Phishing Attacks On Electrum Wallet Sees Over $16 Million Stolen From Unsuspecting Users

New reports show that over $500,000 worth of Bitcoin (BTC) has been siphoned from Electrum wallets – about 72 hours after a GitHub user claimed they had lost 1,400 BTC in a similar hack. Some of the funds have been traced to Binance, with the exchange blacklisting up to 70 accounts linked to the transaction IDs.

Back in February 2019, an Electrum wallet user named “KallEYE” wrote on GitHub that 0.09 BTC was missing from their wallet following an update software upgrade. Over the last year, several users also complained of a similar phishing attack, one user stating they had lost about 0.00796663 BTC to this address.

On Aug. 30, another GitHub user claimed the same address had stolen over 1,400 BTC (currently worth ~$17 million), raising brows on the bug exploiting Electrum wallets. Explaining the happenings of the hack, the user said he had not accessed the BTC since 2017 and mistakenly downloaded the old version of the Electrum wallet.

Once downloaded, the app prompted the user to update their software before withdrawing any amounts from the wallet. Once installed, the update “immediately triggered the transfer of my entire balance to a scammers address,” the user wrote on GitHub.

Another user, Cryptbtcaly, claims over 36 BTC, worth ~$500k, was stolen from their wallet two months ago, showing the rampancy of the hacks on old Electrum wallets. Investigations on the movement of the coins showed some coins moved to Binance wallets, but despite constant calls to the exchange team, much has yet to be done.

The hacker’s address shows it has received over 1,506 BTC and sent out 1,500 BTC since its first transaction in 2018.

Binance connection and response

According to data from Crystal Blockchain, a crypto transaction tracking analysis firm, a transaction worth around 5 BTC (~$60 k) can be traced back to the hacker’s wallet on Binance. The exchange responded to the 1,400 BTC hack and the specific transaction ID traced to Binance on Jan 2018.

A spokesperson from the exchange revealed that the transaction ID (TxID) is connected to 72 addresses on Binance but not a specific wallet on the exchange. The founder and CEO of Binance, Changpeng Zhao, alias CZ, said the addresses have since been blacklisted.

Notwithstanding, Electrum has opened up a phishing case with the German Police and the U.K authorities. A representative from Electrum stated,

“We (electrum developers) have reported the phishing attack to the police about a year ago. I cannot make any comments about the progress of the investigation, but it helps if victims report it independently. If you live in Germany, you should contact the cybercrime unit of the LKA Berlin.”

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Author: Lujan Odera

This Top-Performing Crypto Asset Is Outpacing Bitcoin

For the past few months, the crypto show was run by small-cap assets but now large-caps have taken the reins. The large-cap and mid-cap index performed the best through the week with 9.8% and 7.4% returns while small-cap fell 2.3%.

Bitcoin hit five digits going as high as $11,400 but it was Ethereum that was the best performer recording a staggering 30.8% gains for the week. These strong gains have been a rational response to its improving network fundamentals as Ethereum benefits from hitting the most stablecoin and DeFi activity.

ETH market cap grew 15.6% week-over-week leading all other major cryptos, lagging behind the DeFi growth this week. Amidst this explosion, ETH adjusted transfer value surged nearly 78% and averaged close to $1 billion per day. Also, open interest in Ethereum futures surpassed $1 billion.

On Monday, Ethereum developers released a “validator launchpad” on the Medalla testnet to prepare future validators for the transition to ETH 2.0 that will take the second-largest network from proof-of-work (PoW) to proof-of-stake (PoS), which will take years to come to full realization.

This transition aims to improve Ethereum’s scalability issue, extremely necessary for the network as Ether transaction fees continue to surge, growing more than 76% week-over-week.

Over the last week, ETH had an average of $1.5 million daily fees outpacing Bitcoin by about $500k per day although bitcoin fees also showed strong growth, gaining 74% w-o-w.

With ETH fees skyrocketing and the network at near full capacity, Ethereum miners increased the gas limit by 4% to 12.5 million.

Thanks to the increasing fees, miners daily income soared by 60%, as per Sparkpool data. According to Bitinfocharts, mining profitability has been surging since March when it bottomed at $0.0094 to climb to $0.03.

DeFi’s hot streak also had Ethereum contract calls hitting a new all-time high of 3.11 million.

