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Established in 2014, Spain. No. of pairs - 14. Fiat - USD, EUR, GBP, CNY. Decentralized exchange.

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Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance

Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance Decentralized cryptocurrency exchange Bisq has upgraded its open source software. The revamped platform includes a new user interface in addition to marking the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet. Bisq Launches Decentralized Autonomous Organization on Testnet The latest version… The post Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance appeared first on Altcoin Today.
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Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance

Decentralized cryptocurrency exchange Bisq has upgraded its open source software. The revamped platform includes a new user interface in addition to marking the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet. Also Read: Indian Bank Forcing Customers to Agree to Anti-Cryptocurrency Policy Bisq Launches Decentralized Autonomous Organization on Testnet The latest version of Bisq’s software, v0.9, has seen the decentralized exchange launch its DAO on testnet. The upgrade will allow Bisq users to experiment with the DAO. The software is designed so as to facilitate rewarding developers who contribute to the project in the form of the platform’s native token (BSQ) without centralized administration. BSQ tokens are layered on top of the BTC blockchain as colored coins. Since launching in 2014, Bisq has received more than 25 BTC in donations which were used to back the creation of 2.5 million BSQ tokens. The first batch of tokens is planned to be distributed among the project’s 144 earliest developers and contributors. When the DAO launches on mainnet, the platform’s users will be able to vote on prospective contributions and upgrades to the protocol, receive compensation for development, and pay for trading fees in the form of BSQ rather than BTC. Developers Hope DAO Will Solve Problems of Centralized Governance Bisq’s current developers have described the DAO as a means through which to decentralize the operation of the exchange. Currently, Bisq’s website asserts that the platform’s “technology is fully decentralized, but its governance is not.” The documentation highlights a number of shortcomings with the current governance model in which “the project founders” carry out “most maintenance, operation, and administration duties,” in addition to making “virtually all major decisions.” This model, the website asserts, “does not scale; project founder have become bottlenecks incapable of addressing all user needs,” and introduces “censorship risk” as a result of operational responsibilities being “centralized in a small group of people.” According to Bisq’s website, the model of token distribution employed by the DAO establishes the Bisq DAO as a “meritocracy” in which “those who have contributed the most value to the project in the past are those who have the most say over its future.” Do you prefer to trade using decentralized or centralized exchanges? Share your thoughts in the comments section below! Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance appeared first on Bitcoin News.
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Decentralized Bitcoin Exchange Bisq Has a New UI and DAO

Decentralized exchange Bisq has upgraded its software with an entirely new User Interface (UI) design and the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet.With the release of the latest update (v0.9), users can finally take the Bisq DAO for a spin, a software design that will reward contributors that work on the project, without oversight from a central authority. This compensation will be done with the project's token called BSQ.How Bisq WorksBisq is a decentralized cryptocurrency exchange platform that allows users to trade bitcoins in exchange for fiat currencies and other crypto assets. Bisq operates on a global P2P network, allowing traders to transact with one another without the need for a third-party or monitoring authority. The project was developed as a means of providing traders in the crypto market with a private, secure and censorship-free means of exchanging cryptocurrencies, using bitcoin as a base for exchange with national currencies and other crypto assets.As Bisq is an open-source software, you can download, install and configure it to your liking; this involves adding your payment method. Configuring Bisq is expected to be fast as it doesn't require know-your-customer (KYC) documentation, which is one of its selling points. Once the application is up and running, you can look through the offer book for existing offers to trade bitcoin.EscrowTo keep funds secure for both the buyer and seller, Bisq implemented an escrow, which is basically where security deposits and trading funds from the traders are held in a 2-of-3 multi-signature escrow. Traders hold custody of a key each, while an arbitrator holds the third key. Bisq uses a decentralized human arbitration system to resolve trade disputes. Arbitrators are anonymous users, who are trusted due to the large bonds deposited into the network and they are randomly assigned to dispute cases by the protocol.Bisq DAO and the BSQHaving decentralized the resources that run Bisq, the developers want to use its DAO — which is now live on testnet — to decentralize how it's managed. The DAO, which will determine the strategy, management and operations of the project, uses the BSQ token to reward contributors maintaining it.The tokens are layered on top of Bitcoin's blockchain as colored coins, a concept that shows that a small portion of bitcoin represents another value other than bitcoin. When its rolled out on mainnet, users will be able to utilize BSQ to pay for Bisq trading fees, vote on future contributions to the project and get compensation for contributions.Over 25 bitcoins have been donated to the project since it launched in 2014; these were used to create 2.5 million BSQ tokens. The first BSQ batch will be distributed to the first set of contributors who have worked on the project over the years, according to the project's documentation. By doing this, the project is placing a portion of the software's future in the hands of those who have brought it this far.“BSQ tokens are used to vote on and make decisions about the Bisq DAO itself, and by initially distributing BSQ to past contributors, we intentionally establish the Bisq DAO as a meritocracy in which those who have contributed the most value to the project in the past are those who have the most say over its future.”New BSQ tokens will be issued every time a contributor submits a compensation request for BSQ. Those tokens will then be destroyed when they are spent to offset trading fees by users. So, while earning BSQ through compensation increases its supply, spending them as trading fees, decreases their total supply. Users can also exchange their BTC for BSQ on the Bisq platform.The project's contributors will release the DAO on mainnet along with the project's v1.0 release in 2019. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Bisq DEX Trading Platform Is Close To Being Completely Decentralized

