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

Priya

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

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.

Bitcoin

Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content

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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.

The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’

Source: Bitcoin Talk

Source: Bitcoin Talk

60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.

The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.

The show was briefly explained by a Redditor, EternitySphere,

Source: Reddit

Source: Reddit

Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.



Franky1 commented on Bitcoin Talk,

“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”

Source: Reddit

Source: Reddit

Rdbase also remarked on the Bitcoin forum,

“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”





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