BitMEX Aims to Achieve ‘Near-Zero Downtime’ with ‘Aggressive’ Hiring After Major Outage

BitMEX has released the postmortem of the downtime it suffered on May 19 ensuring that “at no point during this event were any customer funds at risk,” and that no liquidations occurred while the exchange was offline.

The event resulted in 38,437 cancel-order instructions just 17 minutes before the resuming full functionality of the platform. Also, all the pending and new customer withdrawals were processed within 90 minutes of coming back online.

Working on improvements

As per its report, the exchange’s trading engine server “unexpectedly restarted” because of underlying hardware issues, which took the platform offline. After being recovered partially, it restarted a second time prompting the team to trigger a recovery procedure that utilized a new failover mechanism introduced earlier this year.

The whole ordeal took less than 2 hours while withdrawal wasn’t processed until an hour and a half after the trading resume successfully.

The crypto derivatives platform says it is taking steps to minimize the risk of any downtime which involves making architectural improvements so that the impact of hardware/software failures on the platform is reduced.

They have already replaced the technology behind its primary database that improves recovery times 4x and opens opportunities to scale it 15x over the next few months.

BitMEX is also growing its teams “aggressively” with most of its positions that involve data engineer, developer, analysts, and AML operations managers among others for primarily Hong Kong, Singapore, and San Francisco locations.

Trying to live up to the expectations

BitMEX’s market share has been declining ever since the March sell-off when the crypto derivatives platform reportedly suffered two DoS attacks and the price of bitcoin went down to $3,600 on it and could have crashed to zero, compared to $3,800 on other exchanges.

But still when BitMEX that offers 100x leverage went down, the market felt the effects as Crypto Twitter came alive.

“The burden of being on top. And no guarantee it lasts forever. This is just complacency,” said trader Ledger Status.

While Binance has been capturing its market share, BitMEX’s BTC balance also took a hit and diminished by 32% since then, although exchanges’ bitcoin balance has been on a downtrend on almost all the exchanges.

“The cryptocurrency industry has come a long way in a short amount of time. We know that the expectations on us have risen and we’re working 24/7 to further improve the resiliency of our platform,” said the company which aims to achieve “near zero down-time.”

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Author: AnTy

EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the best, commented Block.One CEO on Binance’s research “Decentralisation, governance and EOS – a lost case?”

EOS continues to experience “degraded performance levels” on Coinbase, reported cryptocurrency exchange on Feb. 22. As a result, the exchange has temporarily suspended sending EOS while receiving EOS on the platform will be delayed.

Buys and sells of EOS on Coinbase, meanwhile are “functioning normally.”

It has been the third time this month that EOS had an issue on the exchange. On Feb. 14, Coinbase first announced delayed EOS withdrawal requests but the incident was soon resolved and the exchange stated, “We are actively monitoring this issue.”

The two days after the incident, there was yet again delays encountered in EOS send/receives which has been resolved the same day again. Coinbase wrote at that time,

“We are currently working through a backlog of outgoing EOS transactions. Customers sending EOS from Coinbase to an external address may experience a delay before the transaction appears on the blockchain. Deposits, buys, and sells are unaffected by this incident.”

The most recent one has been on Feb. 19, when the San Francisco-based degraded performance with send and receives to be delayed. The exchange implemented a fix and is currently investigating the issue.

However, out of all the cryptocurrencies, EOS still got the sign of “Major Outage” beside it on the Coinbase website.

No blockchain is cartel resistant, but EOS’s is Best – Brendan Blumer

Amidst this, Binance released a research report on “Decentralisation, governance and EOS – a lost case?”

In its report, Binance shares how the eight largest cryptocurrency by market cap of $3.88 billion, which was also the largest ICO recorded with USD 4.1 billion raised in a year-long ICO that ended in July 2017, has been labeled as “a victim of its governance,” where largest holders have “all the power.”

Taking a look at its governance, the report assesses that it lacks mechanisms to avoid or structure the process of vote trading. The incentive structure actually promotes selfish acts and individual parties have the influence to drastically change votes, states the report. It also found that two-thirds of the block producers (BPs) have the worst performance among the 21 BPs.

Blender Blumer, the CEO of Block.One, the company behind EOS countered this with, “All blockchains are voting machines where votes can be bought, whether by hardware + electricity or token ownership, therefore none are cartel resistant and all have control groups that can change anything. EOS simply better aligns interests between holders and operators.”

Moreover, its problems are aggravated by a number of other issues like changed block rewards, low voter turnouts, little transparency, 1-token-30 votes system, and little resistance to Sybil attacks.

“No blockchain is cartel resistant, but EOS is aligned,” is what Blumer had to say about this.

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Author: AnTy

Tron Network Grows And Company Experiences Series Of Positive News

Over the last few months, Tron has suffered from a series of negative news, and this has affected the network’s performance. There has been some controversy surrounding Tron’s founder, Justin Sun, and this fueled rumors that the project as a whole may be in trouble. However, this negative news around Tron seems to have come to an end.

Negative News Around Tron

In early July, a video of Beijing police forces raiding Tron’s headquarters surfaced. It was reported that the police were raiding the offices on the suspicion that the company is running a crypto-related scam. This video sent shockwaves across the crypto community and the price of Tron’s token, TRX, fell on the markets.

It was later clarified that the reports that police were there to investigate a scam were false. Instead, Tron reported that the police were present at the company’s headquarters to protect Tron’s staff from protestors who were present outside its building. Sun described the story accompanying the video as fake news.

