Binance Circulates Hacked: 7000 Bitcoin Stolen
Yesterday, at 23:40 UTC, digital asset exchange Binance announced that it had suffered a prime security breach—discovered at 17:15 UTC that day—as a result of which it lost 7000 BTC.
The first sign of trouble came at about 19:06 UTC when Changpeng Zhao (aka “CZ”), co-founder and CEO at Binance, sent out a tweet to announce “some unscheduled server prolongation”. Then, approximately, four and a half hours later, Binance sent out a tweet to explain why despots/withdrawals had been harmed:
“Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers employed a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional attacked accounts that have not been identified yet. The hackers were able to withdraw 7000 BTC in this one transaction”
Know more here
Social Media Giant WeChat Bans Crypto Transactions
Yesterday, according to a tweet by Dovey Wan, developing partner of Primitive Ventures, the Chinese social media company WeChat released an updated payment policy which state of affairs that it will terminate merchant accounts that participate in cryptocurrency transactions.
Wan argues that most of China’s over-the-counter (OTC) cryptocurrency trades come about on WeChat, so the ban could have a significant effect on the local market:
“Wechat just updated its payment policy. Can’t endure any token issuance/fundraising or crypto trading activities, otherwise, the account will be terminated. Given most OTC acta are happening in wechat, this may impact local liquidity to quite some extent”
Read more here
Bitmain Releases 88% Reduction In Mining Power
Bitmain’s internal Bitcoin mining operations are generating 88% less estimate power than a month ago, suggesting that the industry giant has cut back on capacity.
According to the hashing power disclosure that the actors releases each month, as of May 7, the hash rate of all Bitmain-owned hardware running the SHA265 algorithm – which the Bitcoin and Bitcoin Money networks are based on – had dropped to just 237.29 quadrillion hashes per second (PH/s). Just a month ago, it was at 2,072 PH/s.
Partly as a issue of that drop, Bitmain’s share of the bitcoin network’s total computing power has also shrunk from 4% to now well-founded 0.4%.
Read more here