Decentralization of crypto projects has been the theme of 2018, however, most of these self-proclaimed decentralized projects are not so. Although Bisq might be the closest to fit that description. Formally known as Bitsquare, the Bisq DEX operates straight on the user's computer, rather than a hosted site, like most of the self-described DEXs. While DEXs like Airswap and Everbloom are managed by centralized startups, Bisq DEX is a stringently open source project formed by a grassroots cooperative. Even though Bisq has these advantages over its competitors, the team behind Bisq understands it has more to do to reduce single points of failure. Bisq contributor Felix Moreno, former CFO of the bitcoin custody startup Xapo said: “If the [Bisq] founders want to go complete Satoshi and disappear from the project, it has to be able to survive that.” To achieve this, Bisq team is originating a decentralized autonomous organization (DAO), a software created to handle reward for contributors to the project's code without oversight from any single entity. The testnet goes live in November, with the mainnet launch following the tests. Compensating The Contributors The compensation for the contributors will come in the form of a crypto called BSQ, which is a ‘colored coin.’ Colored coin is a concept designed to be layered on top of Bitcoin, creating a new set of information about coins being exchanged. Using colored coins, bitcoins could be “colored” with specific attributes. This effectively turns them into tokens, which can be used to represent anything. The Bisq DAO will issue bitcoin that's been donated to the project to those contributors that the community has voted to recommend. Bisq co-founder Manfred Karrer said: “Every month there is this voting and compensation cycle where any contributor files a compensation request for the amount of BSQ. Then the BSQ stakeholders, anyone who has BSQ, can vote if they accept or decline this compensation request.” The Bisq project has earned 2.5 bitcoin in donations, which can conceivably be split into 2.5 million BSQ tokens. But these tokens aren't automatically generated. They are created when a DAO compensation proposal is accepted. Analogous to a subway token or a movie ticket, BSQ will be utilized when someone spends them to use the DEX. Particularly, the tokens will be used to pay trading fees to Bisq and security deposits via the DEX's multi-signature smart contract, which holds bitcoin in escrow until the seller affirms accepting payment from the buyer. Although BSQ is one-time-use only, the tokens will hold value as bitcoin, and those fees are usually utilized to pay bitcoin miners for processing transactions and, if required, an arbitrator to referee disputes. Challenges Faced By Bisq Historically, both Colored Coin projects and DAOs haven’t performed too well. The bitcoin community's colored coin projects have frequently struggled and drawn far fewer use cases than ethereum-based tokens, which allows people to issue their own cryptocurrency without creating a unique blockchain. Although, safety is exactly the cause Bisq is originating BSQ on top of bitcoin, rather than ethereum, where The DAO debacle led to a controversial hard fork. Karrer said proof-of-work coins, which depends on miners doing complex calculations to update the blockchain ledger, are only secure when they've touched as widespread usage as bitcoin. Besides, the Bisq community doesn't trust that ethereum developers are able to provide secure token creation quite yet. Another major issue Bisq network faces is the lack of market makers. Many ethereum-based tokens that propagate on other DEXs are barely represented on Bisq's order book. Out of 236 specimen Bisq orders for bitcoin, the only crypto payment option with more than 10 orders was the privacy coin Monero, with just 23 compared to the 46 euro offers for bitcoin. Up until now, more than 144 people have committed to the Bisq project, with about 10 developers managing most of the weight of the project. Currently, approximately 200 people hold small amounts of BSQ. Many more will need to join the platform in order to create an absolutely decentralized BSQ ecosystem.
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Bisq Decentralized Exchange Attains Highest Bitcoin Trading Volume, Crossing $3 Million for Month

