On December 6, Brad Garlinghouse, the Chief Executive Officer of the leading blockchain Fintech, Ripple, responded to one of the old letters sent by Joseph Lubin to his company, ConsenSys, at the beginning of this year. Here, the Founder of ConsenSys had elaborated on the desired shift in the company strategy and infrastructure to propel growth. To this, Garlinghouse on Twitter wrote:
“Interesting read about the strategy shift underway @ConsenSys; 2019 is about cutting back on the almost-50 spokes of the company to try and find a lane to stick to.”
He carried on with the series of tweets and mentioned that institutions are driven by capitalism rarely work without discipline. In his words:
“Undisciplined capitalism rarely has staying power. It has never “been enough to show up” it has never “been enough to do something cool”, it has never been “enough to make a splash”.”
The leader switched to speaking about his own firm, Ripple, where he conveyed that blockchain experiments that are conducted in the space are not the same as a business model. As per Garlinghouse, this is the approach behind Ripple’s focus on use cases for the technology from the very beginning. He also propagated that the approach is instrumental in solving real problems for real customers.
Ripple is a company that has demonstrated the significance of adoption through their focus on partnerships and collaborations in the past. One such example was constructed yesterday when XRP was selected as the first settlement mechanism for Corda Settler by the blockchain solution firm, r3.
It has also been established many times that the leaders at Ripple believe in working with the systems – regulations and infrastructure – is a key approach in bringing change and pushing adoption. Earlier this year, in an interview with CNBC Fast Money, Garlinghouse spoke about crypto-adoption and blockchain where he stated:
“It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system. The blockchain revolution is happening from within the system it’s not going to happen from outside the system.”
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XRP/GateHub: Hacker continues to prowl the market as part of stolen XRP transferred to Digifinex
XRP, the third largest cryptocurrency by market cap, was the highlight of the cryptocurrency space after a hacker stole a significant amount of coins from GateHub, a wallet that supports the top cryptocurrencies in the market. Nearly 23 million XRP were stolen from the platform via an attack by the hacker earlier this month.
The service provider stated that this could have been the cause of “suspicious API calls” in its initial statement, adding that they did not find any loopholes on the platform that would have enabled the hacker in carrying out the attack.
Further, in a recent Twitter post, GateHub also alerted its users about phishing emails, asking them to transfer their funds with the subject “Critical Security Warning/ Action Required – New Secured Wallets.” The platform advised users not to transfer their funds to the address mentioned in the phishing email.
Keeping this aside, the hacker has been moving around the stolen funds to several exchange platforms. Earlier today, according to Whale Alert, the hacker moved 30,000 XRP equivalent to $13,055 to DigiFinex, an exchange platform headquartered in Singapore. The transfer was made from rDBneo78RVCfMdAbvPo4v2sf8uk3RKKe1b address to DigiFinex’s rnG2XVwdULE5mfWA5EFxnyTkUGgg2K39AP address at 09:05:41 UTC on June 17, 2019.
Notably, this was not the only transaction made by the hacker to DigiFinex. On June 16, two transfers were made to DigiFinex at 17:01:51 UTC and 17:27:31 UTC from rfrnAC417ewiPbRqRzvJCgnBSgMJRMzSuv address. The XRPs that were transferred were worth $28,590 at the time of transfer. Apart from this, Whale Alert also recorded transactions made to different addresses yesterday.
DigiFinex was not the only exchange platform the stolen funds were transferred to. According to previous transactions recorded by Whale Alert, the hacker has sent some funds to Bitfinex and OkEx over the past few days. Another cryptocurrency exchange, ChangeNOW, recently released a statement surrounding the hack, stating that the attacker had sent some funds to their exchange platform as well. The exchange added that it was able to secure some of the stolen funds, which would be later sent back to GateHub.
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