreat 
  • 3/29 9 to 11 PM– Bithumb wallet g4ydomrxhege has been transferred out 3,132,672 EOS to the hacker account, total 16 transactions
  • 3/29 post 11 PM – the hacker has been disposing stolen EOS via ChangeNow to downstream exchanges including Huobi, Kucoin, the distribution is still on-going 
  • 3/30 midnight, Bithumb started to transfer remaining balance of g4ydomrxhege/new deposit into its cold wallet bithumbshiny.

Also, the user has created a complex chart explaining the fund flow analysis.

We will update the article as the situation unfolds.

Source:

https://twitter.com/DoveyWan/status/1111839155380801536
https://cafe.bithumb.com/view/board-contents/1640037
https://twitter.com/BithumbOfficial/status/1111877947592310785

Photo by Soumil Kumar from Pexels

Crypto Market Update February 19, 2019

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In today’s crypto market update, we’re going to look at the past top gainers, top asset trend lines, market cap and daily volume of the most popular exchanges. In the past days, the crypto Gods have blessed us with quite notable gains, so let’s look at the most giving assets in the past days. The color green in yet again taking over and a slight smile is forming onto traders faces across the crypto globe. The total crypto market cap has risen in the past days by $13 billion. Bitcoin dominance fell below 52%, now being at 51,6%. The total volume of crypto markets is $36 billion.

Top Gainers in the past days.

EOS

The top gainer from the Top 10 coins and tokens in the past 7 days definitely is EOS. EOS experienced +31.1% in the past week, but mainly in the past couple of days. Who said you can’t profit in a bear market? Well, of course, if you’re not the hodler from August 2017.

I couldn’t find a particular reason why exactly EOS is pumping so hard, but lot’s of traders on Twitter are sharing their wit that they knew this ahead of time. Of course, what else they could say. However, today EOS managed to go past the target at 8830 sats, and now is continuing its way up. Also, there are two ways you can look at these charts: the market against Bitcoin or against USD. If you’re willing to sell and accumulate more BTC, then look at the EOS/BTC chart, but if you’re willing to sell immediately to USD, then EOS/USD chart would fit best for you. Although when comparing these two charts, we see a drastic difference:

EOS/BTC chart
EOS/USD chart
EOS chart on coinmarketcap.com

But an interesting question is sneaking around Twitter:

I’m sure a lot of that money is used in product development, but that is a huge amount. I mean $4 billion… It’s needless to say that EOS has had some troubles explaining this in the past.

Ethereum

Next, surprisingly, comes Ethereum with +22.4% in the past 7 days. ETH went past the 1st resistance mark and now is resting at the edge of the second resistance mark at $146. Of course, the main target is at around $210, so we have a long way to go. Also, the daily volume has set new highs, being the highest ETH has seen in the past four months or so. Although that depends on where you are checking your charts. As you can see coinmarketcap.com compared to Tradingview paints a bit of a difference.

Ethereum volume on tradingview.com
Ethereum chart on coinmarketcap.com

This pump may be because of the near Constantinople update, but, however, it might be postponed again due to security issues. On the other hand, in the past couple of days, many coins are pumping so this could be just a temporary market uptrend.

Bitcoin

Bitcoin, on the other hand, is testing new “highs” at $4000, but now still sitting at $3,926. Will we break through the next two target points? The 7 MA (green) moved past the 77 MA (orange) and bravely is continuing its way up. The 231 MA is on an uptrend in the past hours and 77 MA has crossed it upwards. Are we looking towards a bull market?

Bitcoin trend lines. Source tradingview.com

However, Murad Mahmudov has a different point of view:

Volume in the past 24h

Judging by this measure, we should get an approximate picture of the most popular daily used assets. And as we can see in the picture below, Bitcoin is the number one asset, followed by a stablecoin Tether. Both accumulating around $10 billion. Only after them comes Ethereum with half as much volume at $5 billion, and after Ethereum comes EOS, also with half as much volume as Ethereum – $2 billion. As we can see, Litecoin in the past 24 hours has had more volume than Ripple, so it is safe to say, that Ripple (XRP) is losing its positions. Could it be because of the latest JP Morgan stablecoin? Another interesting position in the top 10 is Qtum, which is accumulating $356 million in the past day, getting ahead of Dash.

Top assets by the daily volume. Source: coinmarketcap.com

Top Exchanges

When looking at exchanges, this becomes pretty mind-boggling. Coinmarketcap.com and Coingecko.com show a completely different picture. As we can see in the pictures below, the information completely differs from each other. This might be because we are measuring them by USD daily volume. One thing is for sure – Binance is at the top of both websites, but as we all know – Binance is not a regulated exchange, so anything can happen. But when it comes to the second position or any other in the top 10, this is where it gets tricky. Coinmarketcap.com shows that Bit-Z is second with $1,2 billion adjusted volume. However, coingecko.com shows that ZB.com is second with $1,4 billion volume. On the other hand, coinmarketcap.com lists ZB.com at rank 13 with $525 million adjusted volume… What gives? Well, one thing is that these both statistics websites are tracking exchanges by different measures, but I wouldn’t have imagined that the overall picture would be so mind-blowingly different.

