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Wanchain Officially Provides Integration Support for MakerDAO’s Dai Stablecoin

Since their very inception, one of the core drivers that have pushed cryptocurrencies into the mainstream is the fact that they are decentralized— as a result of which they allow for a high level of transactional transparency. Additionally, since 2014 Bitcoin, Ethereum (along with other big name players) have dominated this space, however, over the last 24-months or so, many new/ novel digital assets have entered this burgeoning sector. More About Wanchain In the past, technologies like ‘cross-chain token transfers’ have remained confined to the realm of speculation and mere theory. However, if the folks over at Wanchain are to be believed, they have finally devised a novel solution that can help facilitate real-time exchanges between the Bitcoin and Ethereum blockchain. To be even more specific, Wanchain’s native wallet offers customers with the power to manage their digital tokens on both chains (thereby opening up the world of Bitcoin liquidity to a vast array of Ether owners). If that wasn't enough, earlier today, the firm also announced that it had added another token to its platform, the Dai stablecoin from MakerDAO. For those not aware of what a stablecoin is, it can essentially be thought of as a digital asset that is pegged to a particular currency so as to minimize price fluctuations (similar to the way in which Tether is designed). In the past, BTC holders have had to jump through many hoops in order to procure Dai, however, with the Wanchain wallet now offering Dai support, the entire process has been made much more streamlined and hassle-free. Talking about this latest milestone, MakerDAO CEO Rune Christensen had the following words: “We are excited that Wanchain has launched their version 3.0 platform wTith Dai and MKR integration on their blockchain. As we seek to grow the use cases and stability of our tokens, Wanchain’s interoperability solution adds significant potential for Dai. For a stablecoin to see true mass adoption, cross-chain functionality is a must-have.” Final Take In the past, Wanchain CEO, Jack Lu, has constantly emphasised on the importance of cross-chain tech. Thus, in the wake of this latest announcement, Lu was recently quoted as saying: “For us to achieve our goal of becoming one of the key cross-chain finance hubs of the Web 3.0 economy, Dai and MKR are critical components in laying the foundation. We look forward to seeing the many use cases this integration will generate.”
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How MakerDAO Created An Engaged, Cohesive Community Without An ICO

