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Established in 2017, Cayman Island. No. of pairs - 323. Centralized exchange.

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Ethereum Classic’s 51% Attacker Had Mysteriously Sent Back $100,000 To Gate.io Exchange

Barely one week after a 51% attack on the Ethereum Classic blockchain, the attacker has strangely returned part of the stolen funds to Gate.io, according to a recent article posted by the crypto exchange. The attack was carried on Jan 7, 2019, and researchers at Gate.io stated that the attacker transferred a total of 54,200 ETC, approx $250,816.191 at press time. Gate.io also provided three ETC wallet addresses supposedly used by the hacker while advising other crypto exchanges to block any transaction from the addresses. Gate.io, who promised to compensate its customers for their loses, has reported today that they received $100k worth of ETC from the attacker on Jan 10. However, they do not know the reason for the refund neither have they heard from him. “We found that the recent ETC 51% attacker returned 100k USD value of ETC back to Gate.io. We were trying to contact the attacker but we haven’t got any reply until now,” Gate.io said. Possible Reason for the Refund According to Gate.io, if the attacker doesn’t try to take the profit, then it is possible that he is a white hacker who just wanted to draw the attention of people to the underlying risks in “blockchain consensus and hashing power security.” This could be true as Gate.io’s researchers believe that the “hashing power” of ETC blockchain is not as strong as it should be and hackers could easily rent hashing power for another 51% attack. However, the exchange has increased the number of ETC confirmation from 500 to 4000 as a way of improving its 51% security mechanism against future attacks. As previously reported, US-based crypto exchange Coinbase had a different story, stating that it found 88,500 ETC ($410k at press time) in double spending and chain organization. ETC, however, denies saying that it was a 51% attack and no double spend has been detected. The post Ethereum Classic’s 51% Attacker Had Mysteriously Sent Back $100,000 To Gate.io Exchange appeared first on CryptoPotato.
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Gate.io Exchange Review | Is It Safe?

