$25 million stolen from Decentralized Exchange Bancor
Another day, another hack. It seems like no exchange is safe out there, not even the decentralized type. If you recall DEX Exchanges were supposed to offer greater security due to their decentralized set up. Guess the jury is still out on this one. Whatever your stance so many hackings have taken place it makes you wonder if these exchanges are doing too little to tighten security. Bancor was hacked, again, for $13 million after one of the their upgrade wallets was compromised. The vast majority stolen was Ethereum.
After raising $150 million in their ICO, you would think Bancor would have invested some of that in their security procedures. Read more about it below. Let’s get this dispatch rocking! (I’m trying new lead-ins, ok. Cut me some slack)
The top 5 looks like it’s locked in for the near future. The overall cryptocurrency market dropped week to week from $267bln to $249bln representing a 6% decrease in the past seven days. No drastic moves or bart patters this week even with the Bancor hacking news AND the mining hack. It’s been a rather poor week in the news cycle for our beloved crypto.
Bitcoin (BTC): BTC struggled this week and nestled into the $6,200 support, for the time being. 2018 sucks y’all. This represents a drop of 4%, not bad considering the swings many crypto enthusiasts are accustomed to.
Ethereum (ETH): It’s getting boring watching ETH do what BTC does. Week to week ETH sank 6% $439 as of this post. Ethereum continues to be the poster boy for a gre place to develop DAPPs but other chains and projects are catching up. With Caspers successful release to update Herrumbres economic consensus protocol, things seem pretty hum-drum here.
DASH (DASH): Dashcoin cryptocurrency was created on 18 January 2014 by its developer Evan Duffield and was originally released as XCoin (XCO). In February of the same year (2014), the name was changed to Darkcoin. Moreover, on 25 March 2015, Darkcoin was rebranded as simply Dash”. Quite the saga, huh?
As it stands, Dash users can now opt for full privacy in their transactions and remain completely anonymous, thanks to Evan Duffield. Dash has three main features: speed of transactions, masternodes and private send. As you can see in 2017 DASH reached all time hish peaking at $1,600 per DASH but like the entire crypto market has retraced to $226 as of this post. Can you imagine how much the Masternode owners must have raked in during that run? Well played to those that got in early and believed in the project.
If you want to know more about DASH check out our guide!
WHATS NEW AT CRYPTO IS COMING
Win a FREE copy of ‘An Altcoin Traders Handbook’ – We are giving away 3 copies of Nik’s popular book ‘An Altcoin Traders Handbook‘. How do you enter to win? Sign up for our newsletter and we will select three winner on Monday, July 16th, 2018. Do it!
Etherpoly.io is launching a new decentralized Ethereum game – Etherpoly.io (OLY) is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities. It is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities. Read on for more details!
Sleeping Giants of Crypto – While the January crash wiped a huge chunk of market cap off the map with aftershocks rippling through the marketplace ever since, there are a number of projects that have weathered the storm well and continue to show promise for the future. Is your favorite project on the list?
What Are Exchange Tokens? – A recent trend in the crypto space has seen exchanges listing their own custom cryptocurrency tokens, generally offering a trade fee discount when the tokens are used. Binance is often credited with kickstarting the trend into mainstream use with the highly successful BNB token, and other exchanges have followed suit. So how do all these tokens measure up, and what do they do exactly?
New Github Repository Catalogs Physical Bitcoin Attacks – Cryptocurrency hacks have always been a thorn in the side of crypto enthusiasts. It seems like we cant go a few months without a major theft taking place. Jameson Lopp, created an open source repository to catalog and list all known physical bitcoin attacks/thefts. Check it out, it’s fascinating stuff. And a lesson. Because if anything we here at Crypto is Coming want to share teachable mome….lol I can’t finish that.