Find more helpful resources on building and running a successful crypto community on the Chainfuel blog, as well as their free e-book: The 7 Pillars of Crypto Community Management.MakerDAO are the makers of DAI, which is a stablecoin on the Ethereum network. DAI is a completely decentralized stablecoin that exists purely on the blockchain.What’s your background? How did you get started in crypto, and then involved with Makerdao?I studied rhetoric at UC Berkeley and minored in political economy. I heard about crypto for the first time when I was 19, so that would have been in 2012. I thought the concept of a trustless, transnational digital currency like Bitcoin really fascinating but didn’t follow through to create a career path for myself.After college, I went to graduate school on a Rotary scholarship to study a degree at the University of Cambridge Institute of Criminology. The program was was not about forensics but a cross domain course of study that includes sociology, anthropology, psychology, ethical philosophy, statistical analysis and other academic disciplines. Some taboos are universal and there are also a few crime statistics that are universal-such as the declining tendency to commit crime as one gets older and a very large male to female predominance for violent crime. On the other hand, criminal enforcement and punishment varies considerably in different parts of the world. So studying criminology is really a study of human motivation and human-to-human (i.e. socio-cultural) interaction.After getting my MPhil, I was working at the United Nations Crime and Research Institute in Turin and I attended a conference curated by one of my Cambridge criminology colleagues from that was focused on Big Data-and its potential abuses as well as its uses to detect and prevent crime. There was some small intro into crypto there, sort of conversations along the side. I got a bit more interested once again, and decided to start doing some of my own research and reading.My little brother is a very active Redditor and crypto-enthusiast, and he talked me up quite a bit and peaked my interest. It led me to getting a job first with a project called BlockV, which was in Santa Monica. The project focused on putting digital goods on the blockchain which is a really cool marketing innovation but I most was intrigued with the idea of creating a successful stablecoin which I believe is necessary to bring the real vision and use case of crypto to fruition. So the opportunity to work for MakerDAO was really the fulfilment of my wildest hopes and dreams. So here I am and I’m loving it everyday.What was the rationale for not doing an ICO in Makerdao, and how has this impacted community building?Initially MKR were sold via private sales to friends and family, as well as investors like Andreessen Horowitz and Polychain. The process was and has been way more personal that what you see with a typical ICO. The goal was to create an ownership community that is cohesive and committed to long term success and not just short term gain.The goal of MKR is that its holders be responsible for governance and fiscal decisions. Basically, it is a risk sharing model-the owners of Maker share in profits but also share in potential losses. In order to achieve the dream of the DAO, (MakerDAO’s decentralized autonomous organization) there needs to be responsible token holders or MKR holders that make up the DAO. The goal of having responsible “owner/operators” is part of the reason Maker never had a wild and crazy ICO. Given the level of quality interactions that I see between our community members today, I can confidently say that the roll out of Maker tokens was handled wisely.What do you do in your day to day as a community manager? What are your responsibilities?I’m not the only community manager, but when I started I was. Before, it was more time online, but now I specialise more so in the events side of community, more physical spaces. So I look at what are the different opportunities and places for that to happen and that to flourish while the brilliant Rich Brown manages the technical community.It is important to remember t that not all crypto communities happen purely online. There are loads of community members I actually meet at events and tell me how they’re excited about the project and have been passionate about Maker for awhile. The interesting thing is that a lot of these folks don’t always participate in the online chats, thought they do follow the discussions. It’s been cool to see how different community members flourish in different spaces: some prefer being online, and some prefer being offline. My job is to ensure there is space for all of them to participate.Another thing that I do is curate video meetings that are open to community members who are are seeking more information about the project. Right now there’s a lot of focus on governance as we’re moving quickly toward being an operating DAO. MakerDAO’s governance is pretty ambitious, so making sure that community members have the opportunity to get their questions answered and moderating the video call conversations is a really cool and fulfilling way to engage with the community. It’s great to see the bridge between community members and people like our CEO Rune, or our developers that have the opportunity to come on and speak a bit about what they’re doing. Ina public company, shareholders are proportional owners of the corporation. But how often do Google shareholders, for example, get a chance to talk to the CEO, to other key executives or to developers and other technical experts? Those sort of interpersonal non-hierarchical interactions happen regularly at Maker and I am really thrilled to play a small part in enabling those interactions.(Source)How does community management fit within the larger organizational structure? What role does it play in the long term vision for the project?We’re moving towards that true vision of decentralization, somewhat slowly but surely. In some ways that requires that we get a lot of information out there, to make sure that our community members are as educated as possible to make responsible and agreeable governing decisions. I’d say that community management has an important role in our plans for expansion. A successful stablecoin has to achieve critical mass and then its use will increase exponentially. We have seen that with other great inventions like air travel, email, the internet-you start with something good and then you build adoption and aim for a network effect. MakerDAO’s success is built upon the development of cohesive, connected community. We are an international project, not just because of our employees and the MKR holders that live in many different countries but because our goal is to create a relatively stable digital currency for the entire world.We’re hiring and we have hired some truly incredible community leads across our planet. I’m in the United States but I just got off a call with Lenka Hudakova, our amazing community lead in Europe. This is great as the opportunity for community building is global and our community lead team is operating globally. I’m so thankful to