Statistics on coinmarketcap.com
Statistics on coingecko.com

I couldn’t stay still with such confusion on crypto exchanges, so I went on https://exchangewar.info to find some clearance. When sorted by top BTC volume I kind of got my answers I was looking for. This might be the main difference between these statistics websites and the USD daily volume. In some of those exchanges Bitcoin is not covering the main daily volume, so that is why the statistics are different.

Statistics on exchangewars.info

Source:

coinmarketcap.com
coingecko.com
exchangewar.info
coin360.com

You can buy luxury headphones with crypto!

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We have found yet another marketplace, where you can spend your crypto! 

Headphones.com is a family business, run by two brothers, which accepts cryptocurrency payments!

Their primary goal is to deliver the customer the best sound experience for the best price in the market.

Accepting crypto for headphones

Cryptocurrency payment options within the website.

Judging by the twitter profile of Andrew Lissimore, the CEO of Headphones.com, the two co-working brothers have been early Bitcoin investors. Andrew is continuously endorsing cryptocurrencies and blockchain technology in his twitter profile. They started accepting Bitcoin in early November 2017, and now they have grown to multiple cryptocurrency payment options. They accept Bitcoin (BTC), Ethereum (ETH), EOS, 0x (ZRX), Litecoin (LTC) and more cryptocurrencies. 

The business model

Their business insists on five significant principles. They guarantee that their product will always be 2% cheaper than any other product on the market. However, there are a few occasions when they can’t beat the price. Then they will let the customer know, that their competitor has a better rate. Next, they provide fast and free shipping. Headphones.com will delist any product that gets terrible reviews from the customers, that way they only sell a product that their customers love.

Possibly the best thing which sets this company aside from similar ones is the fact that the time to send the product back and ask for a refund is a full year!

Moreover, they are constantly improving their online store to meet its customers best expectations.

It’s common to see self-made businesspeople accepting cryptocurrency payments within their companies. They are young, and they share almost the same ideology than crypto – getting rid of the middleman. Also, this state-of-mind kind of brings cryptocurrency and everything related to it together with these kinds of people, that are willing to do good for the society.

Keep them crypto-friendly businesses coming!

Source:

https://www.headphones.com
https://goo.gl/xvtHT2
https://twitter.com/andrewlissimore

Photo by Bansi Jadhav from Pexels.

EOS executives have left the company for another project.

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Four former employees of EOS – David Moss, Thomas Cox, Brian Abramson, and Corey J. Lederer, have left the company Block.One for another project called StrongBlock. Along with them went two contractors/developers Jon Eric-Cook and Michael S. Mason.

When working on Block.one all four of the employees worked on surprisingly technical roles.

David Moss being the Senior Vice President of Technology Operations

Thomas Cox being the Vice President of Product

Brian Abramson being the Vice President of Infrastructure

and Corey J. Lederer being the Senior Director of Technology products.

It is only now that the media has this increased attention to this occurrence, but the fact is that these employees left already months ago. Especially David Moss. He already left at the end of May, one month after the official launch of mainnet.

“We left because we saw a need in the blockchain marketplace that Block.one was not going to address,” explained one of the employees.

David Moss had criticized the EOS network previously by saying that EOS’ claims about being able to process millions of transactions per second is a lot of hyperbole, justifying that there are physical limitations like the speed of light.

While one side of the story looks scammy, greedy and very unclear, but the other side, which no-one mentions, is that, maybe these former employees were just not challenged anymore in the position they were in. Being on the top of a blockchain company surely gives you a better understanding/advantage of what the problems in the field are and what needs to be done. I’m sure they had raised their private capital, since technically managing a billion dollar start-up, I believe, was not voluntary, and moved on with their new ideas. That it is a self-evident agenda to advance with the time if you have the ability. I believe they just left the work they had started to other employees, because they didn’t have time for development of their own new project. Now they can achieve their ideas full time, but unfortunately the FUD the Media generates comes along.

Nevertheless, here is an interesting twitter thread on EOS blockchain and “no transaction fees”

https://twitter.com/DecentralizTech/status/1044640739592941569

Source:

https://goo.gl/4UwUWH

Photo by Canva.com

EosGAS Airdrop scam – Beware!

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These last days a new airdrop scam has appeared. You receive an e-mail from eosGAS team asking you to participate and to fill out a KYC form. Do not complete the KYC form or respond to anything coming from eosGAS_io. A lot of people have been scammed.

