Category: Crypto

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Crypto Markets

One Syscoin (SYS) Sold For 96 Bitcoin (BTC) On Binance This Morning

The Binance cryptocurrency exchange platform stopped all transactions early this morning after the acquisition of a single $0.25-valued Syscoin (SYS) with 96 Bitcoin (BTC) on its marketplace.

Syscoin blockchain was attacked

Both Syscoin (SYS) and Binance have confirmed from official Twitter accounts that the Binance platform has stopped all operations due to an attack targeted on the Syscoin blockchain.

As a precaution, after observing strange trading behavior matched by atypical blockchain activity, we have requested that swaps suspend the SYS deposit/withdrawal transactions today. Investigated #Syscoin Blockchain is safe. We have notified the cryptocurrency exchange to reopen the transactions. Information about the details will be given tomorrow.

Syscoin

The reports show that 1 billion Syscoins (SYS) have been extracted from a single source, despite the total potential supply of coin being 888 million. The company has not yet found exactly what it is. However, the team confirmed that an attack was taking place on the blockchain. Syscoin (SYS) team also asked all the cryptocurrency exchange platforms that list SYS to stop Syscoin (SYS) operations until the problem was solved.

Binance halted the operation after 1 Syscoin (SYS) was sold for 96 Bitcoin (BTC)

The Syscoin blockchain attack caused one of the world’s largest cryptocurrency exchange platform, Binance, to halt all the tradings.

One Syscoin (SYS) current value is $0.25, at the moment of this article, while this morning, 1 SYS was selling for 96 BTC, approximately $643,000.

These bizarre sales have led to a massive pumping of Syscoin (SYS), and this caused a shock to the entire market, with an increase of 85% in SYS, according to the CoinMarketCap, until transactions were suspended.

For now, neither the Binance nor the Syscoin (SYS) attack on Syscoin blockchain is associated with the suspicious sale of money on the Binance exchange.

Binance

If it turns out that the unprecedented sale is due to an attack on Syscoin blockchain, we can see many similar cyberattacks aimed at exploiting security vulnerabilities in cryptocurrencies subcodes and wallets in the future.

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Crypto News

Steem Blockchain Froze For Nine Hours Due To A Series Of Invalid Transactions

A series of invalid transactions resulted in an error in Steem blockchain, which held the network down for approximately 9 hours, creating restlessness among the users. Nevertheless, the startup informed via its account on the social network Twitter that the bug had been fixed and that the accounts of users and their tokens were not at any time at risk.

Some of the users, the operators of the Steem nodes, pronounced themselves on the issue via the Steemit social network to provide the initial draft of what had happened, which was subsequently substantiated by an official announcement made by the Steem team.

A series of invalid transactions clogged up the Steem blockchain

A series of invalid transactions that a user of an account with the name @nijeah had attempted, reportedly caused the Steem blockchain to clog. It appears that the customer carried out four funds transactions, in VEST tokens, in negative numbers, such as -10,000,000,000,000 VEST.

Steem team argued that what happened is in reality due to a “protection mechanism integrated into the blockchain that prevents the invalid transaction from causing real damage.” The blockchain regulations, they claimed, ban transactions like those @nijeah tried to make, but in the present case, the blockchain failed to block them. The operations were performed seven days later, and since their completion was not authorized, the before-mentioned rules took over.

The team expressed regret that the operations were discontinued for 9 hours and affirmed that their primary concern was to secure users’ accounts and their tokens.

Steem blockchain operates the Steemit social network

Steem blockchain operates the Steemit social network, which is based on compensating users with cryptocurrencies for different activities they employ on the net. On the platform, users earn tokens by uploading and distributing their content, as well as when they vote for their favorite content. Users can post pics, videos, or useful links to their posts or different publications.

The goal of Steemit, as its founders claim, is to ensure that the content is relevant to all the users of the platform.

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Crypto News

Ripple (XRP) Supported On Wirex App After The Latest Update

The Wirex App, a cryptocurrency-friendly accounts service provider, as they describe themselves, will add support for Ripple (XRP) to their app in the coming days.

Wirex is a platform that provides cryptocurrency wallets that are connected to physical and virtual debit cards, crypto exchange, as well as fiat money buying and payment solutions. As of 2017, Wirex platform has 900,000 customers in more than 130 countries. Overall, Wirex focuses on combining the global acceptance of traditional payment systems with the speed and cost-effectiveness of cryptocurrency.

Wirex App features

Among the features that Wirex has, noteworthy are the following:

  • Cryptocurrency wallets and fiat money accounts are on a single platform;
  • Money transfers are free;
  • Multi-currency exchange possibility using GBP, USD, EUR, and crypto;
  • Deposits and withdrawals between local banks are accepted;
  • Mobile and desktop access;
  • International deposit;
  • Wirex Wallet supports more than 50 currencies;

Wirex cryptocurrency-friendly accounts come with a specific account number and ranking code located in dozens of countries worldwide. Deposit transfers are made using SWIFT and IBAN from the UK.