work with a team of community building super rockstars including Lenka in Europe, Mariano Di Pietrantoni in Latin America, Chao Pan in China, and Jocelyn Chang in Singapore!For any organization it’s important to remember why the organization exists. I’d say in many ways MakerDAO truly exists for the community. We build infrastructure for other organizations or other communities to then go ahead and use. Some of that infrastructure being the stablecoin, Dai, or the permissionless lending that occurs through the CDPs. The way to optimize what Maker is doing is making sure that the community continues to feel passionate and engaged, continues to feel that their needs or questions can really be addressed, and that they have an opportunity to engage with us. So in terms of fulfilling the overall vision of most crypto projects — I’d say communities are centric to that.Can you provide some numbers for your community? What growth strategies you implemented to get there?Our strategy with community right now hasn’t been to expand it so much as it’s been to tend to it. Multi-collateral Dai hasn’t been launched yet, but it will be launched soon. So the community that has joined so far is already excited about single collateral Dai using specifically ethereum. I’d say our goal has been to maintain the excitement and the enthusiasm, which is rightfully there, up until the larger launch of what Dai is truly meant to be, which encompasses multiple collateral types. The growth strategy has been about creating deeper relationships with the community members that already exist, especially the developing community that already would be happy to use MakerDAO infrastructure. Once Multi-collateral Dai is launched the strategy will put more emphasis towards scaling. I guess you could say that we want to do it right before we do it bigger. We hope and expect that growth will accelerate as we continue to reach our milestones.How do you engage with the broader community?We do a community meeting each week on Tuesdays. There is also an opportunity for people to come in and engage or watch the recap. We go over all the news and the development that’s happened that week. Really keeping up to date with great content that comes out on our medium, which we then go ahead and tweet or post to Reddit or use within our own Rocketchat.One of the things I like about our community strategy is that we’re not on too many platforms. For instance, we confine a lot of what we do to on Rocketchat, which is cool as opposed to attending tons of communities across a lot of different channels. That’s not to say that won’t happen in the future, but as of now a lot of the information is dispersed through Twitter, in which we have a big presence, and Reddit and then our Rocketchat. So the maintenance of those communities is streamlined and I’d say that’s helpful.How would you define a successful crypto community? What metrics would you use to define success?It depends on the goals of the crypto community. I would define success as an engagement but in a positive way. So not having people come on and ask “When is this going to moon?” could serve as a definition of success for some people. A lot of it just has to do with a qualitative evaluation which can be somewhat difficult to define in a succinct metric.What are Makerdao’s goals for the community?Keeping the community equipped to take on the big things that are happening somewhat soon on our roadmap — that being decentralized governance. Making sure that the community is educated to a level that they feel is necessary for them to make good voting decisions. We also want to maintain the passion and enthusiasm that already exists, and make sure that we can continue that momentum moving forward.If you can go back in time, what would you do differently? What do you wish you knew early on?If I could go back in time, I would have thought more about some of the hybrid that happens between community building and business development. Community is such an expansive and ethereal term. When you think about the community, it really encompasses everybody. One of the things that I’m trying to do now, in becoming a more successful community manager, is honing in on our business development strategies and processes. That way when I interact with people and projects within the Maker community, I can understand our alignment of interests and optimize the spread Maker infrastructure in as many positive ways as I can .How do you approach expanding internationally?I’ve actually approached it through events. So ETH Buenos Aires was great for us in terms of growing out to Latin America, not just community presence but essentially the project presence of MakerDAO. I met two truly amazing individuals there. Including Mariano Di Petrantonio who is now our community lead in Latin America as well as the incredible Nadia Alvarez who is now our business development associate in South America.In terms of building out an international presence from a recruiting perspective, it can be really helpful to meet and engage with the people that are going to be a part of that. If projects have the opportunity to go to a large event or an event that seems like an alignment with the kind of community building that they want to do in a specific area, then they should definitely take advantage of that opportunity. We’ve seen a lot of positive things come out of that.(Source)Is there anything else you want to say about community management for new projects starting out and trying to build up their communities?I’ve been fortunate coming into the Maker project because the community already existed and already had this beautiful harmony to it, which was the seed that maintained and continues to flourish. So in terms of building out a community for something that does not yet have a strong following: maintain a pure ethos about what it is that your project is doing, incorporating that roadmap into whatever community that you’re trying to attain and preach what those benefits are in order to bring on new community members. This is something that could lead to some enthusiasm and positivity, as opposed to really aggressive marketing tactics. Maybe attending more events with projects you respect or have some synergy to what you’re trying to do, and then interacting with communities there could be an interesting way to go about building a community. Identifying what already works and then seeing if you can maybe feed off of some of that positive energy.Where can people get in touch with you?They can get in touch with me on, which is a part of our Rocketchat. Also on our Reddit, which is r/MakerDAO, or if they want to send me a message to u/jesssalomon-MakerDAO, and I’d be really happy to talk more.Alan VanToai is one of the Co-Founders of Chainfuel — an agency providing community management and design services for crypto startups.You can find more helpful resources on building and running a successful crypto community on their blog, as well as their free e-book: The 7 Pillars of Crypto Community Management.How MakerDAO Created An Engaged, Cohesive Community Without An ICO was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

