Author: Anna Galvez

Categories
Crypto News

Bithumb Cryptocurrency Exchange Platform Recovered About 50% Of The Stolen Money

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the world for its volume of transactions, announced yesterday, June 28th, that it had recovered about 50% of the amount stolen by hackers just over a week ago. Through a publication on its website, Bithumb announced that they had managed to reduce the cost of the damage caused by the cyber attack on June 19th, when a group of hackers stole the equivalent of 35 billion South Korean Won, approximately $31 million.

Thanks to the collaboration of other cryptocurrency exchange platforms from all over the world, approximately $15 million were recovered in cryptocurrencies, leaving the additional $16 million unrecovered, which could be compensated, however, to the victims of the cyber attack.

The Bithumb announcement reveals that, of the 11 different cryptocurrencies that were hacked, the ones that generated the most significant deficit were bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).

Deposits and withdrawals are still halted on Bithumb cryptocurrency platform

The exchange platform has so far suspended both deposits and withdrawals and has not yet given an approximate date for when these operations can be carried out again.

Bithumb platform’s strategy of establishing alliances with other cryptocurrency exchange platforms to recover the stolen funds had already been announced earlier, shortly after the attack. On that occasion, they also mentioned that Bithumb cryptocurrency exchange platform possesses a fund of $500 million, which is destined to cover losses of a potential cyber attack that might affect the platform, as it happened last week.

One of the consequences of the cyber attack on Bithumb was momentary congestion of the Bitcoin (BTC) network, a few hours after the attack occurred. The delay in confirming transactions is attributed to this event, since, as a security measure, the remaining funds from the platform’s BTC wallets were transferred to a cold wallet where they would be held in a procedure known as consolidation.

Categories
Crypto News

EOS (EOS) Constitution To Be Amended, According To Dan Larimer, EOS Founder

Dan Larimer, the founder of EOS (EOS), surprisingly proposed on Wednesday, June 27th, that the project should change its constitution and be replaced by a new one. The executive’s statement comes just two weeks after the launch of the new protocol. The information was released in a conversation on the EOSGov channel of the Telegram messaging service. Larimer himself subsequently published his arguments for this change on the Medium platform.

The main argument for suggesting this change is that the current constitution gives too much power to the Arbitration Forum. Indeed, the current standard requires that all smart contracts on the EOS network to be kept “documented with a Ricardian Contract, stating the intention of all parties and appointing the Arbitration Forum that will resolve disputes arising from that contract.”

That means that arbitrators can resolve disputes directly without having defined the scope of their authority. Larimer proposes to limit the power for them to govern over issues arising from differences between code and intent, hacking and vulnerability management.

Changing EOS (EOS) standard would be a challenging procedure

The change proposed by the EOS founder is not easy to make. If he decides to revoke it himself, it will become clear that the bill is centralized, without taking into account that they would be committing a legislative suicide. In fact, the EOS constitution does not have a clause specifying such a scenario.

The clause that comes closest to Larimer’s wishes is clause XIII, which reads as follows:

The Constitution and subordinate documents may not be amended except by a vote of the holders of tokens with at least a 15% share of votes between tokens and not less than 10% more votes Yes than No, held for 30 continuous days within a period of 120 days.

EOS (EOS) constitution

Generally speaking, if the vote were to be taken on the founder’s new proposal, the suggested changes would not become a reality until after 120 days. In his Medium article, Larimer explained that “Ricardian contracts should be drafted in such a way that all actions permitted by the intent of the code are valid actions and parties should not be expected to refrain from actions that are beyond the scope of the code to enforce.”

Categories
Crypto News

Tron (TRX) Accepted On Brazzers And Nutaku Games – Tron (TRX) To “Go To The Moon” With Porn

On June 27th, one of the largest adult content network, PornHub, announced that they now accept ZenCash (ZEN) and Tron (TRX) as payment methods. Back then, only ZenCash (ZEN) confirmed the news, but now it is the turn of Tron Foundation to validate the announcement. But, that’s not all! Justin Sun, Tron CEO, announced that Tron (TRX) is now accepted on Brazzers, Traffic Junky, and Nutaku Games, of course, besides PornHub as it has been announced.

Traffic Junky accepts Tron (TRX)

Traffic Junky is a leading digital marketing company, working on improving businesses from all over the world by Internet marketing techniques.

Being accepted by Traffic Junky, Tron (TRX) will emerge on a market that could benefit it in the long-term.

Tron (TRX) to “go to the Moon” with porn

PornHub is one of the biggest adult content networks in the world, owned by Mindgeek. Also, PornHub already accepted Verge (XVG) a few months ago. A couple of days ago they also accepted Tron (TRX) payments. As Mindgeek owns PornHub, there’s no surprise that Tron (TRX) also reached Brazzers, the other colossal porn network owned by the before-mentioned Mindgeek.

PornHub is by far the most visited porn site on the web, scoring an average of 81 million visitors per day in 2017, according to Forbes. Overall, PornHub scored 28.5 billion visitors in 2017, reported the same publication. On the other hand, Brazzers, based out of Montreal, Canada, is one of the leading x-rated movies producer and online platforms in the world with 35 million visitors each month, according to Ethereum World News.

