Looks like CZ Would Have to Take Solace via the Liverpool Invite Afterall
Binance has been hacked after several unsuccessful attempts by hackers for a period of one year now as issued in its press release. With this hack, perpetrators successfully carted away with 7000 BTC in a single transaction. The damage could be more in the coming days CZ opines, as the team is taking time to investigate how deep this damage could be.
Binance announced itself to the world and without any doubt becoming the exchange trading platform of choice for most traders in the space. And swiftly, displacing veterans in the space such as Bittrex, Poloniex etc, for top positions, little doubt was left in the minds of many as to the height Binance could attain within the space as the cryptocurrency adoption continues to gain traction globally.
While Binance was making a good name for itself with the mantra “Exchange the world”, hackers were also making plans to ink their activities in the books of history as one of the successful clandestine groups who have successfully carried out a heist on the most popular exchange. February 2018, saw hackers attempt to breach the exchange security systems which was botched as they unsuccessfully got hacked themselves. It was in the news how the hackers themselves got hacked. After successfully targeting and breaching several user accounts via API (Application Programming Interface), the hackers pumped a VIA/BTC pair by over 10,000% and then immediately sought to cash out by withdrawal. This attempt was botched as the risk management mechanism built in triggered an alarm that automatically froze withdrawal leaving the hackers funds trapped in the exchange.
With controversial entities like McAfee tweeting that Binance exchange has been hacked, Binance quickly attacked him on Twitter that he’s trying to create FUD (Fear, Uncertainty and Doubts).
— Binance (@binance) February 8, 2018
Responding after some months, McAfee apologized to CZ and the entire Binance Team that he obviously was wrong and CZ offering a cup of coffee when they meet someday, could there be no love lost between the duo?
One thing was clear, CZ shared with his fans how this event obviously was a blessing in disguise and had made his fanbase grow very quickly. This marked a new era for both the Binance Team and their maverick CEO. CZ was always in the news whether for bagging new partnerships, fostering industry growth or even for recent CZ vs BSV Craig Wright Binance delisting.
From yesterday’s hack, and as described by Binance in their press release, it sure looks like the hackers decided to stage a “hackathon” on Binance. The recent hack operation was well coordinated. Took time and patience to execute. Even Binance agreed the modus operandi of these hackers followed the “once beaten, twice shy” route. They were not going to be hasty allowing their funds get trapped again. Alas! They got through with the similar pattern in the past but this time more intelligently.
Apparently CZ had tweeted that #SAFU (Secured Asset Funds for Users) funds will be used to ensure everything is kept under control while the team investigate and try to do implement damage control. Industry Leader and TRON CEO, Justin Sun has offered open support for Binance offering to transferring 7000 BTC to the Binance wallet and buying BNB and USDT to help stabilize the situation.
— Justin Sun (@justinsuntron) May 8, 2019
One particularly interesting part of the AMA session held few hours after the unfortunate hack incident is that CZ and his teams are putting all options on the table in ensuring this issue is salvaged. One of such is a reorganization of the bitcoin blockchain network. This is already sparking heavy debate across social media. This option even though earlier considered has been dropped as outlined in his tweet.
Received an invitation from Liverpool, very cool! pic.twitter.com/znBzg7b9Mn
— CZ Binance (@cz_binance) April 27, 2019
Let’s not be quick to forget at that nicely designed parcel CZ unveiled on Twitter sent to him by Liverpool FC, looks like this is actually a great time for CZ to honour that Liverpool invite he brandished via his Twitter account considering how exciting the club is right now after the 4 – 0 thumping of Barcelona at Anfield last night in the UEFA Champions League Semi Finals clash.
Binance Announces Additional JEX Token Airdrop for Binance.com Users
Users are expected to use their Binance.com login credentials to claim the tokens. The claim is available from the 11th of September, 2019 at 6:00AM (UTC) to 18th of same month at 6:00AM (UTC).
Users are to login to the Binance JEX and upon the first time of login, they will be rewarded with a random airdrop of between 10-100 JEX tokens.
The rules for the airdrop were presented in a list by the exchange in a blog post published today 16th of September, 2019.
According to Binance, users are expected to login to Binance JEX with their Binance.com login information and the account must have trading records and a minimum balance of at least 0.01BTC before 3:59AM (UTC) on the 10th of September.
Users may only qualify for the airdrop the first time they use their Binance.com account to login to Binance JEX.
It also revealed that the quantity of JEX tokens awarded from the airdrop after logging in to Binance JEX for the first time will be seen immediately.
Binance assured users who have login to Binance JEX before the promotion was announced will still qualify for the JEX token airdrop the first time they access their Binance JEX account with their Binance.com credentials during the promo period.
Binance JEX formerly JEX is a spot and derivative crypto trading platform run by JEX Technology Co, Ltd. Binance announced the acquisition of the trading platform and added it to its growing platform businesses. JEX also offers other than derivatives, futures contracts.
OKEx Korea Ends Support for Privacy Coins in Compliance to the Travel Rule
The Korean platform of the OKEx cryptocurrency exchange has announced plan to end support for certain digital assets from its platform. Privacy coins such as XMR, DASH, ZCASH, ZEN SBTC has been marked to be removed from the Korean exchange.
