Users Asked to Return Bitcoin Purchased After Glitch Drops The Price to $6,000 On This Exchange

Users Asked to Return Bitcoin Purchased After Glitch Drops The Price to $6,000 On This Exchange

  • The Philippines-based crypto exchange, Philippines Digital Asset Exchange, or PDAX, experienced a ‘serious glitch’ causing a huge price discrepancy on Bitcoin (BTC) prices, which dropped to $6,000 on Feb 16.
  • The exchange halted trading and is asking users to return BTC bought during the 88% price collapse.

On Tuesday last week, the largest Philippines-based crypto exchange, PDAX, suffered a glitch due to the increased user traffic and volumes on the exchange. This led to a system outage, causing the price of Bitcoin to collapse to the $6,000 mark, allowing users to buy the top crypto at a massive discount.

Several unknown users on the platform we’re able to cash in on this once-in-a-lifetime opportunity’ making thousands of dollars during that period. PDAX exchange then stopped all trading services on the exchange for 36 hours for a maintenance period before bringing the platform back live on February 18th.

However, in a few hours, the glitch was still active; several users could withdraw their ‘discounted’ Bitcoins up to their set withdrawal limits in a day. In an email sent to the users, PDAX demanded these lucky traders to return the crypto, threatening them with a legal suit if they don’t.

In a press conference held on Tuesday to explain the system outages, CEO Nichel Gaba stated increased trading volumes as the primary reason that the exchange experienced its outage. He further stated that the cause of the huge drop in Bitcoin’s price rose from “unfunded orders” (when one side of an order is not funded) being matched with buyers. Gaba said,

“Because the buyer was able to purchase assets from an unfunded order, the buyer can then resell the same asset via the order book system, resulting in a chain of transactions. Thus the resulting balances of users are a mix of unfunded and funded orders.”

The exchange has since demanded users who bought the discounted BTC return them or face legal action. Gaba agreed that “this was the right thing to do” to protect its integrity and protect the market’s interest. Gaba explained,

“Understandably, a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices.”

“But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

PDAX obtained its crypto exchange clearance license back in 2018 from the Philippines’ Central Bank, allowing crypto to Philippines pesos (PHP) conversion. The exchange was the first to offer users direct fiat to crypto trading, including other top cryptos such as Ethereum (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH).

PDAX has grown into an institutional investment hub with top firms getting digital assets exposure through the firm. To boost its roots, PDAX received an undisclosed amount of financial support from ConsenSys and BitMEX to boost its “sphere of influence” in the South-east Asia region.

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Author: Lujan Odera

UK-Based EXMO Exchange is ‘Updating its Anti-Hack Software’ After Suffering a DDoS Attack

UK-Based EXMO Exchange is ‘Updating its Anti-Hack Software’ After Suffering a DDoS Attack

  • U.K based cryptocurrency exchange, EXMO, is updating its anti-DDOS attack software following Monday’s attack on its systems.

EXMO, a leading crypto exchange in Europe, suffered its second attack in less than two months reporting a distributed denial-of-service (DDOS) attack on Monday. The exchange has since started to improve its anti-DDOS attack software, warning users the exchange’s services “may be unavailable” during the update, a tweet sent out today reads.

EXMO announced midday on Monday (local time) that their servers were down due to a DDOS attack. Services on the exchange were temporarily unavailable for hours, as the attack affected the company’s entire infrastructure, a spokesperson said. At the time of writing, the exchange is back up running, but some services have been withheld. The spokesperson further added,

“Now everything is running properly. Unfortunately, with a splash in market activity, which undoubtedly drives a positive change, many negative phenomena are back. DDoS, which we’ve faced, is just one of them.”

DDOS attacks refer to a coordinated malicious effort to disrupt regular traffic to a website. These attacks are becoming more prominent in the crypto industry, with top crypto exchanges such as Binance and BitMEX suffering these attacks recently.

EXMO has been a victim of successive attacks in as many months as hackers stole 6% of the exchange’s crypto assets in December. The hacker made away with $10 million worth of cryptocurrencies, including BTC, ETH, XRP, ZEC, USDT, ETC, during the December heist.