Not just in fees but ETH is also gaining momentum on exchanges. Over the last year, the amount of Bitcoin and Ether transactions sent either to or from an exchange has been relatively equal though BTCs movement has been more extreme. But in July ETH started to pull ahead.

Over the last week, BTC and ETH flows started going in opposite directions — ETH is flowing into the exchange while BTC is flowing out, a net outflow of 278,395 since March 15th.

But it isn’t a good thing for Ether as the outflow suggests lower selling pressure which means investors are looking to take off profit as ETH surges to a level last seen over a year back.

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Author: AnTy

NEXO Introduces 50% Interest Discount on Instant Crypto Credit Lines to Reduce Supply

  • NEXO’s utility features will now show a significant rise with the Discounted Interest of 50% on its Instant Crypto Credit Lines, using the Nexo Token.
  • The company is hard at work on the Utilities 2.0 Overhaul of their NEXO Token with a goal of bringing a host of new utility features.

NEXO will begin to execute a new improved policy of the 50% Interest Discount on its Instant Crypto Credit Lines, starting February 10th, announced the company on Wednesday. With the upgrade, the company says NEXO holders will see gains as “NEXO Token will experience a notable boost in its utility features.”

To collect the whole 50% discount, the company says customer’s wallets need to have sufficient Tokens to “cover the interest for the entire period from the moment of withdrawing funds from the credit line up to their desired moment of repayment.”

Customers that own staked NEXO Tokens for only a portion of the length of their loan, will collect on the discount that corresponds with the amount of days.

Customers that would like to benefit from the new Discount can also now use, NEXO, AUD, Stellar, USD, EOS, Bitcoin, as well as Bitcoin Cash, GBP, Ether, Litecoin, XRP, EUR and with all major stablecoins, with more assets coming soon for making repayments using all the assets accessible on the platform.

NEXO Token Holders Benefits

With the new changes, the company says it was designed to benefit the customers and owners of the tokens. Apart from providing the entire 50% Discount from the staking of their tokens, it allows holders to collect higher dividends.

Already, the company says it has allocated more in profits than all others in the blockchain ecosystem. Its dividend yield NEXO says has reached an “impressive 12.73%,” that surpasses “each of the highest dividend-paying stocks in the S&P 500.” Also, this “balances market volatility and results in a higher, more stable demand for NEXO Tokens.”

The company further says this upgrade will help in all long-term investors confidence by attracting customers to stake their NEXO Tokens over longer periods, which will lower the available market supply.

The 65th largest cryptocurrency currently has 560,000,011 NEXO tokens in circulating supply. At the time of writing, NEXO/USD has been trading at $0.139897 with 24 hours gains of 3.56%. If the supply of NEXO gets reduced while demand either stays the same or increases, the price is expected to take a jump.

Meanwhile, NEXO is planning further improvements and is working on revamping the NEXO Token Utilities 2.0, which can quickly usher in several utility features including higher Nexo card cashback, higher affiliate commissions, and better interest rates on both our ‘Instant Crypto Credit Lines’ and ’Earn Interest’ products.

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Author: AnTy

Jeff Brown’s Timed Stocks Summit: The Biggest Money-Making Event of the Decade?

Jeff Brown’s Timed Stocks Summit is an online webinar to show consumers how to invest in stocks with the right timing to maximize profits. Potential users can only register on the official website for Bonner & Partners.

What is the Timed Stocks Summit?

The stock market is all about timing, consumers need to invest at certain price levels before the stocks rise in value. Their profits drop as the price drops, which is not an end result that any investor likes to see. According to Bonner & Partners, there are some stocks that are a little more complicated, and one in every 680 stocks has a timer programmed into it and that can signal when the share price will jump drastically, even by 23,200% in a single day, which Jeff Brown calls “timed stocks.”

Brown credits the timer to the federal government, stating that the moment that the timer reaches zero is when these prices spike. The principle that these types of stocks is founded on is already used by almost two dozen of the largest hedge funds in the world, he says, including the Founders Fund by Peter Thiel and Icahn Capital from Carl Icahn.

Timed stocks have already seen $97 billion in investments from venture capitalists, reducing in gains that are 10 times over what they invested. Insiders that know about this timer have managed to bring in profits as high as $4.6 billion, and five of these insiders have already been listed with Forbes as the richest Americans.

