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Ethereum

Stolen Ethereum-based tokens transferred to Binance and other top exchanges

Priya

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Source: Unsplash

The whole cryptocurrency market continues to be traumatized by hacks as another exchange falls victim to a security breach. The cryptocurrency exchange in question here is noted to be Cryptopia, a leading exchange based in New Zealand. On January 16, 2019, the exchange platform announced that its staff noticed a security breach, which, in the end, resulted in a loss of funds. The system of the exchange was compromised on January 14, 2018.

In their official statement, the team has stated that the exchange platform will continue to remain in maintenance mode until further notification by the regulatory authorities of New Zealand. The NZ police and High Tech Crimes Unit are currently investigating the breach and the police stated that a “significant value of cryptocurrency may be involved” in the hack.

So far, the team has not confirmed the total amount of cryptocurrencies that were stolen during the hack nor are the details of the stolen tokens disclosed to the public. However, a local news portal, Radionz stated that the amount of stolen funds are around $3.6 million, and was transferred to an unknown wallet.

In addition to this, large transfers in Ethereum [ETH], the third biggest cryptocurrency by market cap, and Centrality [CENNZ] from the exchange to the unknown wallet is currently under the suspicion of belonging to the hacker. This movement was detected by Whale_Alert, a Twitter handle dedicated to detecting large transfers of cryptocurrency in the market. According to the tweet, over $1176596 [over one million] worth of CENNZ and $2438152 [over 2 million] worth of Ethereum was transferred out of the exchange.

Now, a Twitterati who goes by the username, ShaftedTangu stated on the social media platform that the stolen funds are now being transferred to various cryptocurrency exchanges including Binance, a leading cryptocurrency exchange platform around the globe. 



Interestingly, the wallet address [0x9007a0421145b06a0345d55a8c0f0327f62a2224] mentioned by the Twitterati pictures a transaction of various ERC 20 tokens including coin such as Dentacoin, Kyber Network, Enjin Coin, and TrueUSD. This could mean that the hackers have swapped the ERC20 token with other ERC20 tokens. Additionally, ShaftedTangu claims that one of the wallets belongs to Digifinex, and the wallet has stolen MobileGo [MGO] tokens.

The Twitterati went on to say:

“Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil”





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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.

Ethereum

Ethereum Classic [ETC] might boost security value of Ethereum, claims ETC’s Donald McIntyre

Biraajmaan Tamuly

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Ethereum [ETH] can be benefit Ethereum Classic as ETC might boost the security value of ETH, claims Donald McIntyre
Source: Pixabay

Ethereum [ETH] is one of the most proficient cryptos in the space and its wider adoption has become one of the most speculated and debated topics in the cryptosphere. Recently, Ethereum [ETH] welcomed a major partnership with Ernst and Young, which could signal the release of its new-zero proof technology on the Ethereum blockchain.

Despite such major developments, one of the major issues Ethereum and other major cryptocurrencies have faced is the addition of security value to their asset.

A prominent Ethereum Classic [ETC] proponent believes that the ETC network can assist the main Ethereum blockchain in improving its security.

Donald McIntyre, the manager of ETCDEV, an organization focused on the development of Ethereum, recently stated that the divergent functions of ETH and ETC could improve the relevance of Ethereum Classic.

McIntyre drew a comparison between ETH and ETC, terming the respective digital assets as a “sports car” and an “armored vehicle”. He drew this comparison to explain that ETH was fundamentally about scaling and performance, while ETC emphasized on high value and security.

He suggested that ETH was heading towards the identification of a network which would provide high speed and high transactions layers to meet high-performance applications, whereas ETC was based on decentralized computing and smart contracts between people and companies.

He added,



“In that analogy, ETC could even provide security services to high performance networks such as ETH. I think it would be a big advantage for both ecosystems [ETH and ETC] to analyze that possibility as it would likely minimize, in the context of a standards war, which means that only few networks will survive in the future.”

He further piled on the “unique characteristics” of ETC, stating that after ETH’s transformation to ETH 2.0, ETC would be the only non-fragmented, fixed monetary policy, PoW, and Turing-based blockchain.

He said,

“That is an extremely valuable niche in the industry that will be increasingly appreciated in the next few years as the layer 1 [L1] vs layer [L2] and security vs performance segmentations become more evident for market participants.”





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