Glassnode Reveals Litecoin Dusting Attack on Binance Affected Nearly 300,000 Wallets

A recent dusting attack that was made against the Litecoin network affected almost 300,000 wallets on Binance. The attack affected exactly 294,582 addresses, despite reports that only a few were affected.

This was revealed by Glassnode, a metrics company that used its technology to map out the attack. According to the company, the attack was similar to another one that happened in April.

Initially, Coinbase affirmed that only 50 wallets were affected. The company did it as soon a the attack happened on August 9. This, the company affirmed, affected only 0.00000546 LTC, almost nothing. The truth, however, seems to be quite different.

Curiously, some people affirm that the dusting attack was actually not a real attack after all. Jan Happel, the founder of Glassnode, told the crypto media that the “attacker” was not actually trying to harm anybody.

His address was identified and he claimed that he was only trying to advertise his exchange, which is based in Russia. The goal was to “reach out” to several wallets to advertise their mining pool services, which were focused on the Litecoin community.

Despite being a very weird reason, nobody was actually harmed by the so-called dusting attack, so there may be some truth to his statements.

At the moment, there is also not a real explanation as to why Binance believed that only a few addresses were affected at first. James Jager, from the Binance Academy, however, posted that they managed to identify the person and that it was a wide attack sometime after the event happened.

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Author: Daniel W

BitMEX Found Guilty of Exaggerated and Misleading Ad by UK Advertising Standards Authority (ASA)

  • UK advertising watchdog upholds complaints against BitMEX for the ad that appeared on the front page of a national newspaper
  • Clear promotion with failure to warn of risks

The Advertising Standards Authority (ASA), the self-regulatory organization of the advertising industry in the UK, upholds complaints against the derivatives exchange BitMEX for Bitcoin promotion.

ASA received four complaints accusing BitMEX ad of exaggerating the return on the investment while two of the complainants believe the ad “failed to illustrate the risk of the investment,” and challenged whether it was misleading.

The ad in question here is the one produced by crypto derivatives exchange BitMEX on January 3, 2019, the 10th anniversary of the mining of the initial block.

The ad titled “Two sides of the coin: the bifurcated near-future of money” appeared on the front page of a national newspaper with a graph and text written by the CEO of exchange Arthur Hayes.

ASA Upholds Complaints against BitMEX

The ad showed a graph depicting the Bitcoin value against the US dollar since January 2009 on a logarithmic scale which ASA says, “meant that the y-axis of the graph increased incrementally by the power of ten.”

Because the space at the top of the graph between 10,000 and 100,000 represented a change of $90,000, ASA says there was a need for some “specialist knowledge.”

Moreover, readers are likely to interpret the graph line to mean there has been a “sharp then steady” rise in the value of Bitcoin.

But given the fact that BTC’s value “fluctuated dramatically” in recent years, ASA

“considered that readers of the ad were likely to be misled about bitcoin’s value and stability in recent years and therefore about what any investments they might previously have made would have yielded.”

Clear Promotion with Failure to Warn of Risks

The text alongside the graph read,

“Despite price volatility and how entirely bonkers the system seems, the Bitcoin protocol appears robust. And although the road ahead will be challenging, there’s a reason to believe Bitcoin’s still got a chance at glory.”

This ASA says is why this is a “clear” promotional content with “very little” to warn consumers of any risks.

The ad had misleadingly exaggerated the return on investment (ROI) and failed to illustrate the risk of the investment, as such is concluded by ASA that it was in breach of the Code.

Due to being guilty of misleading advertising and exaggeration the ad won’t appear in its current form.