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Author: Lujan Odera

Holiday Crypto Dip & Reversal; Strong Week Ahead After Leveraged Longs Rinsed Out

The cryptocurrency market is already recovering fast after the weekend dip.

Late Sunday or early Monday, the price of Bitcoin went down to about $45,700 level not long after hitting a new all-time high at nearly $50,000.

Already, BTC/USD has traded above $48k and is now back to targeting the ATH.

However, this time this buying power didn’t come from Coinbase, the biggest exchange in the US, as there has been no premium on the exchange compared to Binance, Huobi, and OKEx.

Bitcoin’s losses came despite the dollar keeping near two-week lows on disappointing employment data and looking for evidence that the US rebound would outpace the economies of other major countries.

However, many financial markets are out in the United States for Presidents’ Day, and in Asia, the markets remain closed for Lunar New Year.

The prominent reason for the dips has been simple, according to trader and economist Alex Kruger, which is also the only bearish thing, “degen longs abusing leverage.”

This can be seen in the almost $1.9 billion liquidated in the last 24 hours, as per Bybt. Among the 303,349 traders liquidated, the largest single liquidation order happened on Huobi-BTC, valued at $21.25 million, and the highest liquidated amount on Binance at nearly $1 billion.

Interestingly, only $582 million of it belongs to Bitcoin liquidations, the majority of them long.

Most of the liquidations belong to altcoins that include not only Ethereum but DeFi coins, including the likes of AAVE, CRV, UNI, 1INCH, BAL, and COMP.

And this is why Kruger is bullish on the risky assets this week noting,

“I expect a strong week across risk asset and crypto assets. Crypto needed leveraged longs to get rinsed out. We just got that.”

The funding rates across exchanges on both Bitcoin and Ethereum perpetual contracts have calmed down to 0.01% to 0.04%, as per Viewbase.

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In tandem with Bitcoin, the rest of the cryptocurrency market took a fall, with Ether dropping to $1,655 level ETH -0.10% Ethereum / USD ETHUSD $ 1,813.21
-$1.81-0.10%
Volume 37.76 b Change -$1.81 Open $1,813.21 Circulating 114.69 m Market Cap 207.95 b
5 h Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month 7 h Contentious EIP-1559 Seeking Community Consensus as Ethereum Miner Revenue Hits an ATH 8 h Holiday Crypto Dip & Reversal; Strong Week Ahead After Leveraged Longs Rinsed Out
. While Ether is aiming for $1,800 yet again, the overall market capitalization has recovered half of its $110 billion losses and yet again is on the way to the $1.5 trillion mark.

1% to 4% gains are recorded across the crypto assets, which for some cryptocurrencies goes up to 7%.

As for those, who might see this as the top of the market, the total market cap is only up 1,150% from the March 2020 lows, which are nowhere near the 2017-2018 bull market that resulted in the total market cap increasing by 4,500%.

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Author: AnTy

Blockfolio to Go Through Security Review After Getting Hacked to Display Offensive & Racist Content

Blockfolio to Go Through Security Review After Getting Hacked to Display Offensive & Racist Content

The team has announced a credit of $10 to every current and new users of the app. ACH withdrawals have also been activated on both FTX and Blockfolio.

FTX acquired crypto tracker app Blockfolio, suffered an incident on Tuesday when offensive messages were displayed to its users.

“We are incredibly sorry about the offensive messages posted on Blockfolio today. We will be addressing this ASAP,” noted the team. They have since then removed the offensive messages.

The team also assured that trading or funds weren’t affected, only the displayed information.

Blockfolio-message

Blockfolio took to Twitter to further share that they have revoked access to the compromised Signal submitters in response to the incident. All the users of the app have been credited with $10, as will anyone else who signs up this week at a maximum of 1 million people, said the firm.

Just at the end of last month, Blockfolio enabled trading on its app and saw more downloads than “in any single day of 2017.” FTX CEO, Sam Bankman-Fried, also took to Twitter to share the story behind the messages on Blockfolio. The investigation revealed that the,

“Offensive content was produced and published by a competitor exchange of ours who maliciously gained access to someone else’s Blockfolio News/Signal capabilities.”

