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Stellar Lumens [XLM]’s technology welcomes Kin Foundation – Another step towards building partnerships

Sthuthie Murthy



Stellar Lumens [XLM]'s technology welcomes Kin Foundation - Another step towards building partnerships
Source: Pixabay

Stellar is set to welcome Kin foundation as part of a new relationship in place. Kin Foundation tweeted regarding the same:

“We are excited to share more info on this huge step forward for Kin’s functionality and accessibility.”

Kin believes that using a high-speed, high-scale blockchain is key to making it the ideal asset for everyday use. Welcoming Stellar on board is a huge step ahead for Kin’s infrastructure, functionality, and accessibility for digital services.

Kin Foundation's comment of Stellar's tweet

Kin Foundation’s comment of Stellar’s tweet

Kin Foundation also replied:

“All the Kin transactions previously were taking place on Ethereum (ERC20), stepping forward, and the transactions will happen on Ethereum or Stellar. The two blockchains will support Kin in different ways with services operating on the blockchain that is best suited to their needs, as Ted discussed in a recent AMA.”

Ethereum gives liquidity to Kin holders but the loading times and fees are not supporting the needs for the day-to-day consumer use. The addition of Stellar as a second blockchain will enable faster, more efficient foundation, with low transaction fees.

This can be referred to as a migration more than software update because Kin will run side-by-side on both Ethereum and Stellar. This means users will not have to move their tokens away from Ethereum if they don’t want to.

The change will simply create a more frictionless experience for using Kin as per the two-phase plan. The Kin Ecosystem participants will use the same Kin token irrespective of Ethereum or Stellar Lumens. The only difference is the underlying infrastructure.

Stellar Lumens [XLM] is currently trading at $0.2411 while Ethereum [ETH] is at $543.25 as seen at press time.

Kin Foundation will be governed by an independent board, and over time, ensure the transition of the Kin Ecosystem into a fully decentralized network that provides choice and incentives for the user.

Steven Hawks, a market analyst says:

“So the capitalists, as you call them/us, who hoped for some movement in price after the integration of kin in Kik, and the txs that accompany this will not profit in Phase 1? Do we have to remain patient?  Well, hope I missed the clue, if not, unexpected move/disappointed fan.”

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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.


GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla



GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.

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