Allegations of KYC data breach flashed all over the internet when CCN first reported having received pictures of the leaked data containing personal credentials of users. Following the suit were other news outlets who reported the same without verifying the source.
Binance CEO, Changpeng Zao, on his tweet, condemned the news portal and called them out for publishing a piece of news without proper verification. He further stated that the original post did not even mention the name of any top cryptocurrency exchanges.
The post originated on the discussion platform – Reddit around six months ago. The post, however, went unnoticed without any upvotes and shares prior to the news portal breaking the news.
Prior to the tweet from the crypto honcho, the global PR manager of the top exchange, Leah Li on a statement said that the pictures released by the news portal have been assessed by a team of experts and had found no such data leak on its platform. Additionally, an independent expert crew also probed into the matter and concluded that the pictures could be from fraudulent sites that pose as a legitimate platform to the users. Also called phishing sites, these platforms steal user’s confidential data masquerading as genuine sites offering the users to open an account with major crypto exchanges like Binance, Bittrex, etc.
According to the report, CCN had received screenshots which appeared legitimate. The three-piece sample was sent by an anonymous user who claimed to be an expert. It had the screenshots of a hacker named ExploitDOT who posted the data on the dark web ‘Dread’ claiming to have KYC credentials held by the top crypto exchanges and attempted to sell off the data at a rate of $10 per 100 document and also provided discounts for bulk.
According to another online news portal – decryptmedia, the hacker in question claimed to have been involved with an online drug market prior to this and allegedly offered to sell a darknet market for an unusually low price of $5000.
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China, U.S and Hong Kong account for 70% of the world’s mining pools, report reveals
Mining pools have been the backbone of the crypto-ecosystem, owing to their inherited duty to fuel transactions and ensure immutable credibility. Given the power mining pools hold in the space, countries like China, U.S.A, and Russia have been competing to host the world’s largest mining pools and earn the corresponding block rewards.
A recent report listed the world’s top 50 mining pools based only on the mined number of coins, which reveals the involvement levels of countries that are heavily invested in crypto and blockchain technology. The report claimed,
“The top 10 mined coins have market caps above $0.5 billion dollars, and the #1 coin, Bitcoin, as of our snapshot taken on May 30, 2019, had a market cap of $154 billion.”
The graph above suggests a total annual economic value run rate of $8.6 billion, with Bitcoin being responsible for 2/3rd of the economic value so created. Additionally, overall mining per day amounts to $24 million per day, with Ethereum contributing almost $4 million to the same.
As evidenced by the table above, China, U.S. and Hong Kong account for 70% of the world’s top 50 mining pools. And while China is currently responsible for nearly half of the annual value produced, recent measures by the Chinese government will force new players, as well as existing market leaders to pick up the slack.
Helping China stay ahead of the curve is the biggest mining pool in the world, BTC.com, which produces an economic value of $3 million a day. Although Chinese pools are dominating the charts, the downfall of the Chinese mining industry will inevitably place U.S. at the frontier of mining operations. However, some experts speculate that the reduction of global players such as China may lead to centralization of crypto-mining, which may ultimately lead to manipulation of transaction fees and trading value.
In conclusion, it would seem that the report suggests that there has been a rise in mining operations, as well as the corresponding economic value generated. However, many believe that the key to its sustainability can be determined by the impact the impending halving will have on the economic value subsequently generated.
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