Web 3.0 news

The predicted third generation of the World Wide Web, usually conjectured to include semantic tagging of content.

World latest news

Ethereum-Based Opera Browser Hopes to On-Board Web 3.0 Users

On December 13, 2018, Opera finally announced the launch of their blockchain-based web browser at Hard Fork Decentralized in London. At the conference, the team described the technical features included in the release as well as how it fits in with a broader vision for a Web 3.0. Built-In Wallet and Ethereum In August 2018, BTCManager reported on the firm’s...Read More. The post by Liam J Kelly appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Opera Rolls New Blockchain-Oriented Browser To Interact You With Web 3.0

During the Hard Fork Decentralized Event in London which was held for three days (December 12 -14), Opera announced the launch of cryptocurrency wallet on its Android App. Opera’s new blockchain oriented browser is particularly built to help users browse with the decentralized web or Web 3.0. First Browser with Decentralized Mechanism This is the first of its kind in web history that users can access web browser with decentralized features. The announcement specifically focuses on key features like dApps interaction, managing digital identity and transactions process. Opera executive VP Krystian Kolondra elaborates the launch, “Our hope is that this step will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users’ daily lives,” Presently, the browser works well with Ethereum network that also enables users to store ETH or any token based on ERC20. However, they may soon support new cryptocurrencies but the firm has not made any official statement on the same. The phase of Opera Blockchain Based Browser July 2018 – announced the launch of Android App with a built-in wallet Later unveiled that wallet can be used via the user’s desktop browser as well September 2018- Testing of Beta version of the App December 2018 – Opera rolled out the cryptocurrency-oriented browser for Web 3.0 It may soon step ahead to begin the crypto oriented desktop version for Windows, Mac, and Linux. Opera’s new browser is likely to enhance the cryptocurrency adoption at an exceptional level. It is also featuring to offer a direct and seamless experience to the various blockchain-powered services. Charles Hamel who is the project lead Charles Hamel discussed how Opera’s new browser is super user-friendly while pointing the hurdles, “One major hurdle in all this is that you need a special browser or special browser extensions to even start exploring the decentralized web and even then, users are faced with lots of new terminologies that is sometimes confusing,” He encouraged the convenience of using Web 3.0 application which he said ‘ very similar to using Google or Facebook with Opera’. Moreover, he points that; “This is a lot easier and faster than what has been available until now.” The post Opera Rolls New Blockchain-Oriented Browser To Interact You With Web 3.0 appeared first on Coingape.