Gate.io is a lesser known but long-standing cryptocurrency exchange. Gate.io was started in China and has been in operation since 2013. It has a wide range of cryptocurrencies and features on offer, as well as margin trading. The exchange prides itself on its security practices. While these practices are stronger than many of the more famous exchanges, there are still some concerns. In this review, we are going to cover the following: Key Information How It Works Trading Fees Available Crypto Assets Margin Trading Transfer Limits Company Trust & Reputation Security Measures Customer Support Conclusion Useful Resources Key Information Gate.io is a subsidiary of Gate Technology, Inc. Traders can either use the web version or mobile version, which is available for IOS and Android. It currently ranks 35th in volume against all other exchanges according to data from CoinMarketCap. There are currently four markets available: Tether, Bitcoin, Ether and a stable coin conversion for different countries. This last option is a portfolio of several different stable coins that is displayed in the local currency of whatever country the user is operating from. All other coins trade against one of these four markets. The exchange caters mainly to Asian and English speaking customers in terms of their available languages. It is available to users from any country except Canada, USA, and Japan, along with some other smaller nations. These exclusions exist mainly because of regulatory hurdles. How It Works The exchange interface is quite similar to other exchanges like Binance, with a reasonably sophisticated charting feature, order books, and trading history tabs. Users can place limit orders, price condition orders or time condition orders. The limit order functions just like on any other exchange. You enter the price that you are willing to pay for the coin, the order enters the order book immediately, and if the price reaches your chosen level, then your order will be filled. Price condition orders allow you to set an order that only enters the order book if your chosen price condition is met. Time condition orders enter the order book based on your chosen time interval. This means that you can have orders enter the book at set time intervals if you wanted to split your purchase across several hours. Surprisingly, there is no market order option, with users having to match the market price themselves via a limit order. This is certainly a limitation. Trading Fees Fees are quite straightforward. There are currently zero deposit fees. Trading fees for all pairs except USDT/CNYX have a fixed rate of 0.2 percent. Other than this, the only other fee is for withdrawals. These differ according to the trading pair. However, they are fixed rather than percentage based and so do not change in response to the amount of the coin you are withdrawing. There is also a minimum order size of $10.00 value in the trading pair that you need to consider. Available Crypto Assets The diversity and range of trading pairs are certainly impressive. They currently have 266 coins and 356 distinct trading pairs on offer. Of those pairs, the top three are EOS/USDT, ETH/USDT, and BTC/USDT. Margin Trading Unlike most other exchanges, Gate.io now offers margin trading. Something they recently introduced. Right now it is only available for 24 coins. The maximum leverage traders can use is a factor of three. So, if you were to deposit 10 BTC into your margin account, you could borrow a further 20 BTC, giving you a margin account of 30 BTC. This is a very useful service, although the leverage is far lower than some other exchanges like Bitmex. Traders choose from 10, 20 or 30-day terms for their margin. Gate.io will liquidate your position if your losses breach levels where you can no longer pay for them. At this point, the exchange will settle all debts from your account and shut down any open positions. Trading fees are the same for margin positions as they are for spot positions. Transfer Limits Withdrawal limits fluctuate according to the coin. For standard accounts, users can withdraw up to 100 BTC, 3000 ETH or 100,000 USDT per day. Though, it is possible to raise these limits upon submitting KYC documents. Importantly, unlike other KYC approval procedures on other exchanges, it does not automatically result in higher withdrawal limits across the board. Instead, you have to email support and ask for a higher limit for a specific coin. There is currently no information regarding daily deposit limits, unfortunately. Company Trust & Reputation One of the controversies surrounding Gate.io has been activities by US users on the platform. The management team has made it clear it does not support American users, nor has any plans to change this due to the lack of clarity from the SEC, among other factors. There is no mention or proof of Gate.io being regulated or authorized by national regulators from any country. This is likely in large part because they do not handle fiat currencies and bank transfers. However, this lack of regulatory approval may undermine the trustworthiness of the exchange for more conservative users. Security Measures When you are considering the security of any exchange, there are two vulnerabilities that you as the user need to think about. One is the login and user identity protection mechanisms and the other is the storage mechanism of funds by the exchange. Fortunately, Gate.io offers very strong account protection. Users must set separate and distinct account and fund passwords and can use two-factor authentication, something we always recommend. Account passwords are used for logging in, while the fund password is reserved exclusively for depositing and withdrawing funds. On the fund security side, based on the information available, practices do seem rigorous. Though the limited amount of information is somewhat troubling. It is, of course, possible that is because they do not want to expose their security setup. Gate.io says that they practice offline cold storage for the majority of funds. However, they do use hot wallets to store enough to fund daily transactions. Gate.io had a notable history for robust security and had managed to avoid hacks. However, recently there was a scare, following a disclosure by malware researchers that hackers were targeting users transferring funds in and out of the exchange. Importantly, Gate.io has said that no users suffered losses, and that they have suspended their relationship with the third-party service that had been compromised. A recent report by ICORating, analyzed the security of the top 100 exchanges as measured by 24-hour volume. Gate.io, unfortunately, ranked 53rd. While it scored well for the user and domain security, it had very poor web security. Their score was certainly disappointing. However, it actually scored better than some other, highly renowned exchanges such as Bitfinex, Gemini and Bitstamp. Customer Support There is a reasonable level of customer service available to users. Once you have logged in, you can either speak to a support member in live chat or submit a ticket for a delayed response. There is also extensive customer support and a comprehensive FAQ page. Conclusion Gate.io is a good exchange for users who want exposure to a wide range of coins, are likely to make use of margin trading and who do not want to go through extensive KYC to open a basic account. They have been around for several years, having only suffered one security scare, which did not result in any funds being lost. However, it is clear, while its security is superior to many established and premium exchanges, further upgrades need to be made. Of course, you will only be able to use the exchange if you are from an approved country. Useful Resources Customer Support Twitter Telegram Instagram GitHub The post Gate.io Exchange Review | Is It Safe? appeared first on CoinCentral.
Coin Central

Ethereum Classic Attack: Gate.io Will Return Most Funds

On Sunday, rumors spread around the community that there had been a double-spend attack on Ethereum Classic. The team behind the project immediately responded to the rumors, to ease investors. There have been rumors of a possible chain reorganization or double spend attack. From what we can tell the ETC network is operating normally. BlockScout's "Reorg" section shows nothing of the sort.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK — Ethereum Classic (@eth_classic) January 6, 2019 Since Sunday, the Ethereum Classic attack has been confirmed, and the culprit has fessed up. During ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Gate.io Research Confirms Attack on Ethereum Classic, Promises to Reimburse users

