Most crypto exchanges are vulnerable by design, says ByBit CEO

Crypto exchange security is once again in the news after hackers breached KuCoin. But this shouldn’t surprise people as exchanges are vulnerable by design, according to ByBit CEO Ben Zhou.  Zhou told Cointelegraph that exchanges act as a single point of failure. As a centralized web application, exchanges are susceptible to the same security issues as all other websites.  Security becomes even more important as investors and traders are increasingly taking exchanges to task to protect funds.  The vast majority of crypto exchange servers and storage networks, Zhou said, keep…

Why traders are not worried that the KuCoin hack will drop Ethereum price

Analysts say that the unknown hacker behind the KuCoin breach is selling the stolen ERC-20 tokens on Uniswap. Although selling tokens on the Ethereum-based decentralized exchange allows the hacker to obtain Ether (ETH), it doesn’t mean it’s laundered. All transactions made on the Ethereum blockchain network are traceable using blockchain explorers, meaning even if the tokens are converted to Ether, the stolen amounts would still leave traces. This means exchanges can (and probably will) suspend any exchange address that is associated with the tainted funds. The 1-day chart of Ether.…

Here are 3 Factors That Suggest Bitcoin is Poised for a Serious Push Higher

Bitcoin’s price action has been flashing mixed signals to investors, as its price has been caught within a wide trading range between $10,200 and $11,200 as buyers and sellers battle for control of its near-term outlook. The cryptocurrency’s inability to post any sustainable upswing indicates the strength that sellers have at the present moment, which has led to a mounting sense of fear amongst investors. That being said, one analyst is noting that this is a primary reason why he is still bullish on BTC – using investor sentiment as…

Chainlink (LINK) Presses Past $10 as Weekly Chart Remains Bullish

Chainlink (LINK) has been one of the top-performing crypto-assets after its crash early last week. The coin is up 5% in the past 24 hours alone, outpacing Bitcoin’s 0% performance and Ethereum’s -1% performance. LINK may have room to move even higher coming days as the technicals of the cryptocurrency remain in a bullish state. Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase Chainlink Primed to Move Higher Chainlink is primed to move higher despite stagnation in the price of Bitcoin and Ethereum, the two market leaders. One crypto-asset…

Projects react differently to $200M KuCoin hack

Following news of a security breach resulting in the loss of more than $200 million worth of tokens on KuCoin, many projects quickly reacted to prevent users’ holdings from being moved off to other exchanges.  Speaking to Cointelegraph, KuCoin Global CEO Johnny Lyu said at least $129 million of the tokens affected in the breach and the Bitcoin (BTC), Ether (ETH), and ERC20 hot wallets impacted were “safe” or in a position to be recovered. Though reports initially stated hackers got away with $150 million in tokens, new estimates put…

Only 2.5 million Bitcoin left to mine

With only 21 million Bitcoin (BTC) to be issued, a little under 2.5 million BTC remains for mining. In a tweet, ChartBTC said the Bitcoin network already passed the 18.5 million BTC mark in circulation. This means there is less than 2.5 million BTC left, or about 11.9% of the total Bitcoin to be generated. ChartBTC pointed out half of the remaining 2.5 million BTC will be mined in the next four years. Since the genesis block back in 2009, the Bitcoin network has already undergone three halvings, with the…

Americans don’t want to give up their paper money, but they should

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases. Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis. To be more specific, we found that 60% of respondents are opposed to the idea of paper money being replaced with “digital-only money.” This could be a “devil-you-know”…

DeFi hype has just begun says Neo founder

The hype around DeFi is not fading away and is only just beginning, said Neo founder Da Hongfei, during a live stream on China’s Hub on Sept. 25. Da said DeFi created a process in just a few years that traditional finance took hundreds of years to perfect. DeFi projects are now experimenting with all sorts of financial products and services. He added that: “Lending and borrowing, decentralized exchanges, insurance and all kinds of derivatives are on the rise in DeFi. The initial stage DeFi infrastructure has a solid good…

Centralized finance is necessary, especially for DeFi crypto investors

If you’re paying attention to developments in the cryptocurrency space, you’ve likely heard of decentralized finance and of the yield farming trend that helped it get over $9 billion worth of crypto assets locked in it. In short, yield farming — also known as liquidity mining — sees users generate rewards with their cryptocurrency holdings by interacting with DeFi protocols that either let them lend or borrow tokens. These interactions grant them the protocols’ governance tokens, which both give them a “stake” in the protocol and more revenue. The trend…