It’s About Values, But Values Don’t Always Win: Why I’m Bearish on Web 3.0

— This post is part of the Blockchain’s Trillion Dollar Futures series —Web 3.0 (also known as “the decentralized web” or simply the emerging space of decentralized networks and applications) is the crypto category that everyone should be watching in the next few years. Thousands of founders, funds and media outlets make daily claims that cash and store-of-value were just the beginning, and that just like the unsuspecting earthlings of 1995, we’re about to witness the emergence of massive, world-changing applications powered by blockchains.It’s too early to make outlandish predictions, but it doesn’t prevent many people from making them and defending them religiously. What I’ll try to do in this post is boil the situation down to a list of observations and key questions that I’m asking myself when thinking about the future of web 3.0.Let’s start with some observations:Blockchains are not unique enablers for any app. Unique enabler is what smartphones were for Uber. Technically, 100% of the apps that could be built with blockchain could also be built with any commercially available databaseHowever, blockchains differ from regular apps by providing “unbreakable guarantees”: they are permissionless, censorship-resistant and out of the control of any single entity. They predefine roles and rules for all participantsThose guarantees appeal to some people because they imply openness, competition, true ownership, technocracy, freedom and free marketThose guarantees come at a cost for users who use blockchain products. We live in a world where many people can’t do simple foreign exchange math. As of 2018, using the decentralized web requires understanding technical concepts such as private keys, using a new set of software tools and managing an inventory of different utility tokens to consume different services. Users also have to accept the finality of disasters such as loss of private keys, and the fact that often there is no customer support phone number to call when the worst happensThose guarantees also come at a cost for founders, compared to traditional tech businesses. Founders who take a radical decentralized route can’t use the world’s most advanced cloud infrastructure (AWS, for example). They can’t charge dollars for their services. They put sky high barriers in front of potential users (from obtaining utility tokens to installing special software). They sacrifice governance and the ability to iterate and change their product over time, which is a fact of life in tech startups. They have to think about liquidity and choose one blockchain to live exclusively on, because blockchains aren’t interoperable yetThe internet is where it is today because it made life convenient for users and founders. But the success of the decentralized web doesn’t seem to be about convenience as much as it’s about values. I think about web 3.0 as a version of the internet that trades convenience for better values.Do values always beat convenience? Idealists think so. I prefer to ask how appealing the values are, and how much convenience is sacrificed. That’s why I think we should watch three important variables in the coming years:P (pressure) = how much pressure is going to accumulate to “rebuild the internet with better values”?U (friction for users) = how complex is it to use blockchain products vs. centralized products?F (friction for founders) = how complex is it to build a blockchain company vs. centralized company?Web 3.0 is more likely to happen if P goes up, U goes down and F goes down. At the risk of clumsily dressing up a qualitative statement as a quantitative one, you can think about it like this:You can also use this framework to evaluate specific projects and use cases. For example, let’s see how it explains Bitcoin’s success as a store-of-value:High P: Bitcoin capitalized on high pressure to build a monetary system with better values after the global financial crisisLow U: friction for users was kept under control as wallets and exchanges became more trustworthy and simpleLow F: friction for founders never played a role. Bitcoin is an extremely simple invention that (arguably) has never been in need for updatesPeople assume that the geeks will “figure things out” and drive down U and F to zero by building decentralized infrastructure for web 3.0, but it’s not a trivial statement:The P question: is there a real pressure (P) from users to rebuild the internet and consume this infrastructure, or is it a case of putting the cart before the horse?The U and F questions: as we slowly build the decentralized internet, people seem to forget that the centralized internet continues to evolve. The Amazons, Apples, Facebooks and Stripes are working relentlessly to make it easier to start, run and use centralized products. Companies like Carta could work with regulators and help startups grant equity to early adopters, tackling the marketplace chicken & egg problem that some people hope blockchains can solve. As decentralized infrastructure gets 5x better in the next 3 years, what prevents centralized infrastructure from making the same progress or even more, thereby increasing U and F?Interestingly, there is a prisoner’s dilemma at play today: the world is better off when the internet has better values, but as a founder I would rather build a centralized company around 99.5% of my ideas, simply because I have a higher chance to win this way.Idealists celebrate the idea of “rebuilding the internet” and creating new types of economic activities. That, of course, implies massive value creation. I think this scenario is too aggressively priced into current market prices, investor dollars and media coverage.Here’s a less revolutionary scenario that could play out: decentralized technologies will be part of the future as opposed to what defines the future. Several big blockchains might become the “native databases” that the internet never had. Bitcoin could be the database of cash. Civic could be the database of identity. Ethereum could be a database of ownership (in AWS terms, it means Ethereum would be more like S3 than EC2). If that happens, would the market cap of Ethereum take off or take a correction down from the current 20b USD?The tremendous amounts of over-confidence and group thinking in the crypto community can confuse the most sober of minds. It also got truly hard to know where people’s idealism ends and their greed begins. At the very least, I think it’s way too early to tell if the revolution will not be centralized, or if any revolution will happen at all.Originally published at itai.com on November 14, 2018.It’s About Values, But Values Don’t Always Win: Why I’m Bearish on Web 3.0 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

