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Robbers Tortured a Man With a Drill to Steal His Cryptocurrency

Home invaders tortured a crypto trader with an electric to force him to give up his cryptocurrency, according to a Dutch newspaper.

Crypto Crime

A key promise of the digital cash known as cryptocurrency is its security — because only you possess the password to access your money, it’s presumably more safe than it would be at a bank.

But a grisly crime in the Netherlands — in which home invaders tortured a crypto trader in an attempt to force him to give up his coins — shows that there’s also a dark side to having total control over your own wealth.

Robber Squad

According to the Dutch newspaper De Telegraaf, a trio of robbers disguised as police burst into the home of an unidentified cryptocurrency trader in late February.

Then, in view of the man’s four-year-old daughter, they tortured the crypto trader with an electric drill — causing injuries so severe that he was hospitalized for five days, according to a follow-up story.

It’s not clear whether they obtained any of the crypto trader’s funds before leaving, but if he did turn over his password, the criminals could have transferred the money to an anonymous account almost instantly.

Followup

Dutch police were horrified by the crime, according to De Telegraaf, and dispatched 15 officers to investigate. The cops refused to comment, but police sources confirmed to the newspaper that the criminals were after the man’s cryptocurrency holdings.

Crypto news site CoinTelegraph pointed out that there have been other examples of violent criminals attempting to steal cryptocurrency, such as a Russian businessman who was held hostage until he surrendered his Bitcoin funds.

“If you are rich and you own real estate, or stocks or a sports team, somebody can’t mug you and take your sports team away,” Bitcoin engineer Jameson Lopp told The New York Times in 2018. “Having liquid crypto assets makes you much more attractive for that type of criminal attack.”

READ MORE: Bitcoin Trader Brutally Tortured With Drill in Cryptocurrency Robbery [The Independent]

More on cryptocurrency: Did a Crypto CEO Fake His Own Death to Abscond With $190 Million?

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Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Cryptocurrency News
On the whole, cryptocurrency prices are down from our previous report on cryptos, with the market slipping on news of an exchange being hacked and a report about Bitcoin manipulation.

However, there have been two bright spots: 1) an official from the U.S. Securities and Exchange Commission (SEC) said that Ethereum is not a security, and 2) Coinbase is expanding its selection of tokens.

Let’s start with the good news.
SEC Says ETH Is Not a Security
Investors have some reason to cheer this week. A high-ranking SEC official told attendees of the Yahoo! All Markets Summit: Crypto that Ethereum and Bitcoin are not.

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Cryptocurrency Price Forecast: Trust Is Growing, But Prices Are Falling

Trust Is Growing…
Before we get to this week’s cryptocurrency news, analysis, and our cryptocurrency price forecast, I want to share an experience from this past week. I was at home watching the NBA playoffs, trying to ignore the commercials, when a strange advertisement caught my eye.

It followed a tomato from its birth on the vine to its end on the dinner table (where it was served as a bolognese sauce), and a diamond from its dusty beginnings to when it sparkled atop an engagement ring.

The voiceover said: “This is a shipment passed 200 times, transparently tracked from port to port. This is the IBM blockchain.”

Let that sink in—IBM.

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Cryptocurrency News: Looking Past the Bithumb Crypto Hack

Another Crypto Hack Derails Recovery
Since our last report, hackers broke into yet another cryptocurrency exchange. This time the target was Bithumb, a Korean exchange known for high-flying prices and ultra-active traders.

While the hackers made off with approximately $31.5 million in funds, the exchange is working with relevant authorities to return the stolen tokens to their respective owners. In the event that some is still missing, the exchange will cover the losses. (Source: “Bithumb Working With Other Crypto Exchanges to Recover Hacked Funds,”.

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Cryptocurrency News: XRP Validators, Malta, and Practical Tokens

Cryptocurrency News & Market Summary
Investors finally saw some light at the end of the tunnel last week, with cryptos soaring across the board. No one quite knows what kicked off the rally—as it could have been any of the stories we discuss below—but the net result was positive.

Of course, prices won’t stay on this rocket ride forever. I expect to see a resurgence of volatility in short order, because the market is moving as a single unit. Everything is rising in tandem.

This tells me that investors are simply “buying the dip” rather than identifying which cryptos have enough real-world value to outlive the crash.