Right now, there are few investors that even are aware of the concept of timed stocks. However, Brown plans to release all of this information to anyone that is willing to watch the seminar, exposing the mystery of the stock market. He plans to discuss why these types of stocks have been kept a secret for so long, while showing exactly how to identify one of these stocks.

Currently, there’s a timer on the website associated with the stock that he will share, showing that a timer will reach that last second on February 9th at 4:30am EST. Brown states that consumers will be able to see the proof of this stock’s status by the time of the event. If consumers take advantage of the stock, they could end up making about $128,000 in the next few weeks, which Brown “all but guarantees.”

About Jeff Brown

Jeff Brown is advertised as “America’s #1 angel investor,” according to Bonner & Partners. So far, the so-called “genius” has already invested in a total of 130 private deals, though all but nine of those deals made as much as 4,300%. Having recently wrapped up his post-grad work at Yale, which is now engraving Brown’s name on their wall of founders, has also received degrees from Purdue, Stanford, MIT, and the London Business School.

In his time in the financial industry, Brown has managed to predict the top S&P 500 stock two separate times and has also correctly picked out the top two small-caps of the Russell 1,000. Statistically, there’s not even a one in 500 million chance of this happening, showing how good Brown is with these odds.

In the last few years, Brown has already managed to track a total of 119 timed stocks, and every single one of them started going up when their metaphorical timer ended. At the peak, the gain was 27,245%, which means that a $5,000 investment would’ve turned into $1.3 million.

Will These Timed Stocks Work?

Realistically, there is no guarantee that any investment will work. However, Brown has a wealth of experience in the financial industry that suggests that his advice is both authentic and effective. Brown will explain through the event how these timed stocks have been hidden through the years, and what consumers need to do to find them for their own investments.

Along with the event, consumers increase their likelihood of success with access to a series of exclusive training videos, which are only available to the people that sign up for the summit.

When is the Timed Stocks Summit?

If all of this information is enough to entice consumers to get involved, all that is needed is for the interested parties to input their email address on the official Bonner & Partners website for the event. The summit will take place on January 22nd at 8:00pm EST.

Participation costs nothing, and the only investment consumers have to make initially is their time to attend. Consumers are provided with an incentive beyond the promises of profits to attend the event in the form of a “special gift.” This gift, according to the website, would put $6,003 back in the participant’s pocket, which would be enough to purchase 448 shares of the timed stock that Brown is featuring, or any other stock.

After booking a spot for the summit, consumers will get access to the training videos that they were promised. They will also receive further instructions on what will happen at the summit.

Summary

Consumers that want to see major improvements in their financial portfolio stand to gain a lot from listening to what Brown has to say. While the investment will end up costing them money, the actual participation in the event is entirely free. Consumers have nothing to lose by getting involved, but they could miss out on the opportunity of a lifetime without it. Anyone that happens to be free on that Wednesday night coming up may want to consider staying in with their computer to see what Brown has to say.

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Author: Krystle M

What Donald Trump, Stephen Colbert and Bitcoin Have in Common: The “Late Show” on TV

“Late Show”, a late-night American satirical show hosted by Stephen Colbert made headlines in the crypto-verse after he mentioned bitcoin in his rant against the US President Donald Trump.

The mention of Bitcoin came around when Colbert was listing things he would do rather than attend a Trump rally. Colbert said he would rather see a dentist or have a conversation with someone who knows a lot about Bitcoin and many other things over attending a trump rally.

He said,

“The DMV, the dentist, someone else’s child’s clarinet recital, a Soviet gulag, covered in honey and staked to an anthill, sliding down a 50-foot razor blade into a bathtub full of gin, and in conversation with someone who knows a lot about Bitcoin.”

He also went onto mention blockchain technology as well. Colbert has come around from his early days in 2017 when he invested $1000 in Bitcoin but admitted that knew nothing about the internet phenomenon back then.

2019 has been a significant year in terms of awareness about Bitcoin and cryptocurrency space. The decision by Facebook with almost 2 billion in combined user base from WhatsApp Instagram and Fb decided to venture in the digital currency space with its pet project Libra gave mainstream attention to the crypto space. Thus, the mention of Bitcoin on popular American late night show is only a proof of growing popularity of the cryptocurrency space.

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Author: Daniel Jimenez

Self-Proclaimed Bitcoin Inventor, Craig Wright, Fails To Settle Kleiman Case Due To Lack Of Funds

Court documents filed recently in Florida show that Craig Wright, who claims to be the famous Satoshi Nakamoto, who is credited to have invented Bitcoin, now says he has no funds to settle his case with David Kleiman.