Bisq Decentralized Exchange Attains Record Trading Volume Since its inception, the Bisq decentralized Bitcoin exchange has never transacted as much as it has this month, October 2018. So far, the trading platform has transacted over $3 million. This performance is very impressive given that the price of Bitcoin is currently low. According to data from Coin Dance, Bisq attained a record high trading volume for the week ending on October 20. Precisely, the crypto exchange traded in excess of $15 million over the past one week. This is even better than the transactions conducted during the peak of Bitcoin in December 2017. Venezuelan Market Similarly, Localbitcoins also achieved remarkable trading volumes in the last week. In this case, the increased activity in the Venezuelan market was the main reason for the high trade volumes. There has been a growing interest in Bitcoin in the South American country of late. This is because of the instability of the local fiat currency, devaluation and inaccessibility of forex exchange services. Coin Dance reported that Localbitcoins transacted 1049 BTC in Venezuela over the past week. This is the platform’s second best performance in the country in history. When converted into the local fiat currency, the Sovereign Bolivar, this volume was a record VES 1.16 billion. The popularity of Localbitcoins is as a result of intensive trading activity in South American nations, namely Peru, Brazil, Argentina, and Colombia. On the other hand, Bisq attributes its success to the recent launch of a mobile app and a DAO on the Bitcoin Testnet. Moreover, Bisq was recently recommended over Localbitcoins by Adam Ficsor, a privacy developer. Adam lauded Bisq for implementing KYC procedures for accounts that transact large volumes of Bitcoin. Bisq has also been praised for deploying infrastructure and observing practices that enhance privacy on the network.
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Decentralized Exchange Bisq Sets New Record Bitcoin Trading Volume

Decentralized Bitcoin exchange Bisq revealed October 2018 has become the most successful month in its history, transacting over $3 million so far. Bisq’s $3M Month In a curious countertrend to the current lackluster Bitcoin 00 trading environment which stems from low prices, Bisq set a new trade volume record for the week ending October 20, data from Coin Dance shows. In the seven days to Saturday, Bisq users traded almost $1.5 million, even beating the previous record set during Bitcoin’s all-time price highs in December 2017. The achievement did not go unnoticed, coming as P2P trading platforms see broad success in certain markets. … and October 2018 is already the most successful month ever on @bisq_network ($3,179,564 in volume and counting) pic.twitter.com/loWwHngmLW — Christoph Atteneder (@chrisattee) October 21, 2018 Bolivar Miracles For market stalwart Localbitcoins, last week also saw new volume highs, notably in its new boom market of Venezuela. As Bitcoinist reported earlier this month, unpopular currency reforms, devaluation and lack of access to forex have sparked a mass influx into Bitcoin, traders turning to P2P in the absence of reliable alternatives. The past seven-day period tracked by Coin Dance was no exception, the platform seeing its second best performance for Venezuela with 1049 BTC transacted. In terms of the country’s highly-volatile new Sovereign Bolivar, the figure was its highest ever at 1.16 billion VES. South American markets characterized Localbitcoins’ trends more generally this month, with Brazil, Colombia, Argentina, and Peru all seeing considerable upticks in their own trading behavior. Bisq’s success meanwhile comes roughly one month after the startup released a mobile app, while last week saw the launch of its DAO on the Bitcoin testnet. The project further garnered acclaim from commentators, the privacy developer Adam Ficsor recommending it over Localbitcoins due to the latter’s recent decision to implement know-your-customer (KYC) procedures for large-volume accounts. “…The privacy of Bisq is not only architectural, but also the result of a series of privacy conscious decisions, those add up over time,” he wrote in Twitter comments October 5. What do you think about Bisq and Localbitcoins’ trade volume? Let us know in the comments below! Images courtesy of Shutterstock, Twitter The post Decentralized Exchange Bisq Sets New Record Bitcoin Trading Volume appeared first on Bitcoinist.com.
Bitcoinist

