Connect with us


XRP rumor mill comes to an end as Coil’s lead scientist clarifies Cobalt is not live




XRP rumor mill comes to an end; Cobalt is not live, says lead scientist at Coil
Source: Unsplash

XRP has been at the center of various conspiracies over its run. The most recent rumor that took Twitterverse by storm was that the XRP Ledger was updated with the latest and long-awaited update, Cobalt.

Submitted by Ethan MacBrough, Cobalt is an update that will be applied to the XRP Ledger to make it more decentralized and secure, while also increasing the TPS (transactions per second). MacBrough’s whitepaper for Cobalt stated,

“… a novel atomic broadcast algorithm that works in networks with non-uniform trust and no global agreement on participants, and is probabilistically guaranteed to make forward progress even in the presence of maximal faults and arbitrary asynchrony. The exact properties that Cobalt satisfies makes it particularly applicable to designing an efficient decentralized “voting network” that allows a public, open-entry group of nodes to agree on changes to some shared set of rules in a fair and consistent manner while tolerating some trusted nodes and arbitrarily many untrusted nodes behaving maliciously.”

It all began after a Twitter user, @demludi, posted a tweet stating that Cobalt was live and that the transaction time had reduced to 1 second.

The rumor caught fire after many news outlets and YouTubers reported this. However, the rumor gained strength after XRP charts showed some approved transactions taking just a second or less. The last update about Cobalt was given by Ethan MacBrough on 27 March, 2018, when he said that the update would be launched “no sooner than 2019.”

Ethan MacBrough, the lead scientist at Coil, who’s responsible for its launch and implementation, clarified the matter. He tweeted,

He also added,

“Apparently this isn’t clear to many people, but Cobalt will not just go live silently.
It changes how consensus works, so it will require an amendment to be passed.
Thus it will be publicly announced *before* going live so that validators can vote whether or not to accept it.”

When asked about an estimated launch date, MacBrough refused to give one, adding that giving an estimate was a bad idea. MacBrough also clarified that the XRP chart might have had some bugs. He tweeted,

“Not within my area of expertise, but naively I agree with Nik’s thoughts. This has happened several times before due to either bugs in XRPcharts or contention among validators causing difficulty agreeing on a block close time.”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


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.

Subscribe to AMBCrypto’s Newsletter

Continue Reading