How Web 3.0 Could Globally Improve Asset Management

By TechnomadsThe distributed ledger hype train has been operating at full steam for some time now bringing along a drastic change of the economic reality with commerce and finance being the blockchain darlings. This, of course, didn’t happen overnight. Over the last couple of decades, the concept of profitability and socio-economic impact of entire industries has drastically shifted. Information technology is pushing forward the entire set of newly invented values based on social interactions. More so, many of businesses and public agencies operating by conventional industrial principles are struggling to compete with their digital rivals staying afloat mostly by virtue of enormous debt load, excessive monetary emittance, and some creative financial schemes.Meanwhile, compared to the 7 billion world population, the decentralization is now tackling the concerns of very limited categories of people — mostly geeks and financial institutions. Around two billion people worldwide still do not have access to the financial services that meet their needs. Whether individuals or small to medium enterprises, many struggle to get sufficient financing to lift them off poverty, establish a sustained source of income or gain the opportunity to obtain shares and invest in assets. Distributed ledger technology could alleviate some of these challenges by virtue of newly invented mechanisms and principles for more efficient asset management, intermediary-free remittances, credit-history for micro-loans and accessible tokenized-assets investments.To grasp some major implications of this shift for the global economy as we know it, let’s try to figure out the origin and major building blocks of driving forces behind the bespoke decentralization.Web 3.0: the Economic TriggerIn fact, this whole process is entirely organic. Since the 70s, the change of economicparadigm has stemmed from massive boosts in labor productivity tied to fast technological development ultimately changing the industrial operational mode. The mass adoption of the Internet as a global tool for fast information exchange and new social interaction modes has accelerated this phenomenon of post-industrial transition, which can now be defined as‘The transition from the economy of scale to the sample-based economy’.This definition is short, yet embracing the essence of post-industrial transition. Once essential stages of product development — tech execution, branding and marketing — have now become much more expensive than scaling of production that implies effective implementation of all the aforementioned stages. In the world of open-source code, there is zero-like cost for copying, while production of a sample can be quite hard, lengthy and expensive. Pure industrial age goods are becoming less critical to the end consumer, in contrast to typical post-industrial products — like brands or valuable information. This new status quo is strengthened by the phenomenon ofnetwork effects that are often stronger and more compelling than their offline counterparts. What it basically means is that each open-source product is first of all a brand powered mainly by the community around it, while the tangible product is taking up the secondary role.That said, we’re now observing extensive development of services and products seeking to transfer business processes from a conventional operational model by creating a decentralized community-based projects on the basis of existing industrial patterns. These projects are solving pretty much the same problems as their industrial counterparts, but on an entirely new level, by introducing new business and tech efficiency standards that appear to be outperforming the existing analogue products on a number of markets.Speaking of tech, you might have already heard a thing or two about Web 3.0. that is essentially a technology stack for deploying decentralized applications and socio-economic concepts for postindustrial community-based services of the future. Back in 2014, Dr. Gavin Wood in ‘dApps: What Web 3.0 Looks Like’ elaborated on how post-industrial models of interaction between society and technology would start to push for adoption of new decentralized protocols. Now think even bigger. Post-industrial transition affects not only the business landscape, but whole institutions and operational mechanisms that once were considered to be the greatest achievements of vanishing industrial era. Asset management, social security, pension systems are probably most vivid examples here. Once built by the governments as an effective tool for sustainable future, they are now failing to perform this basic function. Banks and public agencies are growing weaker, budgets are continuously decreasing with government debt gradually accumulating to the point where it’s practically impossible to retrieve. Asset portfolios of the majority of pension funds consist of state and corporate debt. The prospects of this deceased framework with capital assets in the form of governmental debt looks extremely alarming. Even more alarming is the fact that the future of each and every individual ultimately depends on decisions of a governmental or corporate entity that manages those funds and savings. Now that we realize that gradual weakening of governmental functions is typical for post-industrial economy, that’s why it’s extremely important to find a replacement solution.Could the decentralized Web 3.0. principles of re-invented socio-economic interaction be a viable alternative to this corrupt system that affects the majority of regular people?Re-imagining asset managementThis brings up another fascinating question: what would asset management look like, once decentralized interaction patterns become adopted globally? Naturally, decentralization is not the silver bullet to each and every industry. Apart from decentralization, one of the core features of Web 3.0 is merging the roles of the owner, consumer and producer into one: we now get this opportunity to produce and dispose of our own data, while consuming the service at the same time. But it’s not solely the data that the consumer fully controls. More importantly, decentralized asset management systems are able to transfer the control over more universal ownership and possession rights from financial institutions to the hands of users. Integration between trusted protocols for decentralized financial services, such as dx/dy, Dharma Protocol, ETHLendand others, could eventually become a good opportunity to manage assets, debts and risks in a new, trustless and convenient way. Independence of large scope of the traditional financial institutions is a great advantage and allows to re-engineer traditional finance and create the new types and paradigms of financial products and operating mechanisms.Essentially, asset management on Web 3.0. rails is re-imagining traditional asset management stemming from newly built underlying tech stack in terms of mechanics, parties involved, incentives and the nature of assets. There are three key components to consider when creating this system: assets, storage and exchange, social interactions (or trustless responsibility).AssetsFirst, assets under management need to be fully digitalized and exist in digital form. In case of traditional assets and money the term ‘tokenization’ is applied, which means the possibility to operate with tokenized