MakerDAO partners with Ripio exchange to bring Dai to South America

CryptoNinjas Blockchain ecosystem MakerDAO announced that is has partnered with South American crypto exchange Ripio list its Dai stablecoin. As of now, Dai is available for Ripio exchange users in South America where they will... MakerDAO partners with Ripio exchange to bring Dai to South America

Almost 1% Of Ethereum (ETH) Token Supply Locked In MakerDAO Smart Contract

One Percent Of Ethereum Supply Locked In MakerDAO Smart Contract Mike McDonald, the founder of MKR Tools, tweeted yesterday information that led to quite some excitement. He stated in the tweet that, “There is now 1,000,000 ETH locked in @MakerDAO smart contracts as of this morning. A slight rounding error away from 1% of the total ETH supply.” The MakerDAO project stands behind Dai, which is a second-generation stablecoin that offers USD issuance on the blockchain. Though the system seems to be challenging, the project provides information that explains how it works and in a very simplified manner. This way, anyone can participate. According to Gregory DiPrisco, the author of the document: “You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain.” The blockchain does indicate that there is 1 million ETH tied up in the platform’s smart contracts. However, it should be noted that Dai’s market capitalization is around one-third of that. The system functions by allowing users to pool funds together, and they are then issued Dai tokens. The collateral behind the tokens is the collateralized either. Since the smart contract platform received funding and began business, there has been over 103 million ETH generated. Dao’s maker launched the PETH tokens last year and such tokens are about one percent of all the ether there is. Though some believe that Dai does not have much practical application, there are those who are rallying behind it as a method to resolve complex problems. The platform also has a mechanism that liquidates positions and that may lead to a destabilized system. “There remains the possibility of the incentive structures not working as expected – especially when the price of ETH keeps dipping and its value is worth less than the amount of Dai that is supposed to be backing . . . In this situation under-collateralization, the Maker system triggers a liquidation of the CDP's collateral, automatically selling it off to the highest bidders for Dai as fast as possible to recapitalize and ensure that the Dai that it issued to the original user it fully centralized.”
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About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts

CoinSpeaker About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts On Tuesday, Mike McDonald, the creator of, an interactive dashboard to track CDPs and the overall DAI system, published an interesting post on his Twitter. He showed that almost 1 percent of the total Ethereum supply (or 1 million Ethereum) is currently locked in MakerDAO smart contracts. There is now 1,000,000 ETH locked in @MakerDAO smart contracts as of this morning 🎉. A slight rounding error away from 1% of the total ETH supply. — Mike McDonald (@mikeraymcdonald) November 13, 2018 Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Since its launch in 2015, a total of just over 103 million Ethereum have been generated. This amount  includes the initial 72 million coins issued as a part of the Ethereum ICO funding conducted the year before. As the Ethereum blockchain shows, about 1 million Ethereum is locked up in Maker smart contracts, but the DAI token’s market capitalization is actually around 1/3rd of that figure. About MakerDAO MakerDAO is the project behind Dai, a stablecoin offering that automatically reacts to changing market conditions in order to stabilize its value against the major world currencies. It is a crypto-collateralized stablecoin pegged to the USD but entirely backed by Ethereum. MakerDAO leverages smart contracts where the stablecoin Dai is pegged to the USD 1:1 and functions as a decentralized autonomous organization. The system of MakerDAO is not sophisticated, users are not required to be expert economists or Ethereum developers to grasp the mechanism. Its creator, Gregory DiPrisco, explains the difference between Dai and, for instance, Tether: “You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain.” MakerDao heavily relies on complex and novel technology. The way the Maker system works is as follows: users pool Ethereum (referred to as PETH) together and get Dai tokens collateralized by the deposited Ethereum and stabilized   at $1.  Another term widely used among users is WETH — “wrapped Ethereum”. WETH is more of a concept than a product of the MakerDAO – PETH and Dai are respectively tokens issued by Maker. It is notable that the project has been supported by such a prominent figure as Andreessen Horowitz who invested a total of $15 million to MakerDAO. According to Rune Christensen, CEO and co-founder of MakerDAO, thanks to funds received from Horowitz and operational support from his a16z crypto fund, the project will get a chance to boost the development, evolution and adoption of the Dai Credit System. About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts
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Why Do We Need to Wrap Bitcoin?

BitGo, Kyber Network, MakerDAO, IDEX and many other crypto companies partnered to create a Bitcoin-backed Ethereum token, Wrapped Bitcoin. This token will represent BTC, 1 token equal to 1 BTC stored in the custody of BitGo. It could be used to trade BTC on DEXes, the whole administration will be via DAO, similar to Maker system

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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 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? — 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. — 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. — 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
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