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Author: AnTy

Last Week Today: Bitcoin and Cryptocurrency Weekly Digest July 17-24

Last-Week-Today-Cryptocurrency-Weekly-Digest-July-17-24
  • Day 2 of Libra hearing – House Financial Serices Committee unanimously against Libra launch
  • Research explores potential catalyst for unprecedented Bitcoin demand
  • No, India has NOT banned Bitcoin just yet. Supreme court further delays hearing
  • Will BitMEX get rekt? CFTC probes whether exchange is illegally servicing American traders

“Unstoppable Force” Bitcoin Shines Through Like a Beacon of Hope At Grim Libra Hearing

We covered day 1 of the two-day Libra hearing at the Senate Banking Committee in last week’s digest and besides lack of trust in Facebook, the refrain for the day, ad nauseam, was money laundering and financing of terrorist activities. It was pretty prosaic scare-mongering without too much substance. Calibra’s CEO David Marcus being largely unforthcoming certainly didn’t help matters.

On day 2 of the hearing in front of the House Financial Services Committee (FSC), it wasn’t just Marcus who testified but also a panel of blockchain experts, presumably to better inform the committee to pose more pertinent questions.

* FSC Chairwoman Maxine Waters set the tone for the day’s proceedings by highlighting the systemic risk posed by government currencies backed Libra tokens and recommending that Facebook walk back on Libra plans, “Facebook’s plan to back Libra with government currencies and securities by holding them in the so-called Libra reserve to be governed by Facebook and its partners would shift government assets on such a massive scale without proper oversight, threatening to concentrate government influence in the hands of few elites.”

* North Carolina Congressman and FSC ranking member Patrick McHenry eloquently stressed the importance of embracing innovation, while stopping short of endorsing Facebook’s inclination and competency to lead innovation, “Whether Facebook is involved or not, digital currencies are here and blockchain is real. The world that the author of Bitcoin’s whitepaper Satoshi Nakamoto envisioned and others are building is an unstoppable force. Governments cannot stop this innovation.”

* McHenry also asked a very fundamental question which could have important implications on how Libra is regulated, “What is a Libra? Is it a security, a commodity..?” To which Marcus responded by characterizing Libra as a payment tool similar to Venmo and PayPal, “Libra would be a reserve-backed digital currency. We don’t believe it is a security but based on current US laws, it could be a commodity but we see it as a payment tool.”

* Asked whether the decision to domicile the project in Switzerland was to evade US regulations, Marcus said,

“The decision to locate in Switzerland was not an attempt to evade regulation or responsibility in the US. We thought a global, digitally native currency used by people around the world would benefit from being headquartered in an international place that is the home to many international organizations.”

* Georgia Congressman David Scott perceptively highlighted the contradiction of Facebook’s express mission statement to bank the unbanked and unequivocal regulatory compliance, pointing out that the reason most people are unbanked is because they do not have government identification that is required to open a bank account and registering for Facebook’s Calibra wallet would require fulfilling the same criteria.

* On the subject of censorship, Wisconsin Congressman Sean Duffy asked Marcus who could use Calibra and Libra, to which Marcus responded, “Anyone that can open an account, goes through KYC, in countries where we can operate.” Duffy then held up a $20 bill to illustrate his point, “This $20 bill doesn’t discriminate on anything you can be a murderer say horrible things, you can say great things. This $20 bill can be used by every single person that possesses it. With regard to your network, can Milos Yianopolous and Louis Farrakhan use Libra?”

* Rep. Alexandria Ocasio-Cortez brought up the important issue of antitrust,

“Facebook is a publishing platform, an advertising network, a surveillance corporation, a content distributor and now it wants to establish a currency and act through its wallet as at minimum a payment processor. Why should these activities be consolidated under one corporation?”

* Facebook’s recent $5 billion FTC fine for breach of privacy was brought up by Rep. Madelaine Dean,

“Could you be specific as to the wrong-doing that generated a $5 billion fine? It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”

* The quote of the day came from Coinshares’ Meltem Demirors’ prepared testimony, which deftly delineated the fundamental differences between Bitcoin and Libra,

“Bitcoin is three things – it’s a technology, a network and a cryptocurrency. Bitcoin’s network is not regulated, is permissionless and decentralized. Like the Internet, Bitcoin could be considered a public good. However the companies providing services on top of the Bitcoin network are centralized and regulated. We’re now seeing countless imitators, which borrow some features of but are decidedly not cryptocurrencies. Libra is not a cryptocurrency. It cannot and should not be compared to Bitcoin.”