So if you want to know when.

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Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Cryptocurrency News
This was a bloody week for cryptocurrencies. Everything was covered in red, from Ethereum (ETH) on down to the Basic Attention Token (BAT).

Some investors claim it was inevitable. Others say that price manipulation is to blame.

We think the answers are more complicated than either side has to offer, because our research reveals deep contradictions between the price of cryptos and the underlying development of blockchain projects.

For instance, a leading venture capital (VC) firm launched a $300.0-million crypto investment fund, yet liquidity continues to dry up in crypto markets.

Another example is the U.S. Securities and Exchange Commission’s.

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Cryptocurrency News: Bitcoin ETF Rejection, AMD Microchip Sales, and Hedge Funds

Cryptocurrency News
Although cryptocurrency prices were heating up last week (Bitcoin, especially), regulators poured cold water on the rally by rejecting calls for a Bitcoin exchange-traded fund (ETF). This is the second time that the proposal fell on deaf ears. (More on that below.)

Crypto mining ran into similar trouble, as you can see from Advanced Micro Devices, Inc.‘s (NASDAQ:AMD) most recent quarterly earnings. However, it wasn’t all bad news. Investors should, for instance, be cheering the fact that hedge funds are ramping up their involvement in cryptocurrency markets.

Without further ado, here are those stories in greater detail.
ETF Rejection.

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Cryptocurrency News: What You Need to Know This Week

Cryptocurrency News
Cryptocurrencies traded sideways since our last report on cryptos. However, I noticed something interesting when playing around with Yahoo! Finance’s cryptocurrency screener: There are profitable pockets in this market.

Incidentally, Yahoo’s screener is far superior to the one on CoinMarketCap, so if you’re looking to compare digital assets, I highly recommend it.

But let’s get back to my epiphany.

In the last month, at one point or another, most crypto assets on our favorites list saw double-digit increases. It’s true that each upswing was followed by a hard crash, but investors who rode the trend would have made a.

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Cryptocurrency News: New Exchanges Could Boost Crypto Liquidity

Cryptocurrency News
Even though the cryptocurrency news was upbeat in recent days, the market tumbled after the U.S. Securities and Exchange Commission (SEC) rejected calls for a Bitcoin (BTC) exchange-traded fund (ETF).

That news came as a blow to investors, many of whom believe the ETF would open the cryptocurrency industry up to pension funds and other institutional investors. This would create a massive tailwind for cryptos, they say.

So it only follows that a rejection of the Bitcoin ETF should send cryptos tumbling, correct? Well, maybe you can follow that logic. To me, it seems like a dramatic overreaction.

I understand that legitimizing cryptos is important. But.

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Cryptocurrency News: New Exchanges Could Boost Crypto Liquidity

Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News
While headline numbers look devastating this week, investors might take some solace in knowing that cryptocurrencies found their bottom at roughly $189.8 billion in market cap—that was the low point. Since then, investors put more than $20.0 billion back into the market.

During the rout, Ethereum broke below $300.00 and XRP fell below $0.30, marking yearly lows for both tokens. The same was true down the list of the top 100 biggest cryptos.

Altcoins took the brunt of the hit. BTC Dominance, which reveals how tightly investment is concentrated in Bitcoin, rose from 42.62% to 53.27% in just one month, showing that investors either fled altcoins at higher.

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Elon Musk: Bitcoin Is “Brilliant” And “Paper Money Is Going Away”

Tesla CEO Elon Musk shared his thoughts on Bitcoin and other cryptocurrencies during a podcast interview with ARK Invest.

“Seriously?”

Elon Musk is talking cryptocurrency. The real Elon Musk, not one of those Twitter scammers.

On Tuesday, Tesla’s CEO sat down for a podcast interview with ARK Invest, a tech investment firm. In addition to chatting about electric vehicles and self-driving cars, the interviewers decided to throw Musk an “off-topic” question about cryptocurrencies.

After an initially incredulous response — “Crypto, seriously?” — Musk went on to elaborate on his thoughts about crypto and Bitcoin in particular — and while he sees the value in both, don’t expect Tesla to get involved in the space any time soon.

Pros and Cons

During the interview, Musk admitted that he thinks “the Bitcoin structure is quite brilliant” and that there might be “some merit to Ethereum as well and maybe some others.”

