Day: September 26, 2020

Hackers Drain Kucoin Crypto Exchange’s Funds in Security Breach CoinDesk –

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An Asian cryptocurrency exchange’s funds have been compromised in a security breach. The Singapore-headquartered digital asset exchange KuCoin said in a statement that it detected large withdrawals of bitcoin and ethereum tokens to an unknown wallet beginning at 19:05 UTC time on Friday.  In a live stream on 4:30 UTC time Saturday, KuCoin CEO Johnny Lyu said that one or more hackers obtained the private keys to the exchange’s hot wallets. Kucoin transferred what was left in them to new hot wallets, abandoned the old ones and froze customer deposits…

Memes Mean Money – CoinDesk

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Before we get into this week’s column, an announcement, one I’m super excited about.  Today, we’re simultaneously launching a new podcast under the same name as this newsletter: CryptoX’s Money Reimagined. Like the newsletter, it’s a conversation around the technological, political and social forces reshaping our financial system. For each show, I’ll be joined by the tremendous Sheila Warren, blockchain lead at the World Economic Forum, as we sit down with insightful guests from around the world.  Below you’ll find links to the first show which you can use to…

Kucoin Loses $150 Million in Hacking Attack on Exchange’s Hot Wallets

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Kucoin announced on September 26 that the cryptocurrency exchange detected unusual withdrawals from its hot wallets, and a deeper look into the issue revealed that several ERC-20 tokens and also Bitcoin were affected by an attack from hackers. An estimated $150 million worth of assets may have been stolen. A post-mortem report has yet to be released, but KuCoin CEO Johnny Lyu took to a livestream to address the hack shortly after. User funds affected in this incident are insured and will be compensated fully by KuCoin. Deposits and withdrawals…

Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain

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Soon there will be another network that allows people to tokenize BTC in order to leverage the underlying blockchain’s speed and fees. On September 24, Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron. Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20 token standard, the Wrapped Bitcoin (WBTC) team will utilize the TRC20 token standard from Tron’s infrastructure. Similarly, all…

Here’s What Could Come Next

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Uniswap’s UNI token has seen its price stagnate in the time following its rebound from lows of $3.75. Shortly after being announced, the token gained listings on a plethora of exchanges, including Coinbase, Binance, and others. Some trading platforms like FTX even listed perpetual swaps for the token, with the trading frenzy surrounding its launch sending its price from lows of $1.00 to highs of $8.50. These highs were only tapped for a brief moment, as the token’s price subsequently plunged all the way down to the $3.00 region. UNI…

‘Bulls have won’ — Bitcoin whale clusters suggest BTC trend reversal

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Bitcoin (BTC) whale clusters indicate that the price could be in a short-term trend reversal after BTC’s recovery beyond $10,700. In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges. Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time. This typically indicates that whales expect BTC price to increase in the near term. The hourly map of Bitcoin whale clusters. Source: Whalemap Whalemap, an on-chain analysis firm that tracks whale…

Only A Few Days Left For A Bitcoin September Close To Remember

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There are less than a handful of days left in September, and therefore only a few days left for Bitcoin to make it a month to remember. In order to make it one for the history books, the cryptocurrency must hold above two key levels, both converging together at this crucial monthly close. How the candle closes in September, could set the stage not only for the rest of 2020 but long into 2021 and beyond. Why Bitcoin’s September Monthly Candle Close Is The Most Crucial To Crypto Yet Bitcoin…

Vin Diesel Just Released His First Song ‘Feel Like I Do’ – But Why?

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Vin Diesel has released his first single, “Feel Like I Do.” The song dropped live on “The Kelly Clarkson Show” before it went to Spotify. Is this just another attempt of an actor trying to become a recording artist? Vin Diesel is taking his karaoke skills to the big leagues. He just released his first single, “Feel Like I Do,” written and produced by Petey Martin, and released through Kygo’s Palm Tree Records label. Since Diesel can’t be on a movie set due to Covid-19, he gave singing a chance,…

XRP Enters Key Accumulation Zone as Analysts Eye Move to $0.28

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XRP’s price action has been rather lackluster as of late, with both buyers and sellers being unable to garner clear control over its near-term trend as it hovers within the mid-$0.20 region. This consolidation has largely come about as a result of that seen by Bitcoin, as the benchmark cryptocurrency has also been struggling to gain any clear momentum as its price oscillates between lows of $10,200 and highs of $11,200. Because XRP has been moving in close tandem with BTC and the rest of the market, where it trends…

Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law

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Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale of Digital Currencies) bill in the Israeli parliament Knesset on September 22. The bill by the four – MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir – proposes several changes to crypto taxation, including the amendment of the existing tax…