New Bisq Decentralized Cryptocurrency Exchange App For iOS And Android Launches

The new mobile cryptocurrency application by Bisq operates on a fully decentralized peer-to-peer platform to exchange cryptocurrencies for fiat money, has unveiled their mobile application. Both iOS and Android will have fully functional applications that are downloadable through the App Store or Play Store, as the announcement stated a couple of days ago on September 9th. Bisq mobile application is already downloadable on iOS app store just a couple of days after the initial decision was made. Several features are available on the app, including those that allow the user to manage disputes, trading, buying and selling. There is an associated desktop program that communicates with the app. Bisq mobile app and desktop app are linked together on a P2P system where all the trading is accomplished. The newest version of Bisq is 8.0, and there are more features than ever, including face to face trading in real time for local users in the same area. Notifications from the app will help stay up to date with price changes and offers. Payments will mostly be made by Halcash to improve functionality the developers stated. Bisq has been doing quite well considering August has been their best month of 2018. The team recently reported on the numbers for the company’s personal growth. “August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017 and at a much higher average BTC/USD price…Also, 13,000 trades as of today.” ShapeShift another company in the market made a recent announcement, stating that KYC (know your customer) is required for members to join their new platform. Know Your Customer is a software to help businesses collect appropriate data from their users – Bisq is the only other company as of now to use a similar model to improve the user experience. More customers will start using Bisq because of the adoption of the new method of operation. Bisq’s team isn’t following ShapeShift’s lead correctly, instead relying on their procedure to grow their customer user base. The purpose is to help create more liquidity to help jumpstart the rest of the year, according to the developers. “On September 20th, 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release.” The company needs to achieve at least 300 offers in a single day to see a record number of trades – rewarding any users who make use of the platform at least once a day with 10 BSQ tokens. What do you think of the new move by Bisq? Leave your answers in the comment section below.
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Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Fully decentralized peer-to-peer crypto exchange Bisq has launched a mobile notification app for both Android and iOS systems. The platform saw record growth last month and is holding a market kickstart event as a way to boost liquidity. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Bisq Mobile App Launched Bisq, a fully decentralized peer-to-peer (P2P) crypto exchange that allows users to trade fiats against cryptocurrencies, has launched a mobile notification app for both Android and iOS systems. The project’s developers announced on Sunday, September 9, that “The Bisq mobile notifications app for iOS is now available from the app store.” This announcement came two days after the team announced, “The initial release of the Bisq mobile app for Android is now available.” Both the Android and iOS versions of the app allow users to customize alerts for trades, offers, disputes, and prices. The app is linked to the desktop software where all trading is done, in a P2P environment. Bisq’s latest version, v0.8.0, has a number of new features such as “Local / face-to-face trading, iOS and Android mobile app notifications, Halcash as a new payment method, [and] privacy improvements,” according to the developers. August Was Record Month for Bisq Bisq continues to grow in the number of users and trades this year. On September 4, the team shared the platform’s growth statistics for August, revealing: August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017, and at a much higher average BTC/USD price…Also, 13,000 trades as of today. Bisq developer Christoph Atteneder added that, in August, the total number of trades was 926 and the average number of trades per day was 30. Since Shapeshift announced its move to a new membership model that requires know-your-customer (KYC) information from its users, Bisq has been highlighted as an alternative to Shapeshift. The Bisq developers tweeted on September 5, “Big news. Shapeshift bowing to KYC regs could mean many more users coming Bisq’s way soon.” September Market Kickstart Day The Bisq team is not solely relying on Shapeshift’s policy change to grow their userbase. To help build the liquidity of the platform’s order book, they are preparing for an event dubbed the “September Market Kick-Start Day.” The developers explained: On September 20th 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release. They elaborated that “If we can reach 300 offers published on one day we will see a new high in [the] number of trades,” noting that participants who make at least one offer on that day will be rewarded 10 BSQ, the project’s own token designed to help fund platform development. What do you think of Bisq’s development? Would you use Bisq? What do you think of their market kickstart event? Let us know in the comments section below. Images courtesy of Shutterstock, Shapeshift, Twitter, and Bisq. Need to calculate your bitcoin holdings? Check our tools section. The post Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event appeared first on Bitcoin News.
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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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