He went on to discuss the uses of the cryptocurrency with ARK Invest founder Cathie Wood, who noted that “there were $1.3 trillion worth of transactions in bitcoin, and we don’t see it here because it’s not for pizza or Coke.”

“It might be for coke,” Musk deadpanned, in an apparent drug joke, prompting laughs from his interviewers.

“We figure it’s business-to-business in Africa where it is prohibitively expensive to convert from one nation’s currency to another,” Wood continued. “It really is very important. It’s money over IP for them. It’s free transmission of money, and that’s really important to opening up the world.”

“It bypasses currency controls,” Musk said. “Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure. That has its pros and cons.”

Tesla Coin

As for whether Tesla would ever get involved in crypto, Musk doesn’t see that happening any time soon.

His company’s primary goal is to “accelerate the advent of sustainable energy,” according to Musk, and as he noted during the interview, mining cryptocurrencies is computationally energy intensive.

“I’m not sure it would be a good use for Tesla resources to get involved in crypto,” he concluded.

“Just to clarify,” ARK Invest analyst Tasha Keeney asked later, “Tesla’s not going to start selling bitcoin anytime soon?”

“No, we’re not,” Musk replied.

READ MORE: Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer [CoinDesk]

More on crypto: Fake Elon Musks Clutter Twitter With Crypto Scams

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Users of Crypto Site Where Dead CEO Lost $196M Are Preparing Suit

QuadrigaCX has about two weeks left to its stay to raise the money it owes before anyone can sue, but a judge just appointed law firms to its customers.

Making Moves

Remember that cryptocurrency exchange that said it lost $196 million of its customers’ money when CEO Gerald Cotten died — prompting conspiracy theories Cotten faked his own death?

Well, those 115,000 customers just lawyered up.

Ticking Clock

Michael Wood, a justice on Nova Scotia’s Supreme Court, issued a ruling Tuesday that QuadrigaCX customers would be represented by two law firms, Miller Thomson as well as Cox & Palmer, in the event of a class-action lawsuit, according to CoinDesk.

So far, no one has filed suit against QuadrigaCX — though the users’ new lawyers can start preparing one, according to CoinDesk. On Feb. 5, the courts approved a 30-day stay at the company’s request. That leaves QuadrigaCX with about two more weeks to settle the matter and come up with $196 million on its own before anyone can sue.

Next Steps

Once the stay expires on March 7, the crypto exchange may try to have it extended. But that appeal would come before Judge Wood.

Given his move to prepare QuadrigaCX customers for a potential lawsuit, Wood may decide that QuadrigaCX was given enough time and open up the floor to any lawsuits.

READ MORE: Judge Appoints Law Firms to Represent QuadrigaCX Customers [CoinDesk]

More on QuadrigaCX: Indian Hospital Fires Back at Rumors That Crypto CEO Faked Death

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Cryptocurrency – Investopedia

What is a Cryptocurrency

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

The first blockchain-based cryptocurrency wasBitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions or specifications. Some of these are clones of Bitcoin while others are forks, or new cryptocurrencies that split off from an already existing one.

Cryptocurrencies are systems that allow for the secure payments of online transactions that are denominated in terms of a virtual “token,” representing ledger entriesinternal to the system itself. “Crypto” refers to the fact that various encryption algorithms and cryptographic techniques, such as elliptical curve encryption, public-private key pairs, and hashing functions, are employed.

The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym,Satoshi Nakamoto. As of October 2018, there were over 17.33 million bitcoins in circulation with a total market value of around $115 billion (although the market price of bitcoin can fluctuate quite a bit). Bitcoin’s success has spawned a number of competing cryptocurrencies, known as “altcoins” such as Litecoin, Namecoin and Peercoin, as well as Ethereum, EOS, and Cardano. Today, there are literally thousands of cryptocurrencies in existence, with an aggregate market value of over $200 billion (Bitcoin currently represents more than 50% of the total value).

Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties in a transaction, without the need for a trusted third party such as a bank or credit card company; these transfers are facilitated through the use of public keys and private keys for security purposes. In modern cryptocurrency systems, a user’s “wallet,” or account address, has the public key, and the private key is used to sign transactions. Fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.