The firm revealed that the reason for the termination of support for the currencies is possible violations of laws or regulations or policies of government agencies. It also stated the customer protection one of the reasons for termination of support for the assets.
Citing catalyst for the removal of the privacy coins, OKEx Korea said it is in compliance with the “travel rule” which recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual assets.
Since privacy coins do not allow collection of “relevant information”, it has decided to delist the assets.
OKEx Korea in a blog post gave details culminating to the decision to delist the assets. It provided that “In October 2018, the first General Assembly, the International Anti-Money Laundering Organization ( “FATF”) agreed to apply the criteria for Virtual Asset Service Providers. In February 2019, when the 2nd General Assembly was held, the statement in the footnote, except for the transfer of virtual assets, was finalized and announced in a statement.”
Transacting in the privacy coins will be terminated by October, 10th 2019. While withdrawals will be in two months after transaction support has been ended. That will be in December, 10th 2019.
As the assets are delisted, the following trading pairs will also be removed:
Monero (XMR): XMR / KRW, XMR / BTC, XMR / ETH, XMR / USDT
DASH: DASH / KRW, DASH / BTC, DASH / ETH, DASH / USDT
ZCache (ZEC): ZEC / BTC, ZEC / ETH, ZEC / USDT
Horizon (ZEN): ZEN / BTC, ZEN / ETH, ZEN / USDT
Super Bitcoin (SBTC): SBTC / BTC
As OKEx korea has decided to tow this path, other global exchanges could decide to be compliant to this rule. A move which could either create new ingenious markets for privacy coins or drastically reduce the available platforms to trade the privacy focused digital assets.
Dash To Be Tradable on Coinbase Pro as Coinbase Adds Support for the Privacy Coin
U.S Headquartered Cryptocurrency Exchange Coinbase adds support for the privacy coin Dash in its Coinbase Pro platform. By September 16th, the platform will start accepting deposits before 12 hours before full trading commences on the exchange.
The exchange revealed trading will begin on or after 9AM Pacific Standard Time the next day only if liquidity conditions are met.
Trading will commence on two two trading pairs DASH/USD and DASH/BTC. The trading will be in phases beginning with post only mode and proceeding to full trading.
Launched in 2014 and formerly known as Darkcoin, the privacy focused cryptocurrency Dash is an open source cryptocurrency that is run by subset of users defined as masternodes. Its’ increased speed and privacy makes it acceptance by Merchants all over the world easy. It is currently valued at over $800 million based on Coinmarketcap data.
The launch on Dash on Coinbase Pro will follow four stages which the firm itemized as:
Transfer-Only stage, customers will only be able to transfer their Dash crypto assets into their Coinbase Pro accounts but will not be able to place orders. The second phase is the Post Only stage where customers will be allowed to post limit orders but the orders will not be matched. This is expected to grow the order books.
The third stage is the Limit-Only Stage, customer’s limit orders in the second stage will be matched but users of the exchange will not be able to make orders based on market prices.
The last stage is where full trading will commence which will also introduce Stop Orders, Market orders to the available Limit Order features.
Coinbase revealed that Dash will only be available for trading in selected jurisdictions and is not yet available on Coinbase.com or the mobile apps.
Binance US Prepares for Launch as it Opens User Registration on 18th September, 2019
Binance US will allow users to register on the exchange on Wednesday, the 18th of September, 2019 as it prepares for its’ launch.
The exchange also revealed that on same day, it will be accepting deposits of BTC, ETH, XRP, BCH, LTC and USDT. This will commence at about 8am ET.
Binance US revealed that, during the period of registration, users will be able to sign up for an account and select the tier of verification they desire for their withdrawal limits. Upon verification, users will then be able to deposit their digital assets unto the exchange platform.
In a blog post released by the US Exchange, Binance US said it will continually be adding selected digital assets available for verified users to deposit and eventually trade on the Exchange. This will be after trading commences for the first phase.
It also revealed the availability of the digital assets for trading will be based on the Binance Digital Asset Risk Assessment Framework.
In an earlier publication by Binance US, it was made known that on the initial launch, there will be desktop/mobile access granted to users, app versions will be available in the future. It also revealed there will be KYC requirement which will demand the use of valid government issued IDs such as drivers license or passport, social security number (SSN).
Binance US according to the firm is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America. Based in San Francisco, Binance.US is operated by BAM Trading Services and built on the cutting-edge matching engine and wallet services licensed from Binance.
Led by the innovative CZ, Binance has grown from a cryptocurrency exchange to a blockchain ecosystem offering various innovative products for users to utilize. It is currently one of the top exchanges in the world by volume.
Altcoin News3 days ago
Binance Announces Additional JEX Token Airdrop for Binance.com Users
Altcoin News3 days ago
Top Cryptocurreny Exchange Latoken List Kenyan based digital currency OnyxCoin
News3 days ago
BAL Announces Partnership with French Non-For-Profit Blockchain Organization TAAL to Spread Globally Awareness on Blockchain Technology
Events13 hours ago
CampusBCAT2019 Moves to University of Port Harcourt after a Successful Tour at the University of Ibadan