IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe

New Bitcoin Bank App Launched By Twitter, Medium Co-Founder Backed Fintech Firm Mode

Biz Stone, the Medium & Twitter co-founder has invested in a financial services company called Mode. The company has just released a BTC (Bitcoin) banking application for use in iOS gadgets.

The UK-based firm said that the application will be available globally, but users in the United States would not have access to it yet. This is according to a statement the firm sent to Finextra, a media outlet that is focused on fintech companies on 4th February.

Clients will be able to start using the application with as little as $65 or £50. They will also be able to purchase bitcoins through bank transfer or using their bank cards. All funds uploaded to the application will be processed by BitGo, the custodian of the digital asset.

Mode Set to Address Security and Speed Issues

The application from Mode supposedly enables clients to upload funds to their accounts instantaneously through the use of a Faster Payments process. Mode’s head of communications and marketing, Ariane Murphy stated that:

“The Mode app addresses transaction restrictions issues, low speed/high cost, lack of security and most importantly, tackles the poor user experience typically associated with Bitcoin apps.”

Before one can start using this application, all clients will be required to undergo a detailed KYC (Know Your Customer) process. This particular procedure will be implemented through the use of verification technology powered by artificial intelligence.

Mode was founded in 2018, and its parent company is the R8 Group, a fintech company based in the United Kingdom. A waiting list for users who would like to use the Mode application was started in October 2019. At the time, applicants were only able to get on to the waiting list by invitation only from others.

Bitcoin Blockchain Still Plagued by Speed Issues

Players in the industry have for a while now been looking into ways that they can speed up BTC transactions. The Lightning Network includes an extra layer to the existing BTC blockchain making it possible for clients to produce compensation channels among any 2 participants on an additional level.

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Author: Daniel W

Bitcoin Got its Own Emoji on Twitter, Jack Dorsey Wants Unicode to Add Too

Social media giant Twitter has released a Bitcoin emoji that comes up every time you type hashtag Bitcoin.

This really isn’t surprising given that it’s CEO Jack Dorsey is a Bitcoin proponent who believes the world’s leading cryptocurrency could be one day the currency of the Internet.

In his Tweet, Dosey CC’d the latest development to Unicode, the world standard for text and emoji, whose idea is that “everyone in the world should be able to use their own language on phones and computers.”

The letter B with two vertical strokes ₿ which is used to represent Bitcoin was approved in 2017 as a Unicode character, after being rejected in 2011, but not as an emoji. The first time Bitcoin sign appeared in Unicode 10.0 in 2017 and as of June 2017, font support for the sign was released in macOS, iOS, Android O beta, Windows 10 Creators Update, and several Linux ones.

Dorsey’s new bio has also been changed to highlight this latest development “#bitcoin”

In the meantime, the #Bitcoin hashtag with the emoji has been trending on Twitter.

Bitcoin enthusiast Rhythm Trader took to Twitter to share that this new development reflects, “Bitcoin is magic internet money.”

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Author: AnTy

BTC Price Blows Past $8,900 But Traders Say Nothing Abnormal, Bitcoin Still Ranging

Crypto Twitter is expecting Bitcoin to pullback, but it isn’t stopping. The leading cryptocurrency today again defied market expectations and climbed past $8,900.

During the weekend, we started making our way upwards around $8,270 and today we jumped as high as $8,983.

Analyst and trader have been calling for Bitcoin to make a pullback around $8,800-$8,900 but with how strongly BTC is moving, we might be able to cross above $9,000.

“The longer we range above $8k, the more bullish,” is how investor and trader Josh Rager feels about BTC.

Trader Nik Patel is also of the opinion that a close above $8,800 would be “very bullish” for the leading cryptocurrency as it makes a “Strong close on the 1H, above prior swing-high but comfortably below next resistance, so no swing-failure yet to indicate downside.”

But it’s all about volume. A rising price with a rising volume is a bullish sign and as trader Scott Melker says a “true trend.”