Central to the appeal and function of Bitcoin is the blockchaintechnologyit uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories. Many experts see this blockchain as having important uses in technologiessuch as online voting and crowdfunding, and major financial institutions such as JPMorgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient. However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist, or if somebody simply loses their private keys.

At the same time, there is no central authority, government, or corporation that has access to your funds or your personal information.

The semi-anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion. However, cryptocurrencyadvocates often value the anonymity highly. Some cryptocurrencies are more private than others. Bitcoin, for instance, is a relatively poor choice for conducting illegal business online, and forensic analysis of bitcoin transactions has led authorities to arrest and prosecute criminals. More privacy-oriented coins do exist, such as Dash, ZCash, or Monero, which are far more difficult to trace.

Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely. However, plenty of research has been undertaken to identify the fundamental price drivers of cryptocurrencies.Bitcoin has indeed experienced some rapid surges and collapses in value, reaching as high as $19,000 per bitcoin in December of 2017 before returning to around $7,000 in the following months. Cryptocurrencies are thus considered by some economists to be a short-lived fad or speculative bubble. There is concern especially that the currency units, such as bitcoins, are not rooted in any material goods. Some research has identified that the cost of producing a bitcoin, which takes an increasingly large amount of energy, is directly related to its market price.

Cryptocurrencies’ blockchains are secure, but other aspects of a cryptocurrency ecosystem are not immune to the threat of hacking. In Bitcoin’s almost 10-year history, several online exchanges have been the subject of hacking and theft, sometimes with millions of dollars worth of ‘coins’ stolen. Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals, and is outside the influence of central banks and governments.

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Cryptocurrency – Investopedia

Cryptocurrency | Definition of Cryptocurrency by Merriam …

: any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions Virtual currency bitcoin hit the mainstream in 2014. Bitcoin ATMs started springing up all over the world , allowing people to exchange cash for the cryptocurrency, a secure digital payment outside of conventional financial institutions. Brenda Poppy

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Cryptocurrency | Definition of Cryptocurrency by Merriam …