Opening a Wirex account allows users to use a virtual payment card to make online payments using cryptocurrencies, and the UK Financial Authority also regulates the platform which also provides maximum security features.

Wirex App to add Ripple (XRP) soon

Wirex also has a cryptocurrency wallet functionality that allows users to purchase cryptos directly from their account or the stock market. These wallets are secured using Multi Signature technology, SSL encryption, and 2FA in both desktop and mobile variants. The Wirex Wallet supports more than 50 currencies.

Now, Ripple (XRP) got on Wirex platform.

We improve the Wirex application, making it faster and easier to use. To update the app, all mobile users will be automatically signed out of their accounts on Tuesday, July 3rd. To sign in again, they need to update the app from the App Store or Google Play. The update provides Ripple (XRP) wallet, faster application speed, and improved productivity.

Wirex team

At the time of this article, Ripple (XRP) is trading at $0.494, registering an appreciation of about 3.5%. Ripple (XRP) is currently ranking on the 3rd position in the cryptocurrencies market, with a market cap of approximately $19.4 billion.

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Crypto Markets News

Bitcoin (BTC) Exchanges And Crypto-Related Companies In The Philippines Outperformed Traditional Financial Services

Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines surpassed traditional financial platforms in both customer activity and popularity during 2018, so far.

As CCN reported yesterday, the Cagayan Economic Zone Authority (CEZA), a government-supported economic center in the north of the Philippines, will embrace up to 25 cryptocurrency exchange platforms and operators which will enjoy friendly crypto regulations and fiscal policies.

In order to work within CEZA, cryptocurrency exchanges will be subjected to a stringent and thorough check conducted by local financial authorities and CEZA before they receive any regulatory benefits. The Director of CEZA, Raul Lambino, highlighted that exchanges inside the before-mentioned economic center would have to prove their potential to invest a minimum of $1 million within CEZA and to construct new offices in the region.

We do not want the Philippines to be a haven for scammers, even if these scams are taking place abroad. So, through our integrity and probity control, we can determine if your transactions are designed to attract unsuspecting people to invest in Bitcoin or any other cryptographic currency that is a fraud.

Raul Lambino, Director of CEZA

Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines outperformed traditional financial platforms

Among the first governments in the world to describe cryptocurrency as a real form of money, be it digital, there was the Philippines Government which even legitimated the crypto sector within the country. On the same page with its government, the Philippines Central Bank stressed out back then that, although it’s not its intention to invest or use Bitcoin (BTC) or other cryptocurrencies, they recognize cryptos as digital money and as a method of digital payments.

From then on, regional startups, Coins.ph, for instance, have grown to become part of the significant cryptocurrency exchange platforms and cryptocurrency-related enterprises in Asia.

Coins.ph, Rebit, Bitbit, BuyBitcoin, Keza, Prepaid Bitcoin and Bitmarket.ph are just a few of the numerous cryptocurrency exchange platforms and cryptocurrency-related companies that have prospered in the blockchain sector in the Philippines.

 

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Crypto News

Ripple (XRP): Ripple And Bill Gates Foundation Keep On Helping People In Poor Countries

Ripple, the owner of Ripple (XRP) token, with its single market approach has achieved a significant level of growth. As xSpring CEO Daniel Aranda remarked, the team has decided to pursue the development of improved payment solutions and has already established over 150 partnerships worldwide. One of them is with the Bill Gates Foundation, a deal signed in 2017.

Ripple’s partnership with the Bill Gates Foundation

The Bill Gates Foundation is a program that aims to help improve people’s living conditions in several third-world countries but not limited to them. On this road to improvement, the Bill Gates Foundation teamed up with Ripple to use its technology and roll out the Mojaloop innovative software.

According to the World Bank, over 2 billion people are poverty-stricken, most of them due to lack of access to a bank account or other essential financial facilities.

Mojaloop is an open source application that can be adapted and used very comfortably by banks at low costs and with little hassle. During the development phase of this software, the project was financed by the Bill Gates Foundation and was established by FinTech enterprises, Ripple included.

The interoperability of digital payments has been the most difficult hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution

Kosta Peric, Deputy Director of Financial Services at the Bill Gates Foundation

What the partnership with Bill Gates Foundation means for Ripple (XRP)?

As the Gates family privately owns the Bill Gates Foundation, the venture can quickly take the technology and uses of the blockchain to new heights. That signifies that the partnership with Ripple would not just impact the company and its blockchain and platforms, but also the Ripple (XRP) token.

Earlier, the Ripple (XRP) has crossed the $0.5000 level recording an 11.18% increase, but, at the moment of this writing, XRP returned slightly below this mark, as it is now trading at $0.496

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