Sam condemned the actions of the competitor at fault here whose name wasn’t revealed and announced a donation to organizations to “help move the world forward, not backward.” He added,

“We have always and will always strive to work with others in the industry–whether customers, builders, or competitors. We will rise and fall together, and this industry has no place for this behavior.”

The chief executive also said that over the course of next month, they would conduct a security review of the app to “bring them in line with the standards set by trading, and by FTX more generally.”

In other news, both FTX and Blockfolio now support ACH withdrawals.

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Author: AnTy

Curve Finance Kills the New yv2 Pool After Discovering an Issue

Curve Finance Kills the New yv2 Pool After Discovering an Issue

Both Curve and Yearn team assure that “All funds are safe,” and no other vaults are affected.

Decentralized exchange Curve Finance reported an issue with its new trading pool that involves the DeFi protocol Yearn Finance. Curve reported the vulnerability on Monday morning, further announcing the shut down of the pool. The team noted,

“We have discovered an issue with the new yv2 (@iearnfinance) pool. The pool has been killed in order to protect LPs.”

But they assured that the issue wasn’t fundamental and there has been no loss of funds. Additionally, the funds will be returned to the addresses that supplied them. The team added,

“All funds are safe. Deposits will be sent directly to liquidity providers’ wallets, no further action is required to withdraw.”

The popular stablecoin DEX, Curve, launched in 2020, is the fourth largest DeFi protocol by total value locked (TVL) of $3.85 billion. The native token of the project is currently trading around $3.19, putting its market cap at $680 million.

Curve basically allows users to swap between stablecoins like DAI, USDT, and USDC at low fees and slippage. Users who provide liquidity on the platform earn yields on an annual basis, which comes from the interest paid by stablecoin borrowers.

Today’s issue with Curve was specifically regarding the yearn “v2” pool that got exploited. Yearn Finance is a yield aggregator that saw its “v1 yDAI vault” exploited just last week and lost more than $11 million in the process.

While the attacker got away with $2.8 million, Tether CTO Paolo Ardoino announced that Tether, “a centralized stablecoin using blockchains as transport layer,” had frozen the stolen 1.7 million USDT.

“Recent yv2 pool issue doesn’t affect any of yearn vaults. Funds are safe,” assured the Yearn team on the latest issue with the “v2” pool.

Yearn’s YFI token has a market cap of $1.16 billion and, as of writing, is trading around $31,800.

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Author: AnTy

Cardano’s ADA Overtakes XRP to Become Fourth-Largest Cryptocurrency After ‘Mary’ Hard Fork

Cardano’s ADA Overtakes XRP to Become Fourth-Largest Cryptocurrency After ‘Mary’ Hard Fork

  • ADA just flipped XRP in market cap, establishing a firm lead over the latter.
  • Blockchain projects are seeing significant gains as many look for Ethereum alternatives.
  • 2021 already saw significant shifts in the crypto rankings as the industry continues to adapt to new developments and price movement.

In what is the latest seismic shift, ADA, the native cryptocurrency for blockchain platform Cardano, has now flipped XRP to break into the top four crypto rankings.

Mary Making Moves

According to data from CoinMarketCap, ADA is now the industry’s fourth-largest asset, reaching its highest market cap metric over the weekend. As of press time, ADA the asset has gained 90 percent in the past seven days compared to XRP, which has lost 26 percent of its value in the same period. ADA now holds a market cap of $20.5 billion. With the asset holding over $1 billion in market cap gains over XRP, this new reality could hold on for a while.

The Cardano ecosystem has been witnessing some significant change recently. Last week, the Input Output Hong Kong (IOHK) team, the blockchain project’s developers, announced an update to the blockchain to take it one step closer to the Goguen era.

Dubbed “Mary,” the update will essentially bring the blockchain closer to being a multi-asset, decentralized smart contract network platform. With it, developers will be able to create user-defined native tokens that can easily be transacted across the Cardano network.

The update will also allow other projects to migrate or offer part of their token supply to the Cardano blockchain. Unlike networks such as Ethereum, Cardano uses a mechanism that handles all tokenization on its ledger instead of smart contracts. So, all tokens in the blockchain can follow the same support system instead of requiring the creation of multiple layers like those in ERC-20 tokens.

