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Progress update of the $250,000 Binance hacker bounty

Sthuthie Murthy

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Progress update on the $250,000 Binance hacker bounty
Source: Flickr

Earlier this month, the cryptocurrency world witnessed a large-scale attempt to manipulate and rob the Binance funds leading to a drastic drop in of prices in the global cryptocurrency market. The hack lasted for 2 minutes and Binance had managed to halt all withdrawals immediately, ensuring a failed hack attempt.

Binance had announced recently that anyone who would provide information leading to a legal arrest of the hackers would be rewarded with $250,000 bounty. They recently posted the progress of the hacker bounty on Twitter.

Binance's tweet regarding the Hacker Bounty

Binance’s tweet regarding the Hacker Bounty

They officially confirmed saying:

“As a reminder, we would like to confirm to the community that our system was not compromised during this event and no unauthorized data was accessed.”

Phishing has become very common and this attack was also an extended version of one of those regular attacks which targeted fraud reproductions of their websites to acquire user’s login details.

Binance has suspected this to be the work of an entire group and not some individual. They haven’t ruled out or assumed anything and they are trying every possible way to find out the perpetrator. They have got some additional information from the Binance Hacker Bounty.

The Approach

The list of known fraud web domains involved in phishing activities will be looked into. These web domains are accused to be utilizing various search engine ad campaigns to attract unsuspecting users. Binance is not the only target; other centralized and decentralized exchange platforms are also victims of these hackers.

A few blockchains with suspicious VIA transactions have been identified which occurred just 1 or 2 hours prior to the incident. Further investigations revealed 31 additional transactions within 200 blocks with 4000 VIA each.

The team also quoted:

“The security of our users and their funds is, and always has been our highest priority. We look forward to continuing working with our community to bring the culprit(s) to justice.”

A lot of supporters commented on forums of which few are:

Humanch says:

“We highly appreciate your efforts binance exchange in securing our funds. Keep up the good work!”

Benny commented:

“Keep up the good work Binance. Your swift actions instilled confidence. Hopefully, this helps prevent further attacks.”

Jayden remarks:

“Seek and Destroy! I guess it’s the Russians again. Find and kill all hackers. We are with you Finance hopefully you will be out of this soon.”




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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Ripple

David Schwartz of Ripple projects views on tribal behavior of crypto-industry

Priyamvada Singh

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David Schwartz of Ripple projects views on tribal behavior of crypto-industry
Source: Pixabay

In a recent podcast by Internet History Podcast, the Chief Technology Officer at Ripple, David Schwartz discussed the tribal nature that surrounds the cryptocurrency and blockchain space. Here, he addressed the issue as unfortunate and stated that the members of the space must understand that working together and in sync is significant to moving forward. In his words:

“They’re very much like religious battles. You have influential people who are committed to a position that like one digital asset is the best and they can’t acknowledge any of the strengths of others or the weaknesses of their own, which makes it difficult for people to make good decisions about you know which assets to use or what to use them for.”

He switched the subject to the workings of Ripple, wherein he explained that the company is focused on the use case of global payments but is also excited to see innovation in the space. Furthermore, he stated that he expects to see the XRP ledger be used in different sectors of innovation, moving beyond payments.

About tribalism, he said that there are certain social media platforms that fuel the trait, such as Twitter, mentioning the trend as hostile. He also said:

“Tribalism, it’s chasing a lot of people out of the space because of some platforms, particularly Twitter, is just extremely hostile and I think we need to fix that. Again, if the crypto markets are sending us any signals is that we’re all in this together and we need to work together to grow.”

The tribalism that he is referring to is evident in the space as the maximalists continue to promote their respective choice of coin while dissing every other token. This has also been observed in the Bitcoin ecosystem, wherein maximalists like Roger Ver and Tone Vays are involved.


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Altcoins

Tron [TRX] energy cost to be reduced from 20 sun to 10 sun

Priya

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Tron [TRX] energy cost to be reduced from 20 sun to 10 sun
Source: Unsplash

The whole cryptocurrency market has been witnessing a steep downward trend for the past couple of weeks. Even the major cryptocurrency like Bitcoin [BTC], Ethereum [ETH] and XRP, have lost the battle against the ice king. This negative trend has broken down most of the new projects in the market, especially the investors’ sentiments. There are also a few projects and team that are finding it hard to continue their operations because of the bear’s ever-growing presence.

Despite this, Tron [TRX], the tenth-largest cryptocurrency by market cap, continues to make advancements in terms of network development. Justin Sun, the founder and CEO of Tron Foundation presented the second proposal, Proposal 9, has been approved by 2/3rd of the governing body. The proposal is aimed at making the network a developer friendly environment by reducing the energy cost from 20 sun to 10 sun, which, in turn, reduces the cost of smart contact.

Justin Sun's tweet on the proposal | Source: Twitter

Justin Sun’s tweet on the proposal | Source: Twitter

At the time of writing, the proposal had received 22 approvals and no disapprovals. The representatives who voted for the proposal includes Justin Sun Tron, Tron Society, BitGuild, Tron One, Lianjinshu, uTorrent, Crypto Guy in ZA, Infinity Stones, Alle Exchange, Tron Alliance, TronWalletMe, Raybo Tron, BitTorrent, Blockchain Org, CryptoChain, Sesameseed, callmeSR, DApp House, Tron Spark, TRX Market, Sky people, and Tron Europe.

The first proposal of the month was related to maximizing the energy limit of the network, which was also aimed at supporting the developers of the ecosystem. The proposal was approved by all 28 Super Representatives of the network. Super Representative are the representatives of the community and validators of the node who are elected by the token holders. These representatives are given the power to vote for the activation of the features of the Tron Virtual Machine, with the focus on the betterment of the entire community.

Earlier today, the CEO of the Foundation spoke about how Tron surpassed Stellar Lumens, the fourth largest cryptocurrency by market cap. He said on Twitter:

“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs”


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