According to Cointelegraph, Wright told the complainant that he was pulling off an earlier out-of-the court settlement agreement as he was unable to meet the 500,000 BTC ($4.5 billion) needed.

The case has been brought back to the court by Kleiman’s lawyer and seeks to compel Wright to settle the agreement or the case goes to full trial.

After signs that the case was coming to an amicable solution, Kleiman halted active proceedings to focus on how the issue would be settled even agreeing to prolong the settlement time to the end of October. However, as court documents indicate, Wright has broken the settlement agreement.

The court documents have been filed by Ira Kleiman who instituted the charges last year accusing Wright of falsifying enterprise documents as well as other documents with the intention of defrauding the estate of David Kleiman, his late brother.

In August, Wright was found to be in contempt of court for his failure to divulge the amount of Bitcoins he holds which reportedly are about 1.1 million, CoinDesk reports.

After the hearing commenced, Wright told the court that he was unable to access his Bitcoin as the death of David Kleiman, his former business counterpart, affected some of the wallet logins. However, the court dismissed the claim saying that Wright’s arguments were inconsistent.

The court documents show that Wright did not give a notice before he broke the non-binding agreement.

Wright had at an earlier time bid to be given extra time to confront the judge’s sanctions giving an excuse of the approaching Hurricane Dorian.

In related news, Wright has severally explained that Satoshi Nakamoto, credited for starting the Bitcoin and crypto movement, copied his white paper.

Keep it here as we follow the proceedings and relay them directly to you as the case goes on.

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Author: Joseph Kibe

Bitcoin Hash Rate Reaches A New High After Surpassing 102 Quintillion Setting A New Network Milestone

Bitcoin network appears to be growing strong day by day. The latest reports show that Bitcoin network’s hash rate has reached a new high surpassing 102 quintillion hashes and setting a new record.

Reliable data from monitoring platform Blockchain revealed on Wednesday that Bitcoin’s hash rate has reached a new high of 102.8 quintillion hashes. The latest new record comes after several records this year.

Hash rate is the total computing power that is necessary in the processing of Bitcoin transactions. A higher hash rate implies that there are many Bitcoin miners out there. The high hash rate also signifies that Bitcoin network is more secure at the moment and cannot be easily infiltrated.

Bitcoin’s hash rate has been on the rise since December 2018 when it was at 31 quintillion hashes per second. The new high means that the hash rate has increased by about 230% since December 2018.

Bulls Excited by the New Hash Rate

Following the revelation of new hash rate, majority of Bitcoin worshippers have shown enthusiasm going by their comments. However, the high hash rate comes at a time when Bitcoin has registered a slight decline in its value trading below the $10,000 mark.

Many commentators remain optimistic that the new hash rate may trigger a price increase for Bitcoin in the near future.

In his twitter account, Lightning Torch organizer Hodlonaut, stated that the new hash rate figures highlight that miners have high confidence in Bitcoin. He forecasted that Bitcoin’s price may rise by 11.85% in the near future. He stated:

“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase.”

Majority of Bitcoin worshippers have given their bullish forecasts with some remaining adamant that the king coin will reach a fresh historical high before the end of the year. It remains to be seen whether the prices will follow the hash rate growth. Keep it here as we will keep a hawkish eye on the developments in the market following the new high in hash rate.

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Author: Joseph Kibe

Perlin Buys Out Dispatch Labs Blockchain Development Project for Undisclosed Amount

Perlin-Buys-Out-Dispatch-Labs-Blockchain-Development-Project-for-Undisclosed-Amount
  • A quick glance at the terms of the deal show us that Dispatch’s ex CTO Zane Witherspoon will now serve as Peril’s tech development head.
  • As things stand, the financial aspects (i.e. tx details) of the deal are still not clear.

As per an announcement made earlier today by a spokesperson for Singapore-based blockchain firm Perlin, the company has just bought out another blockchain startup called Dispatch Labs. In relation to the matter, it is being reported that Perlin has also acquired Dispatch’s talent pool as well as the firm’s “provisional and non-provisional United States patents”.

Dispatch’s previous CTO — Zane Witherspoon — will now be heading Perlin’s latest development activities.

