TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. BitMEX overcomes trading engine-related downtime. BlockFi suffers user data breach. Block.one hit with class-action lawsuit over alleged EOS misleading statements. STEEM network will hard fork to seize funds from “troublemakers.” European supercomputers attacked to mine cryptocurrencies, and African P2P cryptocurrency markets reach yet another record week.
BitMEX Faces Trading Engine Problems
BitMEX, a popular cryptocurrency and derivatives exchange, experienced trading downtime yesterday, leaving traders unable to move their funds. According to information given by the exchange, problems originated in the trading engine which eventually went down completely. However, users reported other problems via social media. A Redditor stated prices of the XBT/BTC pair crashed to zero before the incident. Exchange services have been reinstated, and BitMEX announced it would offer a postmortem statement in the coming days.
BlockFi Suffers Customer Data Breach
BlockFi, a cryptocurrency lending and savings company, announced it suffered a temporary data breach that allowed a third party to get ahold of customer information. According to a PR statement, the attacker used a SIM port to access the system and got sensitive user information used for marketing purposes, including names and physical addresses. BlockFi said they do not believe there is an immediate risk to BlockFi clients or company funds, and recommended customers to ramp up their personal security measures.
Block.one Faces Class Action Lawsuit Over Misleading Statements
Block.one, the company behind EOS, a smart contract enabled cryptocurrency, is being sued by a group of investors that bought its tokens during an initial coin offering in New York. According to the lawsuit, Block.one marketed EOS as the blockchain that would outperform all others, even referring to it as “Ethereum On Steroids.” According to the suit, this drove investors to put an estimated $4 billion dollars in the allegedly unregistered securities sale of EOS.
STEEM Network Will Seize $5 Million From “Troublemakers”
The intents of the #steem witnesses supported by @justinsuntron with their hardfork v0.23 are pretty obvious (just read the code):
they will CLEAR and STEAL funds from an arbitrary list of accounts, including major investors and an exchange! @CoinDesk @Cointelegraph pic.twitter.com/VOnZ5s2WV1
— Arcange (@TheArcange) May 19, 2020
A fork of the STEEM network will seize $5 million dollars of tokens from former STEEM Witnesses who separated to start HIVE, the new STEEM hard fork. A STEEM Witness group called Triple A confirmed this, stating “account seizures are scheduled for accounts that pose a direct threat to the Steam blockchain.” Dan Hensley, a STEEM stakeholder, stated, “If Justin thinks he will get away with this he has messed with the wrong person,” putting the blame on TRON CEO Justin Sun, who attempted a hostile takeover of the chain recently.
European Supercomputers Attacked to Mine Cryptocurrency
A group of European supercomputers was attacked to mine cryptocurrencies, according to an article published by the BBC. An SSH security exploit was used to take control of the computers, install cryptocurrency mining malware and commandeer several supercomputers located in UK, Germany, Switzerland, and Barcelona. “We now believe this to be a major issue across the academic community as several computers have been compromised in the UK and elsewhere in Europe,” declared the European computing group.
African P2P Markets Register Yet Another Record Week
[1/2] Africa had ANOTHER record week on global P2P markets. In all, over 13M in USD equivalent was traded across 18 African currencies and this was the first week on record where African volume exceeded Latin American volume on these P2P exchanges.https://t.co/IZzHqwcpRS pic.twitter.com/LbmLac4pfq
— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) May 19, 2020
Matt Ahlborg, the creator of Useful Tulips (a site that examines cryptocurrency use all over the world), reported African crypto P2P markets registered record trading numbers after having broken volume records just a week ago. The market reached important new highs in Nigeria, trading 13% more bitcoin than in the previous 7 day period. This is the first week African P2P markets surpassed their Latin American counterparts in trading volumes, a very positive signal for the future of cryptocurrency adoption and usage in the region.
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