Impact of a deadly Coronavirus rattles investors

While bitcoin is surging, the US stock market is tumbling down as concerns over the impact of a deadly Coronavirus originated in China rattles the investors.

The S&P 500 sank the most in about four months while the Dow Jones Industrial Average briefly wiped the gains it made in 2020. China’s financial markets meanwhile remain closed until next Monday after authorities extended the Chinese New year break by three days as they struggle with the worsening virus crisis.

The offshore yuan dropped to its lowest level this year as the pneumonia-like virus infected over 2,700 people and killed 80.

Bitcoin buyers buying narrative?

Amidst this, gold gained in haven assets. Could this be why Bitcoin is also rising?

According to economists and trader Alex Kruger, “Stocks were at its most overbought level since 2012 when the coronavirus panic started, and thus particularly vulnerable to bad news.”

But what about the fact that Bitcoin price has already mirrored gold thrice this year. Kruger says “BTC has had a clear risk-off component in 2020. Iran was a game changer.”

Rager also feels Bitcoin price and Coronavirus’ connection has been “sensualized” when “Nothing abnormal has happened to BTC price,” because it is still ranging between $8k to $9200 but said “sustaining price is positive.”

According to Mati Greenspan, founder of Quantum Economics, “Perhaps a few are buying on this narrative but what seems more likely to me is that upward pressure is a result of Fed printing & additional liquidity in capital markets.”

But that means it’s “acting more like a risk asset than a safe haven.”

So, it could be Fed or Bitcoin might have finally started acting like a safe haven or…

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Author: AnTy

Bitfinex Exchange Adds Option To Buy Cryptocurrencies Using Credit and Debit Cards

The cryptocurrency exchange Bitfinex has announced on Twitter that users will now be able to purchase cryptocurrencies using both debit and credit cards. This is very useful for individuals that want to use fiat currencies and have access to the crypto market.

Bitfinex Adds Credit and Debit Card Support

In a recent Tweet, Bitfinex announced a new method for users to purchase digital currencies on its platform. Customers will have access to Bitcoin (BTC), stablecoin Tether (USDT), Ethereum (ETH) and any other ERC-20 tokens with debit and credit cards directly.

This way, individuals will have the possibility to acquire digital assets in a fast and easy way. In general, these fiat on-ramps are very useful when and as the demand for cryptocurrencies grow. With a larger number of methods to enter the market, the price of virtual currencies could react faster to an increase in demand.

Bitfinex also recently partnered with the blockchain analytics firm Chainalysis. The main goal is to offer Anti Money Laundering (AML) solutions and be compliant with regulations in different jurisdictions.

According to data provided by CoinMarketCap, Bitfinex is registered at a trading volume of $65.09 million in the last 24 hours.

This is not the first time that a large cryptocurrency exchange offered users the possibility of purchasing cryptocurrencies using credit and debit cards. In the past, Binance added support for crypto purchases using this method.

Meanwhile, the crypto exchange bitFlyer has also added a new functionality called “Instant Buy” that helps clients of their platform to buy digital assets using a wide range of local transfer methods including Sofort, iDeal or GiroPay. Credit and debit cards are also supported by this exchange.

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Author: Carl T

Jack Dorsey is Building an Open Source and Decentralized Twitter

  • Twitter is funding an independent team of 5 called Bluesky
  • A decentralized step towards supporting and fostering the values of a free and open Internet

Twitter and Square CEO Jack Dorsey has taken another step towards building a decentralized standard for social media.

Bitcoin believer took to Twitter to announce his plans for an open-source Twitter for which the social media giant is funding a small independent team of up to five architects, engineers, and designers dubbed Bluesky.

A Decentralized Standard for Social Media

Dorsey reminiscences about the time when Twitter started which was so open that “many saw its potential to be a decentralized internet standard.”

Due to a variety of reasons, Twitter took the “centralized” path but now such solutions are struggling to meet the new challenges the company is facing.