This is the address that is stealing the tokens of other people:
https://etherscan.io/address/0x51af777899f0e81fbb69836e9255cc5bab7a5842#tokentxns

As you can see, the scammers already have made more than $112k worth of crypto. All this capital has been made during these holidays and the last week. Etherscan has already put a warning disclaimer saying that this address was used in a Phishing scam and the twitter page (@eosGAS_io) which was originally the source of this Scam, also has been removed, as well as the homepage https://www.eosgas.io.

Judging by the information from the comment section under the provided Etherscan address, a lot of people have fallen in the claws of this phishing scam.

“This is the WALLET who stole all those who entered their PRIVATE KEY TO SIGN A MESSAGE to for the easGAS AIRDROP which is SCAM! BEWARE! The person behind still keeps on sending EMAILS and has a new method, he/she is offering an ALPHA WALLET FOR eosGAS which is highly possible of containing a MALWARE to steal your DATA like private keys and passwords! Do not interact with the EMAIL!” says Chief Dragon.

When it comes to airdrops, it is crucial to understand where are they coming from. The main mistake that these people made, was that they didn’t stop to think for a while. They jumped blindly in a new airdrop backed by their greed for tokens, not even realizing that this is a EOS GAS airdrop which would never happen, since EOS just launched their mainnet. It would be just like falling for an Ethereum giveaway. Everybody knows that companies of that scale don’t do giveaways. So always DYOR (do your own research) when it comes to free money, when it comes to unbelievable opportunities, because nobody and no one is giving anything away for free in this world.

Source:

https://goo.gl/2kMTbE
https://goo.gl/cwD1zd

EOS after 2nd of June. (If you didn’t register your EOS)

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So you just realized that you had some EOS and you just read an article that says that all your tokens of EOS after 2nd of June are more likely to be gone or frozen. Don’t go jumping off the bridge just yet as there might be a solution to this.

First you would need to understand where your tokens were located. If you had left them on an exchange, then you are in luck, because the exchange most likely will do the token swap for you, but you probably will miss out all the airdrops based on the genesis snapshot. But at least you will have your EOS and will have to do nothing.

On the other side, if you left your EOS tokens on MyEtherWallet, Exodus wallet or in a private ETH(Ethereum) wallet in general, then you will have to try to use “The Fallback Method”.

The Fallback method is described here: https://eosauthority.com/blog/how_to_generate_your_EOS_fallback_key_from_ethereum_private_key

In short, it is described in these 6 steps:

Step 1: Install Scatter. There is a Chrome extension and a Firefox addon.
Step 2: Open up the scatter browser extension.
Step 3: Setup a Scatter password, identify, etc.
Step 4: Once you have Scatter setup, use the key pairs options, choose ETH in the dropdown, paste ETH Private key
Step 5: Once you see your ETH Public key, just change the dropdown to EOS!
Step 6: All done, what you see on screen is the EOS Private key for your fallback key

How to view your private keys in Exodus wallet: https://support.exodus.io/article/86-how-can-i-view-my-private-keys

And now if it’s stored in your unregistered wallet and you used the fallback method to convert your ETH key to an EOS key then you’re also all set.

Best of luck from bestcoininvestments.com!

Source:

https://goo.gl/rKveFu
https://goo.gl/kZpV8z
https://goo.gl/gfdEyS

https://goo.gl/USP2Xy – More on the fallback method

We can expect a huge attack on EOS

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Emin Gun Sirer, a science professor from Cornell University has predicted that EOS might be a victim of an enormous attack. From recent series of tweets he said: “I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability. That exchange will lose its hot wallet. Hackers will send the proceeds to downstream exchanges where they will trade into other coins”

EOS completed a record-breaking ICO this month with collected $4 billion, yet thanks to unexpected development issues, they have suffered from a full service outage over the past weekend which has expanded into lack of confidence towards the project and the crypto market as a whole. Developers worked hard trying to fix these bugs, and came up with a solution that granted the platform to continue its process. But Emin Gun Sirer said that that’s only temporary.

“You can’t incrementally patch your way to correctness. Testnets help find bugs but lack of bugs in testnet doesn’t provide any assurance of correctness. In the same vein, you can’t start out with some bricks, beams and cables over a body of water, patch the holes where cars fall into the ocean, and end up with a load-bearing bridge.”

EOS has received a lot of FUD since the finalization of their ICO stage. Conspiracies involve project scam possibilities, claims of unfair token distribution between their team members, but the most loudest of them all was stating that EOS is centralized. This is explained in a Medium blog post by Crypto Peter Griffin: “Every year there is a maximal inflation of 5% to pay the block producers, which equals at the current price of EOS $332,476,257! All of this money goes directly into the pockets of the (probably not much changing) 21 block producers and grants them with even more power and stake in the network”, he states. To this opinion there are just as many believers as disbelievers.

At this point, if you have invested in EOS, I would suggest doing a little more research, as there is a lot of uncertainty.

Source:

https://goo.gl/CgCLmU
https://goo.gl/kVB8rD