At press time, the monetary specifics of the deal have not yet been disclosed.

Additionally, it bears mentioning that this latest acquisition comes at a time when Dispatch Labs was being faced with huge financial losses.

For those of our readers who may not remember, Dispatch Labs was able to raise a whopping sum of $13 million (via a series of private fundraisers) during the first quarter of 2018. However, owing to the market slump that rocked the industry all through last year, the value of this raised capital dropped quite considerably.

Over the past six months or so, Perlin has been involved with a number of blockchain projects for various major companies such as:

(i) Asia Pacific Rayon: One of Asia’s first fully integrated viscose rayon producers.

(ii) International Chamber of Commerce: The world’s largest business conglomerate consisting of more than 45 million businesses (including big name players such as Amazon, McDonalds and PayPal.)

[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: Shiraz J

Europe’s Cryptocurrency Market Expansion Is Undeniable As More Users Show Digital Asset Payment Support

Europes-Cryptocurrency-Market-Expansion-is-Undeniable-as-More-Users-Show-Digital-Asset-Payment-Support

The Cryptocurrency Market Is Expanding In Europe And Users Show Support For Payments In Digital Assets

  • BitBay conducted a survey among its users about how they use digital currencies
  • 90 percent of the respondents claimed to be male

BitBay, a Polish cryptocurrency exchange decided to conduct a poll among its Polish cryptocurrency users to have a better idea of the community that is currently using the exchange. The main goal was also to understand how customers use their digital assets.

BitBay Releases New Crypto Survey

The cryptocurrency exchange BitBay was founded back in 2014 and it is the largest in Poland. The firm has now over 800,000 clients and it hired more than 200 individuals. The survey that the exchange conducted shows some interesting things. 90 percent of the users were male with the largest user base aged between 31 and 35. More than 50 percent of the individuals were below the age of 40.

It is worth mentioning that 70 percent of the surveyed individuals hold Bitcoin (BTC) while 50% owned more than four different digital currencies. Some of the digital assets include Ethereum (ETH), Lisk (LSK) and XRP, among others.

Although 90 percent of the respondents consider virtual currencies as a secure and safe means of performing transactions, most of them did not perform a single purchase using the digital asset. Just 25 percent of them has performed at least a transaction in digital currencies

At the moment, there is no clear regulatory framework in Poland and authorities have been campaigning against digital assets, claiming that the only currency that individuals should use is the Polish Zloty.

90 percent of the respondents mentioned that they believe that virtual currencies will become very popular in the future as a means of payment and to sue. Although this does not provide enough information about the crypto market as a whole, BitBay is able to understand how its customers think and what they want.

[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: Carl T

Tron (TRX) Crosses 450 DApps and Adds 20k Daily Active Users in Latest Report

Tron (TRX) Crosses 450 DApps and Adds 20k Daily Active Users in Latest Report
  • Tron dApps register the largest USD trading volume in the market
  • Tron continues to show its network is expanding

The Tron (TRX) ecosystem continues to expand despite a weak situation in the market last week. According to its weekly report, Tron shows that dApps have been registering a very good performance compared with Ethereum (ETH) and EOS.

Tron dApps Continue Growing

According to the dApp report, 16 new decentralized applications were added to the Tron network. That means that the number of total dApps on Tron moved to 463. At the same time, there was a surge in the number of daily users of 20,000. Other indexes related to the network remained stable compared to previous measures.

The most popular dApps were those related to gambling. Indeed, gambling decentralized apps were the top contributors to Tron’s network performance. As reported by dApp review, Tron registered the highest 24-hour volume in USD terms handling $11.11 million in traded volume. EOS had a volume of $9.96 million. Finally, Ethereum has a volume of $7.05 million.

As usual, Justin Sun commented about these achievements of the Tron network on Twitter. Mr. Sun is the CEO of Tron and BitTorrent.

Moreover, the dApp report introduced new decentralized applications, including TronFaucet and ToCandy. TronFaucet is a utility faucet token that provides free tokens to the community.

The application gives 10,000 sun that are worth 0.01 TRX to community members every 10 minutes in order to try the basic utility of different products on the network such as wallets, decentralized exchanges or dApps.

CoinMarketCap shows Tron is the 12th largest digital currency in the market with a price of $0.0299 and a valuation of $2 billion. In the last 24 hours, the virtual currency fell 7.74%.

[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: Carl T