IOHK believes that this new approach will improve the Cardano blockchain’s performance and scalability, while also reducing transaction costs. Amongst others, the hope is that the update will encourage decentralized finance (DeFi) protocol developers, who have been growing increasingly frustrated with rising gas costs and other features that have maligned the Ethereum blockchain.

“Mary” is one of two hard forks that will allow Cardano to move into the Goguen era. It is expected to be implemented on the Cardano mainnet by the end of the month, depending on IOHK’s tests’ outcome.

Blockchain Projects on the Rise

ADA was one of the biggest winners of 2020, gaining over 600 percent as the Cardano blockchain became more popular as a possible Ethereum substitute for DeFi protocol developers and more.

The asset is also seeing significant gains in staking – a part of the crypto industry that is buzzing with activity. Data from Staking Rewards shows that ADA is now the highest digital asset by staked value, with $14.3 billion, 71 percent of its total circulating value, locked in staking pools.

So far, several blockchain projects have seen significant gains in price this year. 2021 already saw the rise of DOT, which has eclipsed names like Bitcoin Cash and Litecoin to become the sixth-largest digital asset. With $18.5 billion in current market cap, it could be making a run for XRP soon as well.

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Author: Jimmy Aki

Yearn Finance Mints 6,666 YFI Tokens ($225M) After Supply Proposal Vote Passes

Yearn Finance Mints 6,666 YFI Tokens ($225M) After Supply Proposal Vote Passes

  • Andre Cronje goes back on his “fair release” mantra.
  • The proposal aims to keep key contributors and attract new talents

Yearn Finance stakeholders have uniformly passed a proposal seeking to increase the amount of YFI tokens currently in the market. The proposal was initiated after Yearn Finance’s creator, Andre Cronje, made a medium post on why the community should make the change.

New Mints To Address “Competitive Disadvantage”

An earlier proposal for YFI tokens to be increased has seen it passed. Andre Cronje, the creator of the Yearn.Finance protocol published a poll asking for input on how best to move forward with the YFI tokens’ supply.

The poll began on January 28. It received input from over 2,000 participants. In the end, 1,671 voters (roughly 84%) supported the move to increase the supply of tokens, while 331 of them (16.5%) voted against it.

Currently, there is a hard cap of 30,000 YFI tokens in circulation. As the results of the poll have shown, the token’s market cap will be increased by 6,666 tokens. The proposal aims to reward key contributors with a third of the minted tokens (2,222 YFI), while the remaining two-thirds (4,444 YFI) will be reserved in the protocol’s treasury.

The expansion proposal aims to use the newly minted tokens to motivate new contributors, fund liquidity mining and staking rewards, acquire talent, and provide new cross-platform incentives. However, most users who voted against it claimed that it contravened the token’s social contract, a problem that could lead to an erosion of the token’s value in the open market.

Eventually, the proposal’s authors decided to increase the token’s supply by just 22 percent, adding that this slight increase will maintain YFI’s competitive advantage over the tokens of other decentralized finance (DeFi) protocols.

It is unclear how the protocol plans to distribute the newly minted token. However, it is expected that the distribution process will be handled by a Compensation Working Group. The group will present its recommendations to the multisig committee (YFI’s version for a board of directors) for a review. Once approved, the compensation plan will be executed. Yearn has stated that the process of minting new tokens will take three days.

The decision to reward key contributors shows a change of perspective in the community who are known for not giving preferential treatments for insiders. Andre Cronje began this practice and it has stuck. But the new proposal sets out to break this practice citing cases of some of their contributors being “poached” by other projects.

Cronje Backtracks

The decision to make this change started when Andre Cronje, creator of the YFI space, spoke on the difficulties of operating in the decentralized finance industry. In a medium post from February 2020, Cronje explained that many people demanded too much from him, and running the Yearn Finance platform was getting costlier by the day.

The developer additionally questioned his decision to limit the number of YFI tokens in his “fair launch,” adding that minting more tokens could be the best way to reward developers. Although a lot of reactions followed his public address, Cronje has expressed his pleasure at the proposal’s acceptance.

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Author: Jimmy Aki

Bitcoin Takes Charge; Elon Musk Changes Market Trajectory with A Single Message

The Bitcoin market is roaring higher right after the largest options expiry in BTC’s history, despite the market giving signs of red, all thanks to Tesla CEO, after all, “In retrospect, it was inevitable.”