Crypto exchange Gate.io has confirmed that it had lost about $220,000 worth of Ethereum Classic coins – about 40,000 ETC – during the ongoing manipulation of the project’s blockchain network. The company published an analysis of their findings on its platform during the alleged attack, claiming it has detected seven rollback transactions — four of which were reportedly conducted by the attacker, transferring a total of 54,200 ETC in total. The incident occurred over a period of 4 hours between 0:40 and 4:20 Jan.7, 2019 UTC. Initially, the exchange managed to weed out dubious transactions, but some of the double-spends looked valid and were accepted by the system. “Initially, the censor of the Gate.io successfully blocked the transaction of the attacker and sent them for manual inspection. Unfortunately, during the attack on 51% of all transactions look valid, and was successfully confirmed on the blockchain. The inspector missed a transaction. This caused a loss of about 40 thousand ETC during the attack. Gate.io will assume all losses of users,” wrote representatives of the exchange in his blog. Gate.io published addresses of the alleged hackers: 0xb71d9CD39b68a08660dCd27B3EAE1c13c1267b10; 0x3ccc8f7415e09bead930dc2b23617bd39ced2c06; 0x090a4a238db45d9348cb89a356ca5aba89c75256. The exchange also alerts other crypto exchanges to block transactions originating from the identified suspect addresses. The exchange also says that it has increased the ETC transaction confirmation number to 500 and also released a more powerful 51% detection security mechanism.
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Ethereum Classic Hacker Stole 54,200 ETC from Crypto Exchange Gate.io

Cryptocurrency exchange Gate.io confirmed that it had lost about $220,000 worth of Ethereum Classic coins – about 40,000 ETC – during the ongoing manipulation of the project’s blockchain network. The exchange confirmed Tuesday that the Ethereum Classic blockchain was under 51% attack – in which a single entity takes control of more than half the The post Ethereum Classic Hacker Stole 54,200 ETC from Crypto Exchange Gate.io appeared first on CCN
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Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds

Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds Researchers from crypto exchange Gate.io report they have confirmed that a 51 percent attack successfully occurred on the Ethereum Classic (ETC) blockchain. The company published an analysis of their findings Jan. 8. Gate.io Research has published its analysis of ETC transactions on its platform […] Cet article Crypto Exchange Gate.io Confirms 51% Attack on Ethereum Classic, Promises Refunds est apparu en premier sur Bitcoin Central.
Bitcoin Central

Gate.io Exchange Claims it Lost $200,000 of Ethereum Classic (ETC) After 51% Attack

The cryptocurrency exchange Gate.io explained that it lost $200,000 in Ethereum Classic (ETC) coins after the 51% attack that the network is currently experiencing. It seems that the exchange lost 40,000 ETC since the network experienced double spend attacks. The information was released a few hours ago by the crypto exchange in a blog post and shows that the attack continues to affect different parties in the space. Gate.io is just one of the exchanges that confirmed that the ETC network is experiencing a 51% attack. Apparently, three addresses have been identified to be related to the attacker. The exchange explains that the sensor they have blocked attacker’s transactions and submitted them to a manual exam. However, during the attack, all the transactions looked valid and were confirmed on the blockchain. The company informed that they will also be taking all this loss for the users. The blog post reads as follows: “It [the attack] caused about 40k ETC loss due to this attack. Gate.io will take all the loss for the users.” Coinbase is another exchange that confirmed the situation. Apparently, deep block reorganizations started to occur earlier on Monday. As a result, several double spends occurred on the network. According to some reports, the attacks continue. According to Bitfly CEO, Peter Pratscher, the number of reorganized blocks can be confirmed on the ETC network but no analysis of the movement of transactions could be performed yet. That means that to confirm double spendings it will be necessary to make a deeper analysis. According to Andrew Cravenho, Blockscout’s project lead, a reorg that occurred between blocks 7261495 and 7261496, 26,000 ETC were spent and once and for a second time on block number 7261497. He is also sceptical about the version provided by Ethereum Classic on its Twitter account. They’ve informed that the attack could be related to the testing of ASIC miners by the Linzhi Shenzhen. However, during a conversation with CoinDesk, Wolfgang Spraul denied the accusations saying that they would never be testing new ASICs on any mainnet. This is in line with what Cravenho believes. He said that if a company would be tasting new hardware they would not do testings with $100,000 in just a single transaction. Talking with CoinDesk, Donald McIntyre, a developer of the Ethereum Classic community, mentioned that there was no attack by any ASIC provider. However, Cody Burns, another ETC developer said that what is happening on the network is yet to be uncovered to understand better what is happening. After the attack will pass, McIntyre suggests that developer teams behind ETC must change the Proof-of-Work (PoW) consensus algorithm behind. Currently, Ethereum Classic is the 18th largest digital asset in the market. In the last 24 hours, it has lost 3%, becoming one of the worst performing assets among the top 50. Each ETC can be purchased for $4.97 and it has a market capitalization of $533 million.
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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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