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Bithumb hack: Crypto-exchange ChangeNOW retains stolen XRP, EOS worth $0.5 million

Jibin M George



Bithumb hack: Crypto-exchange ChangeNOW retains stolen XRP, EOS worth $0.5 million
Source: Pixabay

The South-Korean crypto exchange Bithumb has been in the news for the past few days after a hack contributed to the loss of millions of EOS and XRP. The hacking episode, however, came to light only after Primitive Ventures’ Dovey Wan pointed it out on Twitter. Wan also pointed out that much of the stolen currencies were being routed and stored in competing crypto-exchanges. The Belize-based crypto exchange ChangeNOW is one of the first exchanges to take some action in this regard.

ChangeNOW today announced that it “managed to stop a solid number of EOS and XRP exchanges” that the hackers were trying to make through it. The exchange’s comment read,

“During the weekend, thanks to our team’s fast and coordinated actions, we have managed to stop a solid number of EOS and XRP exchanges that the hackers tried to make through us.
The total amount of crypto that we have managed to retain from being stolen is worth about half a million US dollars!”

ChangeNOW added that it froze all stolen exchange deposits pertaining to the hack. They are currently secured in a cold wallet under instructions of the law enforcement authority, the exchange added.

Immediately after Bithumb intimated ChangeNOW and other crypto-exchanges about the hack, the Belize-based exchange temporarily disabled EOS and XRP deposits, while also blacklisting the list of malicious addresses.

ChangeNOW was also actively cooperating with the South Korean police and Bithumb representatives, the exchange revealed. It added,

 “Our main goal here is to return all stolen funds to their rightful owners. “

After the hack, Primitive Ventures’ Dovey Wan and Blockchain Explorer revealed that the hacker sent much of the stolen EOS to different exchanges, including EXMO, Huobi, KuCoin, CoinSwitch, and ChangeNOW.

Source: Twitter

ChangeNOW isn’t the first exchange to comment on the Bithumb hack. Binance’s CZ was one of the first industry bigwigs to comment on the story. He said,

“As far as we can monitor, none of the “allegedly hacked” EOS were sent to @binance.
I think hackers don’t want to deal with our big-data risk management system anymore.”

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Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla



Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on will be halted for the initial 12-hour migration period, however, trading will continue. The post added:

“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.

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