Today, it is about Bitcoin. The digital asset is back to rising higher and higher. In a big green candle, the digital asset went from about $32,000 to above $38,000.

This move came on the back of $17.84 billion ‘real’ trading volume, as per Messari, which was lower than Dogecoin initially when DOGE recorded $28.4 billion but is now slowing down.

It has been a volatile week for the leading digital asset as it dropped to about $29,000, and today it is making its way to 40,000, not far from the $42k ATH. This is to be expected with the battle going on between Wall Street and the retail investors who put Bitcoin and the world of decentralization as absolute winners.

Crypto-friendly Tesla CEO Elon Musk, who continues to pump Dogecoin, also changed his Twitter bio to simply read “Bitcoin,” much like Twitter and Square CEO Jack Dorsey.

“In retrospect, it was inevitable,” read his subsequent tweet, which the Crypto Twitter (CT) would like to believe is in regards to Bitcoin.

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While the market was looking bearish, with miners selling BTC since 34k that has the number of all miners’ deposit transactions to exchanges hit the year-high, no stablecoin inflow recorded, and exchange Whale Ratio hitting the eight-month high, a small nudge from Musk was enough to turn it bullish.

Musk’s bio change came just after the largest options expiry in bitcoin’s history and with the market expecting it to mean something – the possibility alone of Tesla potentially adding Bitcoin to its balance sheet was “enough to send the market roaring.”

Also, Bridgewater Associates founder Ray Dalio’s thoughts about Bitcoin have endorsed the digital asset to institutional investors. This is evident from the “astounding” number of inquiries One River Asset Management reported about, which is just one firm and the beginning.

BTC is looking strong, and according to Capriole Investments, “the bottom is in,” which means we need to be prepared for new highs yet again. Not to mention, the underlying Bitcoin network, number of active addresses, the hash rate, the block size, and the number of whales have been showing significant strength throughout.

“The first and most critical step for bulls is to reclaim the $33K order block,” reads the firm’s newsletter. A close above this level presents “a great long opportunity,” and should a short-term breakdown occur, “the $27K region has a high degree of price action support and Fibonacci level confluence.”

And when that dip comes, which would still be in line with the previous bull market, that is for buying because “oftentimes bargain hunters are left stranded on the side of the road in parabolic Bitcoin bull runs.”

The Macro Market

The US dollar, meanwhile, is recovering from losses it incurred earlier this month. From the low of 89.2 in the first week of January, the USD Index has strengthened to 90.7 level.

Interestingly, recently, European Central Bank policymakers agreed to open an investigation to look deeper into the euro’s appreciation against the dollar, or as an analyst, Mati Greenspan puts it, “why the US Dollar is sinking faster than the Euro.”

Policymakers are alarmed on the euro’s strength over the past year and that it will further push inflation down, which is already below zero. Commerzbank told clients.

“The ECB is joining the ranks of those central banks who – because domestic tools have largely been used up – discover the exchange rate as a monetary policy ‘tool.’”

Recently, ECBs Governing Council also noted that an increase in US market interest rates also failed to push the dollar higher. “Put simply, the bar for more policy easing to stem currency gains is very high,” said Vasileios Gkionakis, head of FX strategy at Banque Lombard Odier & Cie.

As the greenback looks strong, this week S&P 500 took its biggest drop in three months. While gold remains around $1,845 per ounce, silver jumped to almost $28 after WallStreetBets set its eyes on the precious metal, intending to pump it to $1,000.

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Author: AnTy

Celsius Network Grew 10x in 2020; ‘Huge’ Interest from Retail & Institutions for BTC, ETH & Others

Today, Bitcoin is keeping around $33,000 after recording an approximately 30% correction from January’s all-time high of $42,000.

The mainstream media and the likes of Scott Minerd of Guggenheim and JPMorgan are getting skeptical of this bull run extended further. Still, the cryptocurrency market has seen three of these bull runs and is expecting more uptrend.

According to Alex Mashinsky, CEO of Celsius Network, “seeing a small correction is probably healthy for Bitcoin,” which is still the best performing asset class across 10, 5, or three year periods.

Not to mention, “at the same time, we are also seeing some of the other old coins close to hitting new highs. It is not just bitcoin outperforming. I think it was just a lot of migration of capital from the traditional markets, from the bond markets, from the stock markets into this non-correlated asset class,” Mashinsky said on Bloomberg.

Celsius, the second-largest asset management in the world, manages under $5.3 billion and works with over 350 institutions.

“We grew 10 times during 2020… We have seen huge adoption both in retail and from institutions,” he added.

Retail Front Running the Institutions

Bitcoin skeptics like UBS global wealth management still see Bitcoin failing due to regulatory threats and central banks issuing their own digital currencies.

However, while China is issuing a central currency, they do not promise limited supply, and just like the Fed is printing dollars, they will continue to print their digital versions, Mashinsky said. He added,

“The beauty of bitcoin is that it has limited supply. Everybody in the world knows that no one can print more of these, and the more people come in and buy Bitcoin, the higher the price is going to go.”

Besides the CBDCs, the mainstream media likes to point out how only 2% of buyers hold up to 95% of all Bitcoin. But what they miss about this data is that exchanges hold the BTC of a lot of users.

Mashinsky explains how Celsius has a bitcoin wallet with over $2 billion in it, but it doesn’t belong to one person. Unlike the traditional equities, you can’t really point to the owner. “We have 350,000 users that aggregate their coins into this wallet to earn yields,” he said.

“What we are seeing is that this is the first time in history where the retail guy got in on the next big thing ahead of institutions. The institution is just now running in,” with JP Morgan and Citi recommend Bitcoin for the first time.

The OG’s of the cryptocurrency space has been here for years, which are retail and the ones selling to the institutions.

This is why this time is different from 2017 as we see “some of the world’s smartest investors not just looking to diversify the asset class, but also generating yields and generating alpha on Bitcoin, and Ethereum and 42 other assets we manage. This is a new asset class that is now being adopted by a very broad base of investors,” said Mashinsky.

These institutions are coming in because of the macro environment. The problem is with the monetary system, which saw a half of the world’s dollars created in the last 12 months, basically when corona started.

This currency debasement is making a lot of people nervous and in their search for non-correlated assets to move away from the dollar or the euro, and because there are very, very few options, it is resulting in a stampede in Bitcoin, Mashinsky said.

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Author: AnTy

Latin America’s Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise

Latin America’s Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise

Mercado Bitcoin, a leading crypto exchange in Latin America, is set to expand its operations into other jurisdictions following a successful investment round. The contributions were over $37 million (200 million BRL). According to the press release, this exchange, which has been operating almost exclusively in Brazil, will scale to other Latin American countries, including Argentina, Chile, and Mexico.

Started back in 2013 by the Chamati brothers, Mercado Bitcoin is one of the veterans and reputable crypto exchanges in Brazil. The firm has been growing exponentially in recent years; currently, over 2 million users leverage the exchange for crypto operations. It touts close to $3.7 billion in cumulative transactional volume.

Mercado Bitcoin’s latest investment round was led by Latin America industry heavyweights Parallax Ventures and GP Investimentos. Other players who contributed include Gear Ventures, Banco Plural, HS Investimentos FIP, and Evora Fund. With these stakeholders’ financial support, the exchange is now looking to capitalize on the larger Latin American crypto market.

Generally, Brazil has been crypto-friendly jurisdiction compared to other countries yet embraces a legal scope for crypto activity. This Latin American giant has attracted notable crypto ventures, with Mercado Bitcoin leading the pack. It now seems that they are ready to bite more in terms of market share; the firm’s CEO Reinaldo Rabelo highlighted the potential in this move,

“We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States. To do this, we want to be one of the five largest digital exchanges in the world. Today, we are already the largest exchange in Latin America, operating almost exclusively in Brazil. Now, we’re going to look at the other markets, like Chile, Mexico, and Argentina, which have a regulatory culture closer to ours.”

Mercado also said that it would invest in two strategic fronts to consolidate its leadership; the investments will be allocated to Bitrust and Meubank. The former is a qualified crypto custodian to provide a gateway for institutional clients. At the same time, the latter is a digital wallet provider in the process of being approved by Brazil’s Central Bank.

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Author: Edwin Munyui