KuCoin’s CEO, Johnny Lyu, has recently disclosed via his Twitter feed the recovery of most of the cryptos stolen by hackers some weeks back, which caused a ripple among crypto investors in the crypto-verse.
In a report seen by Nairametrics, KuCoin CEO stated that about 84% of the affected cryptos have been recovered via approaches like on-chain tracking, contract upgrade, and judicial recovery. As requested by law enforcement agents, we will publish all the details once the case is closed.
(1/3) Latest updates about #KuCoin Security Incident: So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.
— lyu_johnny (@lyu_johnny) November 11, 2020
“KuCoin has resumed the full service of 176 tokens and all others are scheduled to be re-opened before November 22. Again, I would like to thank all the individuals and institutions who helped us in this incident; together, we will make a stronger crypto community.
“As the People’s Exchange, I’m glad that we have dealt with this incident in an open and transparent manner, always putting our users first. Looking forward, KuCoin will continue to safeguard our users and bring more crypto hidden gems to the world, as we always did,” Johnny Lyu tweeted
What you should know
Nairametrics, a few weeks ago, gave key insights into a reported hack on KuCoin, after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.
He further said findings of the internal security audit report revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.
KuCoin disclosed it was partnering with major crypto exchanges that included Binance, BitMax, OKEx, Huobi, and ByBit and added it was cooperating with law enforcement agencies on the matter.
At least in the near term, it would make it challenging for hackers to try to move the funds. The CEO said,
“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit, as well as Blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”
$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100
Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.
Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.
Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,510 #BTC (128,266,672 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 16, 2021
At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.
- While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
- The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.
What you should know
- In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
- The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.
Very few nations permitted to issue their Crypto – IMF
The IMF says close to 80% of the world’s central banks are not allowed to issue a digital currency under their existing laws.
While many countries are already planning to or already developing fiat-crypto, the International Monetary Fund’s most recent report has indicated that only a few nations are permitted legally to carry such actions.
“Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency.
“But, in fact, close to 80% of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear,” the IMF stated.
In the recent post, seen by Nairametrics, the global financial body disclosed various reports suggested a large number of central banks are examining the possibility of having a central bank digital currency (CBDC).
“Still, a majority of such countries have legal structures that do not support the establishment of cryptocurrencies, or in some cases do not permit the development of them
“Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial, and reputational risks for the institutions.
“Ultimately, it is about ensuring that significant and potentially contentious innovation is in line with a central bank’s mandate. Otherwise, the door is opened to potential political and legal challenges.”
What you should know: A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes.
- Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.
Recall some months ago, the International Monetary Fund (IMF) published a video illustrating what cryptocurrency is.
Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”
The IMF tweeted the video giving vital details on what cryptocurrency is. Referring to cryptocurrency as “a special currency,” the two-minute video attempts to outline its benefits in payments, such as by removing middlemen, lowering costs, and increasing transaction speed.
— IMF (@IMFNews) August 23, 2020
Polkadot fast-rising Crypto, jumps past XRP
Polkadot has comfortably surpassed XRP in terms of market value following a massive gain of 62% in barely 7 days.
There have been some big shakers in the crypto-verse amid recent sell-offs seen in the fast ever-changing financial market and Polkadot is among them.
According to figures from a leading analytics firm, Coinmarketcap, Polkadot has comfortably surpassed XRP in terms of market value following a massive gain of 62% in barely 7 days. This makes it the fourth-biggest crypto asset in the crypto market.
What you should know
- At the time of writing this report, Polkadot traded at $14.82 with a daily trading volume of $6 Billion. Polkadot is up 4.85% for the day.
- The fast-rising crypto-asset presently has a market value of around $13.3 Billion. It has a circulating supply of 900,576,862 DOT coins and the maximum supply is not available.
- In addition, XRP, conversely, has been down 10% for the week as XRP bulls had challenges taking the cross-border transfer token above $0.30. Its market cap is currently just below DOT’s at $12.7 Billion.
Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier
The fourth most valuable crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
The Polkadot protocol connects private and public chains, oracles future technologies and permission-less networks, allowing such independent networks to share information and transactions through the Polkadot relay chain.