He further notes that the value of social media is shifting away from content hosting and towards “recommendation algorithm.”

Also, the fact that content and conversation that sparks outrage and controversy have become the center of attention instead of those that “informs and promotes health” is another issue pushing Dorsey towards building a decentralized platform. New technologies meanwhile have made a decentralized approach “more viable.” Dorsey said,

“Blockchain points to a series of decentralized solutions for open and durable hosting, governance, and even monetization. Much work to be done, but the fundamentals are there.”

Dorsey has already taken a step towards decentralization with Square, which is doing the same for Bitcoin with Square Crypto.

Now, for a decentralized Twitter, the company has yet to make a decision if they want to go with an existing decentralized standard or create one from scratch.

However, it won’t be happening overnight rather will take many years to develop “a sound, scalable, and usable decentralized standard” that will allow the company to be more innovative and build an open recommendation algorithm for healthy conversations.

Also, it will have its own share of challenges and as such, it won’t be owned by a single corporation, “furthering the open & decentralized principles of the internet.”

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Author: AnTy

Is Africa The Perfect Playground For Bitcoin? Twitter CEO Jack Dorsey Believes It Is

Jack Dorsey, the CEO of two well-known companies – Square and Twitter – reportedly sees a future for Bitcoin, and it is in a country with a developing economy and that boasts 1.2 billion people: Africa.

Dorsey shared on Twitter that he has been in Africa and is sad to leave the continent – for now. More significantly though, he also tweeted that the country will “define the future (especially the bitcoin one!).”

In addition, he tweeted that he will be living there for 3 to 6 months in the middle of 2020 and that he is grateful that he was able to experience a small part.

CNN reported that Dorsey’s trip began on November 8 when he visited Ethiopia. The tour included stops in South Africa, Nigeria, and Ghana.

The report also indicated that Dorsey met artists and entrepreneurs, and Ngozi Okonjo-Iweala, a Twitter board member, economist, and former managing director of the World Bank. During Dorsey’s visit to Ghana, he reportedly met with bitcoin entrepreneurs.

These developments are perhaps part of the process of turning bitcoin into a more functional currency by increasing its accessibility. According to a report by CNBC in September, Dorsey shared with the Australian Finance Review that bitcoin is “not functional as a currency.”

And what needs to be done is to make the currency more usable and accessible. Nonetheless, the report also indicated that Dorsey supports bitcoin and the broader idea of an internet-based currency.

For instance, according to the report, Dorsey shared with the Australian Financial Review that his company Square is hiring five engineers who will solely work on making the crypto ecosystem better, and that he believes that the internet will have a “native currency” and anything that the company can do to make that happen, it’ll do.

Dorsey also tweeted in February 2019 that he only has Bitcoin, and in response to another tweet in that thread, he called Bitcoin “resilient,” “principled,” and “native to internet ideals.”

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Author: Rebecca Asseh

Binance CEO Reportedly Will Sue The Block Crypto Media Publication Over False Story

Changpeng Zhao, the CEO of Binance, called out The Block on Twitter for not apologizing to the community for its “fake” headline news concerning the “non-existent” police raid, which damaged Binance’s reputation and the BTC price. He also stated that “We will be suing them.”

According to a Cointelegraph report, the piece that had offended Zhao was part of several reports concerning a new crypto clampdown by China. And that The Block then issued a report titled, Binance’s Shanghai office shut down following visit by authorities, sources say.” Cointelegraph reports that the original title referenced “police raid,” which was then changed to “visit from authorities”.

Zhao wrote,

“Instead of apologizing to the community for the fake headline news of the non-existent ‘police raid’, which damaged our reputation, and $btc price, The Block now tries to argue if there was an office, if CZ had a meeting… who cares? Own up & apologize for your mistake.”

Even though Zhao demanded an apology for the publication, The Block instead released another piece in defense of its position.

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Author: Silvia A