During the same period, Tron’s CEO was due to host a lunch with Warren Buffett and some blockchain industry leaders. The lunch was supposed to be an educational and fundraising initiative to bring more wealthy investors into the blockchain and crypto industry. Sun went as far as inviting President Donald Trump to the lunch to educate the American president about cryptocurrency.

The lunch was canceled at the last minute, and rumor had it that it was because Sun was under police custody at the time and hence, he could not make it. This further fueled the rumors that the crypto firm was in trouble with the law and again, the price of TRX suffered.

Positive News Around Tron

The Tron community will be happy that there is now some positive news around the network, which could influence a turnaround of fortunes. It has been announced that the lunch with Warren Buffet is back on track, and Tron’s CEO will sit down with the business mogul and other leading industry players.

The number of dApps on Tron’s network has continued to increase over the last month as more applications and users take an interest in the network. There is a total of 569 dApps on Tron’s network to date, and there are more scheduled to be launched in the next few weeks.

Accompanying the increased number of dApps on the network, there has been a growth in the number of transactions executed on Tron. Tron has launched successive projects which have boosted the network’s overall growth. Some of the projects include BitTorrent Live, Sun Network, BTFS, and BitTorrent Speed. Sun’s company has launched these projects in a bid to slow down the fall of TRX’s price.

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Author: Ali Raza

Large Scale Dusting Attack on Litecoin (LTC) Users: Binance

A large scale dusting attack has been suffered by Litecoin users, reported Binance on August 10.

A dusting attack is a new kind of malicious activity where scammers and hackers try and break the privacy of the cryptocurrency users by sending tiny amounts of coins to their personal wallets.

Attackers track down the transaction activity of these wallets by performing a combined analysis of several addresses to identify the individual or the company behind each wallet.

One of many transactions affected shared by Binance is,

https://chainz.cryptoid.info/ltc/tx.dws?36359475.htm

Dust is a tiny amount of coins or tokens — so small that most users don’t even notice, such as 1 satoshi (0.00000001 BTC) in the case of Bitcoin.

Binance explains that within crypto exchanges dust is also the tiny amounts of coins that “get stuck” on users’ account after trading orders are executed. These really small amounts of coins are not tradeable but Binance users can convert them to BNB.

As crypto users do not pay much attention to these tiny amounts, scammers began “dusting” a large number of addresses by sending a few satoshis to them. After dusting multiple addresses, scammers analyze various addresses to identify which belong to the same wallet.

First it started with Bitcoin, these attacks are now also happening with other cryptocurrencies.

As a closing thought, Binance said while Bitcoin blockchain is nearly impossible to hack, the wallets “present a significant point of concern.”

“When a user holds their cryptocurrencies in a personal wallet, they are acting as their own bank, which means there is nothing they can do in case they get hacked or lose their private keys.”

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Author: AnTy

Cyprus’ Finance Minister Says Blockchain and Crypto Asset Regulations Coming This Year

Cyprus-Finance-Minister-Says-Blockchain-and-Crypto-Asset-Regulations-Coming-This-Year

Not too long ago, the blockchain industry worldwide suffered from a severe lack of regulation that made it difficult to do business in several parts of the world and also stifled the growth of the industry altogether. As such, there was a period in which various players within the industry had to step around laws and work with whatever they were given in a bid to continue in their line of work.

Fortunately, the blockchain industry has grown significantly in the last few years and as a result of this many, world governments can no longer ignore the industry or refused to give it concrete laws, especially as its application has been found even within government-related activities.

Countries such as Malta and others within Europe led the way in terms of regulations and now other countries are starting to catch up with them and create concrete blockchain-related regulations for the good of all.

Blockchain comes to Cyprus

One of the latest countries to go this route is Cyprus as it was announced on July 4, 2019, that the finance minister Harris Georgiades has stated that the country’s blockchain regulation draft will be ready this year.

Georgiades has described blockchain technology as a new technological revolution that is similar to that of the internet and confirmed that regulation for the technology is greatly needed.

This does draw parallels to the internet age as in the early 2000 and previously, when the internet was not as big of a phenomenon as it is now, they were certain grey areas that existed because the laws had not been created with regards to things such as cybercrime, e-business and so on. But as the internet grew into the irreplaceable aspect of life that it is now, laws were created and it seems the same thing will be happening with crypto and blockchain.

Demetris Syllouris, the house speaker, also praised the potential of blockchain during a recent event.

“Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organized and their operation,” he said.

He also stated that the national strategy will aim to sustain Cyprus’ digital innovation as well as creating the necessary framework and roadmap to properly explore blockchain technology in a safe and controlled environment across various industries while mitigating the risk associated with it.

The national blockchain programs that are in the works involve the Department of Lands and surveys as well as the Department of customs and excise and the department and the national betting authority. From all indications, Cyprus intends to go head-first into blockchain and apply it at various governmental levels and this is a good sign for the regulation that is to come as this will likely trickle down to the private sector as well.

This also shows yet another country that sees the benefits of blockchain and is not trying to stifle the industry but rather embrace it and look for how best to benefit from the technology for its citizens.

In February 2019, the Cyprus securities and exchange commission did co-op for the transposition of European Union’s fifth anti-money laundering directive into national law which brought local regulation of cryptos under its provisions.

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Author: Tokoni Uti