The hearing was severely hampered by Marcus’s taciturn disposition, obviously under instructions not to commit too strongly on any future plans on regulatory compliance or developmental roadmap. However, the hearing served to spotlight the brilliance of Bitcoin and it seems now that US lawmakers are getting their head around to the idea that Bitcoin is inevitable, whether they like it or not.

Congress doesn’t trust or believe in Libra. What about the public? Market intelligence platform CivicScience carried out a survey of 1799 US adults, which was published on Monday, and found that only 5% of responders had any interest in Libra.

In another curious development, Despite Facebook’s claims that their 27 partners had fully committed to the project, Visa CEO, Alfred Kelly played down their involvement on Wednesday, stating that the agreement with Facebook was non-binding, “So we have signed a nonbinding letter of intent to join Libra. We’re one of – I think it is 27 companies that have expressed that interest. So, no one has yet officially joined.”

Retail Demand For Bitcoin Sees Exponential Growth In Hyperinflationary Economies

Compared to late 2017 levels, retail interest in Bitcoin in leading economies has been rather modest despite a fourfold price appreciation this year. That is not to say there isn’t a great deal of retail interest, it’s just not coming from more stable economies.

Research findings of Digital Assets Data, a Fintech data provider, have revealed that although Bitcoin remains a speculative asset in relatively stable economies, retail demand for Bitcoin in hyperinflationary economies keeps soaring to new highs as the currency is being used as a legitimate store of value in these countries, a mantle traditionally held by gold.

This was happening in 2018 even as Bitcoin’s price kept tumbling, according to Mike Alfred, co-founder of Digital Assets Data,

“We found that in developing countries and places where monetary policy and banks are less stable, bitcoin trading volume continued to rise even as the bitcoin price was falling.”

Although leading economies like the US, UK and the EU manage their economies better, that’s not saying much. As evidenced a decade ago, continually stimulating economic ‘growth’ by cutting lending rates comes at the ultimate price of a recession.

In the US, the current federal funds rate – interest banks charge each other to lend money – is 2.25-2.5%. Under pressure from the US president, the Federal Reserve is expected to further lower this rate. This negatively impacts savings and leads to systemic overlending.

Another key factor which portends imminent recession is the yield curve inversion – which hasn’t occurred since 2007 and is considered a bad omen for the economy. Yield curve plots yields on government bonds from shortest maturity to highest. In a healthy market environment, long-term bonds have higher yields than short-term bonds.

When this inverts and short-term bonds have higher yield, it indicates that people are uncertain that growth is here to stay. Yield curve inversion is a major reason for pessimism from economists despite the Dow average scaling unprecedented highs this month.

It stands to reason that in the event of a recession, as widely expected, we may come to see Bitcoin’s ascendency to SoV status in larger economies.

Indian Government Panel Recommends Ban On Bitcoin Because It’s A ‘private’ Cryptocurrency

It’s the year 2019 and the Bitcoin network has been around for ten years. The economic affairs secretary of the sixth largest economy, Subhash Chandra Garg, in the world has proposed a ban on Bitcoin because he thinks it’s a private cryptocurrency. Someone needs to go back to the ISI in Delhi to get up to speed on current economic affairs.

Garg leads the panel which was given a remit by the Indian government to recommend a regulatory framework for cryptocurrencies so it’s hardly surprising that the panel has recommended that the Indian government ban Bitcoin.

There have been reports all week that India had already banned or is on the brink of banning Bitcoin after Tim Draper criticized Indian government for banning Bitcoin.

An official Bitcoin ban hasn’t happened just yet. It requires the proposed bill to be introduced by the Finance Ministry before both legislative assemblies, which may not happen until December’s parliamentary session, and pass by a two-third majority in both houses. Let’s hope that not all lawmakers in India are as ignorant as Garg.