What these figures reveal is that Tron (TRX) could greatly benefit from all that colossal traffic both PornHub and Brazzers enjoy, and the TRX adoption rate could skyrocket.

In the end, Nutaku Games also accepted TRX payments. Nutaku Games, the renowned Hentai games producer, meaning that they are developing video games based on the famous Japanese pornographic anime, Hentai.

In conclusion, there is no doubt that Tron (TRX) could “go to the Moon” propelled by the adoption from the porn world.

Categories
Crypto News

Sacramento Kings NBA Team Is The First In The World To Mine Ethereum (ETH)

Well, we all know that cryptocurrency craze reached new levels, but who had expected it to reach NBA? However, the Sacramento Kings, the renowned NBA team, is the first sports team in the world to mine Ethereum (ETH). All that is made possible thanks to the new partnership Sacramento Kings signed with a well-known hosting and cryptocurrency mining firm MiningStore.com.

It might come as a surprise for many, but is not the first time this NBA team deals with cryptocurrency. Back in 2014, Sacramento Kings accepted Bitcoin (BTC), becoming the first sports team in the whole world to accept cryptocurrency as payments. Even more, they own the Golden 1 Center, a 100% solar-powered sports complex, located in Sacramento, California, and which also houses a tier-4 data center.

According to the team’s management, all this technical approach is meant to deliver the ultimate sports experience for the fans, by combining Bitcoin (BTC) payments, drones, AR/VR, and more.

Sacramento Kings NBA team is the first professional sports team in the world to mine Ethereum (ETH) for charity purposes

As if all that weren’t enough, Sacramento Kings thought to plunge way deep into the cryptocurrency world and is now the first sports team in the world to mine Ethereum (ETH). But, the most of the funds they’ll raise will be donated. Ryan Montoya, the Sacramento Kings’ CTO, is responsible for this project he and his co-workers entitled Mining For Good.

Mining For Good project will mine Ethereum (ETH) and the majority of the funds it’ll raise will go to the Build Black community project dedicated to helping local youths. On the other hand, the remaining amounts of Ethereum (ETH) will be held or invested by the Sacramento Kings NBA team.

“Vivek Ranadive [Kings Owner and Chairman] asked, ‘What can we do with cryptocurrency to give back to the community?’ It was obvious to us – Let’s start mining cryptocurrency. Let’s mine cryptocurrency and give the proceeds back to groups that could use a little extra help. And we are super fans of Ethereum (ETH),” explained Ryan Montoya how did Sacramento Kings NBA team become the first to mine Ethereum (ETH).

Categories
Crypto News

Ripple (XRP) And Zcash (ZEC) Might Get On Coinbase

Ripple (XRP) and Coinbase rumors are still alive today, although this time some actual evidence is in the background of the speculations. According to some of the most recent news in this regard, it looks like Ripple (XRP) and Zcash (ZEC) might indeed be the next two cryptos to be added by the Coinbase cryptocurrency exchange platform.

As we’ve learned already, any cryptocurrency that reaches Coinbase cryptocurrency exchange platform benefits from it to the maximum, with greater adoption, increased trading volumes, and, eventually, its price would surge. That kind of exposure is what Ripple (XRP) wants for a long time now but without any luck. The same is also applicable for Zcash (ZEC).

Coinbase launched a new cryptocurrency donation platform which accepts XRP and ZEC, among others

Coinbase CEO Brian Armstrong has recently launched a new cryptocurrency charitable platform entitled Givecrypto.org. In this way, crypto holders can give away cryptos to help people experiencing a financial crisis.

Nevertheless, what’s very interesting regarding this new crypto donation platform is the cryptocurrencies that are accepted. The complete list includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Zcash (ZEC).

Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) are already listed on Coinbase cryptocurrency exchange, while Ripple (XRP) and Zcash (ZEC) aren’t.

Ripple (XRP) and Zcash (ZEC) could get on Coinbase cryptocurrency exchange platform

At the moment, nothing is suggesting that XRP and ZEC will make to Coinbase crypto exchange, as Coinbase is only connected to Givecrypto.org in the “background.” However, it would make sense for that to indeed happen, and here’s why.

The very list of accepted cryptocurrencies on Givecrypto.org indicates that Coinbase team knows that Ripple (XRP) and Zcash (ZEC) are two of the most-traded cryptos on the market, and both XRP and ZEC holders can give away some of their coins for a “noble cause.”

But, wouldn’t be stupid, to put it that way, that Coinbase to not list XRP and ZEC, thus, permitting users of Givecrypto.org to buy their Ripple (XRP) and Zcash (ZEC) from another place than Coinbase cryptocurrency exchange platform? In my opinion, Coinbase wants more and more trades and big investors, so they will soon ad both XRP and ZEC.

And, in the end, I guess listing Ripple (XRP) and Zcash (ZEC) on its subsidiary charity platform, Givecrypto.org, suggests that Coinbase plans to add these two very loved crypto soon.

Exit mobile version