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Bitcoin [BTC] P2P platform faces security breach; 5 accounts compromised in hack

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Bitcoin [BTC] P2P platform faces security breach; 5 accounts compromised in hack
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Local Bitcoins, a Bitcoin platform that allows the user to buy, sell and trade the cryptocurrency, recently reported a security breach that took place on the platform, through their official Reddit platform.

The Bitcoin peer-to-peer platform has been contributing to the adoption of the cryptocurrency since 2012, with the platform recording a global volume of over $129 million at its peak. Additionally, the exchange currently records the highest volume in Venezuela, a country well-known for its economic crisis.

The exchange stated that they detected a security vulnerability around 10:00 UTC on January 26, 2019. The platform further stated that through the vulnerability, the hacker[s] could access and send transactions from several compromised accounts. Following this, the exchange stated that they disabled outgoing transactions for a short duration in order to investigate the vulnerability. They stated:

“We were able to identify the problem, which was related to a feature powered by a third party software, and stop the attack. At the moment, we are determining the correct number of users affected – so far six cases have been confirmed. For security reasons, the forum feature has been disabled until further notice.”

Currently, the outgoing transactions have been re-enabled and the exchange claims to have taken the necessary actions required to “address this issue” and also secure the accounts that could have been exploited by the hacker[s]. The exchange said:

“Your LocalBitcoins accounts are currently safe to log in and use – we encourage you to enable Two-factor authentication, if you have not yet. We sincerely apologise for any inconvenience this might have caused.”

The attack lasted for around five hours, according to reports, and during this timeframe, users were redirected to a phishing site, which resembled the LocalBitcoin login page. This was followed by the hacker[s] retaining information such as their log-in credentials. The hacker[s] was able to successfully siphon around 7.95205862 BTC [currently valued at $27,246.85].



DoubleClickBTC, a Redditor, said:

“The fact that there are only 6 effected users is astonishing and shows that Localbitcoins threat detection and prevention system is extremely efficient as this exploit could of easily hurt the site alot more.”

This hack took place days after another cryptocurrency exchange, Cryptopia, reported a security breach, resulting in the platform losing control over a massive amount of customer’s funds. The exchange reportedly lost over $16 million worth of Ethereum and ERC20 tokens.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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