TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Bitfinex could be opening bank accounts in customers’ names. Prince Charles recognized blockchain but not bitcoin. Tron Cryptocurrency critical vulnerability exposed. Changpeng Zhao talks Bitcoin reorg, then rolls back his proposal. Bitfinex’ed doubts only 7K bitcoin was taken from Binance. Hackers sent $40 million in bitcoin, paying only $68 in fees. Justin Sun offers to help Binance with Tether. 7,000 BTC were withdrawn from Binance during the earlier Syscoin incident. BitBacker looking for options to keep the platform alive, and Facebook’s blockchain division invaded by former PayPal employees.
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Bitfinex Could Be Opening Bank Accounts with Their Customers’ Info
Beware verified traders, Bitfinex is using your personal information to open up bank accounts in your name without your knowledge. Some of you are now involved in a crime.@prajitn @InstaReMit @Currencycloud pic.twitter.com/xpZKoQFGcU
— Reggie Fowler'ed (@ExkrementKoin) May 7, 2019
According to a tweet by an anonymous account called Reggie Fowler’ed, in reference to the owner of Crypto Capital, the shadow banking institution that lent services to Bitfinex, the exchange could be opening bank accounts in the name of some of their customers in order to process fiat withdrawals faster. Bitfinex has not announced any new banking partner, and some users on Reddit have report having been wired by European and Asian bank accounts with their own name as the sender.
Prince Charles Knows Blockchain, But Not Bitcoin
Don’t @ me for saying bitcoinSsssss pic.twitter.com/wSvOkN0cuE
— CD 🚀 (@coindorado) May 7, 2019
Prince Charles of Wales, the first child of Queen Elizabeth, was questioned about bitcoin and he evidently had not heard about it. However, the journalist pressed, mentioning words such as cryptocurrency and blockchain. Prince Charles did recognize the word blockchain, and he quickly responded. “Blockchain, yes. Very interesting developments.”
Tron Critical Vulnerability Disclosed: Single PC Could Bring the Network Down
A new critical vulnerability that could take the network down was discovered recently in the TRON blockchain. The vulnerability could cause a single PC to bring the network down with a DDOS attack, causing loses to the users. The bug was posted on HackerOne, a known ethical hacking site, and the bounty collected by the poster was $1,500. The bug was classified with a severity level of 7 to 8.9 out of 10.
Changpeng Zhao Talks Bitcoin Rollback, Then Rolls Back His Talk
— CoinSpice (@CoinSpice) May 8, 2019
In the aftermath of the hack Binance suffered when 7K bitcoin were stolen from the exchange’s hot wallet, Changpeng Zhao, CEO of Binance, mentioned rolling back the BTC chain as an option that was being examined by them to recover lost funds. However, it seems he got carried away by the emotion of the moment because after talking with several cryptocurrency personalities he decided not to pursue that course of action. He tweeted later, “it’s not possible, bitcoin ledger is the most immutable ledger on the planet.”
Bitfinex’ed Doubts Binance Hack Lead to Only 7,000 BTC Lost
Binance has two cold wallets, that add up to 188,311 BTC, or a full 46% less than nearly 350,000 they should have, if we are to believe that they only lost 2% of their Bitcoins. pic.twitter.com/2caKbVI3HS
— Bitfinex’ed — full stop. (@Bitfinexed) May 8, 2019
The known cryptocurrency Twitterati Bitfinex’ed, who criticizes the Bitfinex exchange mostly, mentioned it seems odd that the recent Binance exchange hack only led to the loss of 7,000 BTC. According to him, the exchange must have more than 350K bitcoin in their two cold wallets, but it now holds less than 188,311 BTC, 46% of the reserves they held before the hack. Binance has not made any statements regarding these calculations.
Hackers Sent $40 Million Paying Only $68.20 In Fees
Well let’s look on the bright side they sent $40 million for only $68.20 In fees. pic.twitter.com/kjZrphw00f
— Scott (@TubbyBTC) May 8, 2019
The hacking party that emptied out the Binance hot bitcoin wallet took advantage of the low fees the BTC network offered in that time. The irony is that Bitcoin is known for its tendency to have big transaction fees, but according to Scott, the whole operation of getting the funds out of Binance only cost them $68.20.
Justin Sun Offers to Repay 7,000 Stolen BTC
— Justin Sun (@justinsuntron) May 8, 2019
Justin Sun, the founder and CEO of Tron, offered to repay the 7,000 bitcoins stolen in the Binance hack. Sun, declared he would deposit 40 million Tether on the exchange to buy B, BTC, Torrent Token, Binance Coin and Tron if its CEO Changpeng Zhao agreed. The problem is this injection would not fix the hack in any case, because the cryptocurrency would be owned by Sun.
7,000 BTC Were Withdrawn in Earlier Syscoin Hack Too
— Bitfinex’ed — full stop. (@Bitfinexed) May 8, 2019
The number 7,000 called the attention of Bitfinex’ed in the latest hack of Binance. Well, it turns out that this same number of bitcoin withdrawn from their wallets during the Syscoin incident. The company behind Syscoin, also a cryptocurrency, faced some problems with withdrawal request from a single address and decided to ask exchanges to stop trading. Coincidentally, this event was intertwined with strange trading activity that led to 7,000 BTC being moved from Binance.
BitBacker Looking for a Team to Take Over Maintenance
Here is a much needed update on BitBacker, we wanted to keep you all in the loop because you’ve been such an amazing community. We will do everything we can to keep that community together x pic.twitter.com/6HKNT8rdsB
— BitBacker (@BitBacker_io) May 7, 2019
BitBacker, the cryptocurrency based funding platform that surged as an alternative to Patreon not long ago, is now examining its choices to continue serving its users. The platform released a memo on Twitter where the author exposes that due to personal circumstances he has been unable to maintain the platform.
Facebook Blockchain Division Has a Heavy PayPal Influence
The Facebook Blockchain team that is being assembled to launch the cryptocurrency based secret project the social network is preparing has a clear PayPal vibe, according to an article by Bloomberg. While the true purpose and inner workings of the team are unknown, there is a heavy PayPal influence, at least in staffing. The article states that one in every five employees have worked at PayPal.
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