List of cryptocurrencies – Wikipedia

ReleaseStatusCurrencySymbolFounder(s)Hash algorithmProgramming language of implementationCryptocurrency blockchain (PoS, PoW, or other)Notes2009ActiveBitcoinBTC,[4][5] XBT, Satoshi Nakamoto[nt 1]SHA-256d[6][7]C++[8]PoW[7][9]The first and most widely used decentralized ledger currency,[10] with the highest market capitalization.[11]2011ActiveLitecoinLTC, Charlie LeeScryptC++[12]PoWOne of the first cryptocurrencies to use Scrypt as a hashing algorithm.2011ActiveNamecoinNMCVincent Durham[13][14]SHA-256dC++[15]PoWAlso acts as an alternative, decentralized DNS.2012ActivePeercoinPPCSunny King(pseudonym)[16]SHA-256d[17]C++[18]PoW & PoSThe first cryptocurrency to use POW and POS functions.2013ActiveDogecoinDOGE, XDG, Jackson Palmer& Billy Markus[19]Scrypt[20]C++[21]PoWBased on the Doge internet meme.2013[22][23]ActiveGridcoinGRCRob Hlford [24]ScryptC++[25]Decentralized PoSLinked to citizen science through the Berkeley Open Infrastructure for Network Computing[26][27]2013ActivePrimecoinXPMSunny King(pseudonym)[16]1CC/2CC/TWN[28]TypeScript, C++[29]PoW[28]Uses the finding of prime chains composed of Cunningham chains and bi-twin chains for proof-of-work.2013ActiveRipple[30][31][32]XRP[32]Chris Larsen &Jed McCaleb[33]ECDSA[34]C++[35]”Consensus”Designed for peer to peer debt transfer. Not based on bitcoin.2013ActiveNxtNXTBCNext(pseudonym)SHA-256d[36]Java[37]PoSSpecifically designed as a flexible platform to build applications and financial services around its protocol.2014ActiveAuroracoinAURBaldur Odinsson(pseudonym)[38]ScryptC++[39]PoWCreated as an alternative currency for Iceland, intended to replace the Icelandic krna.2014InactiveCoinyeKOI, COYEScryptPoWUsed American hip hop artist Kanye West as its mascot, abandoned after he filed a trademark lawsuit.2014ActiveDashDASHEvan Duffield &Kyle Hagan[40]X11C++[41]PoW & Proof of Service[nt 2]A bitcoin-based currency featuring instant transactions, decentralized governance and budgeting, and private transactions.2014ActiveNEONEODa Hongfei & Erik ZhangSHA-256 & RIPEMD160C#[42]dBFTChina based cryptocurrency, formerly ANT Shares and ANT Coins, the name was changed in 2017 to NEO and GAs.2014ActiveMazaCoinMZCBTC Oyate InitiativeSHA-256dC++[43]PoWThe underlying software is derived from that of another cryptocurrency, ZetaCoin.2014ActiveMoneroXMRMonero Core TeamCryptoNight[44]C++[45]PoWPrivacy-centric coin using the CryptoNote protocol with improvements for scalability and decentralization.2014ActiveNEMXEMUtopianFuture (pseudonym)SHA3-512Java[46]POIThe first hybrid public/private blockchain solution built from scratch, and first to use the Proof of Importance algorithm using EigenTrust++ reputation system.2014ActivePotCoinPOTPotcoin core dev teamScryptC++[47]PoSDeveloped to service the legalized cannabis industry in the United States.2014ActiveTitcoinTITEdward Mansfield & Richard Allen[48]SHA-256dTypeScript, C++[49]PoWThe first cryptocurrency to be nominated for a major adult industry award.[50]2014ActiveVergeXVGSunerokScrypt, x17, groestl, blake2s, and lyra2rev2C, C++[51]PoWFeatures anonymous transactions using Tor and I2P.2014ActiveStellarXLMJed McCalebStellar Consensus Protocol (SCP) [52]C, C++[53]Stellar Consensus Protocol (SCP) [52]Open-source, decentralized global financial network.2014ActiveVertcoinVTCBushidoLyra2RE[54]C++[55]PoWAims to be ASIC resistant.2015ActiveEther or “Ethereum”ETHVitalik Buterin[56]Ethash[57]C++, Go[58]PoWSupports Turing-complete smart contracts.2015ActiveEthereum ClassicETCEthash[57]PoWAn alternative version of Ethereum[59] whose blockchain does not include the DAO Hard-fork.[60][61] Supports Turing-complete smart contracts.2015ActiveTetherUSDTJan Ludovicus van der Velde[62]Omnicore [63]PoWTether claims to be backed by USD at a 1 to 1 ratio. The company has been unable to produce promised audits.[64]2016ActiveDecredDCRBlake-256Go[65]PoW/PoS HybridBuilt in governance and hybrid PoW/PoS.2016ActiveZcashZECZooko WilcoxEquihashC++[66]PoWThe first open, permissionless financial system employing zero-knowledge security.2017InactiveBitConnectBCCBitConnect was described as an open source, all-in-one bitcoin and crypto community platform but was later described as a Ponzi scheme2017ActiveBitcoin CashBCH[67]SHA-256dPoWHard fork from Bitcoin, Increased Block size from 1mb to 8mb2017ActiveEOS.IOEOSDan LarimerWebAssembly, Rust, C, C++[68]delegated PoSFeeless Smart contract platform for decentralized applications and decentralized autonomous corporations with a block time of 500 ms.[68]2018InactiveKodakCoinKodak and WENN DigitalEthash[69]KodakCoin is a “photographer-centric” blockchain cryptocurrency used for payments for licensing photographs.2018InactivePetroVenezuela GovernmentonixCoin[70]C++[71]Stated by Nicols Maduro to be backed by Venezuela’s reserves of oil. As of August2018[update] it does not appear to function as a currency.[72]

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List of cryptocurrencies – Wikipedia

Cryptocurrency News: Looking Past the Bithumb Crypto Hack

Another Crypto Hack Derails Recovery
Since our last report, hackers broke into yet another cryptocurrency exchange. This time the target was Bithumb, a Korean exchange known for high-flying prices and ultra-active traders.

While the hackers made off with approximately $31.5 million in funds, the exchange is working with relevant authorities to return the stolen tokens to their respective owners. In the event that some is still missing, the exchange will cover the losses. (Source: “Bithumb Working With Other Crypto Exchanges to Recover Hacked Funds,”.

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