While endorsing distributed ledger technologies as a necessary innovation in delivering financial services, the panel’s proposal demonizes private cryptocurrencies, including Bitcoin, and urges the RBI to work towards issuing a digital rupee. The panel’s recommendations can be read in full here.

Last year, Indian government introduced legislation prohibiting banking institutions from providing financial services to cryptocurrency exchanges. There are five petitions appealing this banking restriction and the proposed draft bill to ban cryptocurrencies, which are due for hearing in India’s Supreme Court. The case was supposed to be heard this week but has been tentatively postponed to August 2.

Wrath of Roubini – CFTC opens overdue investigation of margin trading platform BitMEX

BitMEX CEO Arthur Hayes thought it would be a cool plug to have a debate with Keynesian economist and Bitcoin critic, Nouriel Roubini, at the Asia Blockchain Summit earlier this month in Taiwan. It seems he got a lot more than he bargained for out of the encounter.

Incensed at BitMEX for releasing heavily edited footage of the debate, Roubini has since been on a crusade against the exchange. On July 16, Roubini published an essay titled “The Great Crypto Heist”, in which he criticized the compliance policies of BitMEX and called on authorities to intervene.

Three days later, on July 19th, it was reported that CFTC was opening an investigation against BitMEX to find whether it had breached US laws by allowing US customers to trade on its platform.

There have been frequent rumors about all manner of malpractices by BitMEX. BitMEX even openly trades against its own users with its so-called trading desk. Most traders have tended to normalize them as par for the course in unregulated markets.

Although HDR Global Trading Limited, the parent company which operates BitMEX is registered in Seychelles, there are fears among traders now that a CFTC probe could lead to further inquest against other allegations against the exchange.

Blockchain data analytics firm, TokenAnalyst revealed on Wednesday that traders have duly withdrawn $175 million worth of Bitcoin from BitMEX between Friday and Tuesday.

Trading Insights

Despite sinking as low as 9049 during the week, Bitcoin closed last week strongly in green by rallying towards the end of the week to close at 10600, thought to have been spurred by Bakkt launching the platform’s testing phase on July 22.

There are a few things to look for in the daily chart. A falling wedge pattern is beginning to take shape, which would be confirmed by a strong daily close above 10378 with an attendant increase in volume.

Daily RSI is holding firm above the perceived bull cycle low of 40, but it’s something to keep an eye on. A breakdown below this level has historically indicated a shift in market sentiment. Looking at the stochastic oscillator on daily, %K is shaping up to converge and crossover bullishly at the lower band.

In the monthly chart, there are two things to note. First, it illustrates the importance of RSI holding above 40 as an indicator of the bull market. Bitcoin’s monthly RSI has never dipped below the level.

Secondly, July seems likely to be the first close in red in 6 months, after 5 green closes. The last time this occurred was September 2017, which propelled Bitcoin to its all-time high within 3 months.

Leading altcoins posted modest gains against Bitcoin this week, with Ethereum clawing back slightly to 0.022 and Ripple’s XRP up to 3200 sats. Bitcoin’s dominance is at 64.5%, down 4% from last week.

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Author: Bitcoin Exchange Guide News Team

Why is Monero (XMR) Performing so Badly?

Why is Monero (XMR) Performing so Badly?
  • XMR down over 37% against BTC
  • While up 111% against the USD, still down 80% from its ATH
  • Is Monero an exclusive case? Scary flaw in play?
  • Monero is having quite a month.

First, XMR price went from about $80 in early June to $120 on June 24th, surging 50 percent in about 15 days.

However, as Bitcoin made a pullback, XMR dropped as well just like the rest of the market and tumbled down to right where we started that is at $80.

Today, however, Monero is back on the move as we climbed from $85 from yesterday to today’s highest point at the time of writing $98.4.