assets in a completely decentralized environment without the appeal to traditional entities, such as depositories, brokers, and banks. Cash flow, revenue or debt, generated by those assets also needs to be redeemed in digital form.Storage and exchangeTo manage these new assets, a new technological infrastructure able to execute simple operations, such as storage and exchange of assets in trustless and secure mode, is required. Decentralized crypto exchanges and custody services are a good example of this sort of systems. All manipulations with assets are exchange-like operations that are processed within an ecosystem of new type based on set of crypto-economic primitives. The notion of crypto-economic primitive implies a self-sustaining system driven by tokens and based on the protocol that incentivizes its participants.Social interactionsHere interactions between the fund manager (or the management team) and the customer come into play: for the win-win result it is essential to introduce the protocol of trustless interaction with built-in incentive mechanism. The blockchain-powered token allows for creation of new sorts of incentives that were not possible before. Most importantly, the decentralized asset management is not only about managing investable assets, but also about operating by new incentives for professional asset managers and funds, along with introducing a whole new business model for a user/manager interaction. Hence, professional players are incentivized to operate transparently and efficiently, while beneficiaries are keeping constant track of their funds and free to choose how they wish to dispose of their assets.More so, there are some other essential prerequisites that need to be taken into consideration when building this new stack of programmed finance:Decision-making strategy on extremely chaotic marketSmart assets integrated into entirely new business models can generate new sort of revenues or cash flow, mainly in case of active use in the relevant networks or services. Digital assets are not limited to conventional shares that are often indirectly connected to network or application cash flow. So, in some cases, it can cause a dilemma for the fund manager — to buy and hold, or to invest and participate.The transition of private cash flows from business entities to public environment with smart assets attached to the cash flows (mostly indirectly) raises another fundamental question: will asset management of the new time partially consist of working with systems/business/projects that imply holding of their assets by individuals? The typical role of an asset-manager is blurring the lines as well: what would be their actual structure, scope and strategy? The crypto space has introduced us to the new economic reality: it’s not exclusively business entities that operate assets, but a variety of private players entering the scene — networks, open-source projects, DAOs. In the crypto-economy of new formation, the typical asset management strategies span from buying and holding the asset waiting for the stock going up to active participation in community-based platforms, which was never the case in the traditional asset management of.Privacy and securityTransparency of blockchain based networks is usually preached as its key advantage. Nevertheless, privacy is the same desired attribute of Web 3.0 for the customer as security and censorship-resistance, which brings up another challenge: privacy vs. transparency. Applying privacy layers to public blockchain networks that has been extensively researched over the last years might be a viable solution here.How about conventional social security trust funds?Building a system for asset management in line with Web 3.0 is not easy. Designing a long-term operating trustless fund management system for ‘saving-for-retirement’ is even more challenging. The very definition of ‘pension’ needs to be reinvented to fit the new technological and social reality. If past pension was defined as accumulation of funds for payments that are due upon reaching a certain age, now it can be referred to as strategic preservation of personal capital assets in a secure and reliable mode. It is the primary goal that is now being addressed by emerging trustless asset management platforms that leverage an essential set of features to eliminate cases of misuse or corruption of funds seeking to give pension beneficiaries full control of possession and disposal of their savings. When implemented, these protocols have the potential to bring a significant shift to the industry by introducing the concept of real financial independence where individual ownership and possession rights are granted to every user. In Akropolis -like systems, a user is entitled to possession and control their assets and savings being able to monitor the process transparently and having access to their funds tracking them at any time. It is basically an open borderless competitive marketplace for asset management services made of the set of crypto financial primitives that open up access to effective asset managing strategies to virtually everyone. Naturally, to build those basic blocks, a number of crypto-financial and crypto-economic primitives should be introduced and tested to prove their reliability and efficiency.Okay, so where do we go from here?Now, it’s pretty clear that with appearance of digital assets a significant part of centralized industrial age financial services will be re-imagined in the community-based decentralized mode. The asset management of tomorrow is set not only to establish a decentralized and trustless system to manage assets, but also to create a framework for active usage of digital assets with a view to receive fixed stable income. By creating a set of crypto-financial primitives, i.e. the mechanisms and operational modes to fit the new economic patterns, decentralized asset management platforms strive to bridge this gap starting with the concept of personal financial independence as one of the fundamentals that stands for trustless operation, safety and reliability.Ten years ago there was no Bitcoin, and zero possibility to store one’s funds in trustless mode. Now, there is an entirely new industry with enormous market capitalization. If we consider the last decade — forget that, the last year — and the transformation in financial products, we begin to imagine how much more change is in store. And as we’re moving data and assets on to the blockchains, some bigger questions still exist. One thing is perfectly clear though: the reality where a common teacher on the outskirts of India is depositing her bitcoins into a global trustless pension system being sure that none of it is stolen or misspent is officially upon us.How Web 3.0 Could Globally Improve Asset Management was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
More news sources

Web 3.0 news by Finrazor


True Digital Age by Gavin Wood

Gavin Wood, the founder of Parity Technologies, a Polkadot developer and a co-founder of Ethereum, shares his thoughts on what is wrong with the existing Internet and why we need to move to Web 3.0

Read more


Hot news

Hot world news

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.
Ethereum World News

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.
Bitcoin Exchange Guide

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.
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.