Vitalik Buterin Says Centralized Exchanges Can Burn In Hell – Sassy. We love it. Outspoken Ethereum co-founder, Vitalik Buterin, has hit out at centralized exchanges, saying that he hopes they burn in hell as much as possible while speaking to John Evans of TechCrunch. He has mirrored the opinions of divisive self-proclaimed voice of cryptocurrency, John McAfee.
Check our Crypto Swag store on Teespring – We’ve got new designs, Go, consume, support Crypto is Coming. Kisses
Visualizing the ICO Explosion – The ICO market exploded in 2017. We saw Billions of dollars pour into crypto through this new crowdsourcing vehicle. Take a look at the infographics below from the crew at howmuch.net.
Litecoin Foundation and TokenPay buy stake in WEG Bank AG – Litecoin founder, Charlie Lee, announced via twitter this morning that the Litecoin Foundation and Token Pay have entered into a partnership to buy a stake in German bank, WEG Bank AG. IN acquiring this stake, they hope to work on consumer driven cryptocurrency solutions for Litecoin and other cryptos.
Opera Launching A Browser With Built-In Crypto Wallet Functionality – Opera has announced that it is launching a new Android based browser that will incorporate a cryptocurrency wallet directly in the software. The browser will support the Ethereum Web3 API, and this function means that users will no longer have to open a separate browser to send and receive payments or check their crypto balance.
What Happens When The Bitcoin Reaches 21 Million And Mining Reward Runs Out? – Bitcoin transactions can only be verified by mining, a process in which powerful computers solve complex algorithms in order to add new blocks of verified transactions to the blockchain. What happens when there is no more reward? Check out our latest piece from Conor.
From Nick Szabo to Naval: The best crypto twitter threads of the week – We all know Cryptocurrencies are at the forefront of innovation in finance and tech. But the people involved in crypto are also leading the way, fighting in the intellectual battle ground that is crypto twitter to see which ideas gain strength and which die off.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
Another hack rocks cryptocurrency trading: Bancor loses $13.5 million – The alleged hack has raised questions over the validity of the start-up’s “decentralized” system. This week, the start-up said that a wallet being used to “upgrade” smart contracts was compromised. This wallet was then used to withdraw $12.5 million in Ethereum (ETH), alongside $1 million in Pundi X (NPXS) and $10 million in Bancor Network Tokens (BNT).
Binance to Record $1 Billion Profit in 2018, Surpassing Major Banks – The cryptocurrency market has dropped by over 70% since the start of the year, but the worlds largest crypto exchange is still expected to rake in a hefty profit.
Ledger launches Ledger Live, the all-in-one companion app to your Ledger device – Ledger Live is a new all-in-one companion application for your Ledger device that runs on Windows, Mac and Linux. Weve built Ledger Live from the ground-up to deliver a feature-packed, yet user-friendly experience for both power users and newbies.
Bank of Korea Says Cryptocurrency Poses Little Risk to Domestic Market – The Bank of Korea (BOK) recently announced that cryptocurrencies pose little risk to South Koreas domestic market, Cointelegraph reported. The analysis comes in the wake of the institutions publication of a report covering the influence of virtual currencies in the countrys financial industry.
Malta is Creating a Decentralized Bank with the Help of Binance – Binance is seeking to use Malta as the base for a new bank that will be owned entirely by cryptocurrency investorsthe worlds first decentralized, completely community-owned bank, according to a Bloomberg report.
Robinhood Adds Bitcoin Cash & Litecoin Trading, Will Support Crypto Transfers – All aboard! Rapidly-expanding fintech unicorn Robinhood has added bitcoin cash and litecoin to the growing stable of cryptocurrencies that users can trade on the popular stock trading app.
100 Merchants Invited to Risk-Free Trial of Lightning Network – Did we ever mention we love of chain solutions? A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network.
Crypto is not a Bubble, Says Bernstein Analyst – Bitcoin is not a classic bubble, but still be ‘suspicious,’ says investing expert William Bernstein. Thanks the for advice, Will.
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