Currently, XMR is trading at $96.9 with 24 hours gains of almost 10 percent. The 13th largest cryptocurrency with a market cap of $1.64 billion, meanwhile, is managing the daily trading volume of $15 million, on 10 exchanges with real volume.

XMR price up over 111% till date in 2019 but still down 80% from its ATH Source: TradingView

XMR Down 37% against BTC, Scary Monero Flaw at Play?

On Monero’s deep drop, Adamant Capital’s Tuur Deemester questioned on Twitter on June 5th, “Wondering why Monero / XMR is performing so badly. Any ideas? (I don’t own it).”

This got a lot of response from the community, many citing the vulnerability found in the code as the reason.

Recently, privacy-focused cryptocurrency disclosed nine security vulnerabilities, including one that would have allowed hackers to steal XMR from crypto exchanges.

Rogue Monero miners were hypothetically able to create blocks that were “specifically-created” to force Monero wallets to accept fake deposits by the attacker. This, security researchers in their HackerOne report said could be “exploited to steal money from exchanges.”

Developers also disclosed five DoS attack vectors – including one labeled “critical.”

Monero is not an Exclusive Case

XMR is down over 37% against BTC but it is worth noting that Monero is not the only coin behaving this way, majority of the altcoins are waiting for alt-season to no avail.

XMR/BTC

Top coins are actually down 20 to 70 percent against BTC.

“Most alts look identical to this so it’s not much of an outlier, most are doing poorly,” responded trader Moon Overlord while veteran trader Peter Brandt commented, “The future of alts????”

Since April, when Bitcoin first started pumping, we have witnessed altcoins performing terribly against Bitcoin with only a few exceptions.

Needs More Steps to Protect Privacy

Meanwhile, at MoneroKon 2019, Dr. Brandon Goodell that also goes by Surae Noether, a member of the Monero Research Labs critiqued the privacy in crypto space that includes Monero.

He said, on a scale of 0 to 10, where 10 is completely transparent like Bitcoin or Ethereum, most cryptocurrencies are at a 0. As for Monero and Zcash, he said, they are “used fresh out of the box” and are at 1.

“To improve, users of these coins have to take additional steps to protect their privacy,” said Goodell.

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Author: AnTy

DECRED Price Prediction Today: Daily (DCR) Value Forecast – June 24

Heres-a-Shining-Example-of-the-Silent-Business-of-Coin-Listings-on-Top-Exchanges-from-Decred-Team
  • DCR market has been slightly appreciating against the market valuation of the US dollar.
  • Both the Bollinger Middle Band and the 50-day SMA are expected to play an essential role in determining the bulls’ stance in the DCR/USD trade.

DCR/USD Medium-term Trend: Bullish

  • Resistance levels: $36, $38, $40
  • Support levels: $26, $24, $22

There has been a notable relative increase in the market line of DCR/USD over time. The current medium-term chart also shows that there was a line of range price movements before the present slight appreciation in the crypto’s valuation as paired with its counter currency.

All the trading indicators still somewhat maintain a light posture to suggest the possibility of witnessing more ups than downs. The Stochastic Oscillators now move around overbought and range 80 in a consolidation mote.

As the DCR/USD market is in consolidation mode, the bulls are expected to sustain the energy around the Bollinger Middle Band trend-line A breakdown of that trend-line will allow the pair to find support around its 50-day SMA indicator trend-line underneath it.

DCRUSD Short-term Trend: Bullish


The short-term market valuation of DCR/USD has been witnessing a series of choppy price movements around $34, $33, and $32 horizontal lines. During the yesterday’s trading sessions, the pair made a low record of around $29.50 mark to have a high market’s value at $34 or thereabout. The trading indicators still point briefly towards the north-east. The Stochastic Oscillators have slowly bent downward to find a position around ranges 40 and 20.

The DCR/USD price may still continue to chop around $32and $31 market levels in the meantime. Therefore, if the bulls are able to hold stronger around those aforementioned points, there’ll be a continuation of the upward trend towards the immediate market’s line at $35.

Decred:

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha