TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Korean exchange UPbit massively hacked for Ethereum. Binance updates its Bitcoin Cash ticker. Eligma will implement an innovative crypto payment card system. Bakkt Bitcoin Futures break all-time high trading volumes. Lolli partners with Newegg to offer bitcoin cashback, and Litecoin hash rate diminished 60% after the halving.
UPbit Korean Exchange Hacked
⚠️⚠️⚠️ #Upbit has confirmed they have been hacked and 342,000 ETH has been reported stolen. We will monitor the hack address and inform the community when any transfers are made.https://t.co/2LDhZVl9dy
— Whale Alert (@whale_alert) November 27, 2019
UPbit, a Korea-based exchange, reported a hack occurred yesterday. The exchagne lost 342K Ethereum from a so-called hot wallet. UPbit immediately took measures to protect the rest of its crypto assets in the platform. It suspended deposits and withdrawals, and transferred all remaining assets back to offline, cold wallet storage. UPbit insists it will replace 342K Ethereum with company funds, safeguarding customers. Operations are expected to reopen in two weeks.
Binance Updates Bitcoin Cash Ticker To BCH
Binance, one of the largest crypto exchanges by volume, decided to change the ticker they are using to identify Bitcoin Cash. Now Bitcoin Cash will be identified as BCH instead of BCHABC. The process will involve all of the trading pairs of the currency on the exchange, which will happen November 28. The support post on the subject stated this change was being made based on community feedback.
Eligma to Implement be.cash Payment Card
This is simply amazing! Game changer!!! I Love it. Great job @TobiasRuck and @rogerkver…we can implement it immediately to all our locations in @eligmacom GoCrypto scheme 👍👍 Almost 800 merchants can accept it. @BitcoinCash @BitcoinCom https://t.co/hTAyKvYbrA
— Dejan Roljic (@DejanRoljic) November 27, 2019
Dejan Roljic, CEO of Eligma, a Slovenian cryptocurrency payment startup, announced they’re interested in adopting the be.cash Bitcoin Cash-based smart card solution demoed by Roger Ver and Tobias Ruck during a London meetup. Roljic declared his intention is to “implement it almost immediately” to all of the 800 merchants using their payments services around the world. Eligma also migrated its official token GoCrypto to the SLP protocol, and it is already being traded on the Bitcoin.com exchange.
Bakkt Breaks All-Time High Trading Volume Number
BREAK: Bakkt volume at new all time high 🚀
Today's volume so far: 3151 BTC ($23.07 million)
— Bakkt Volume Bot (@BakktBot) November 27, 2019
Bakkt, the physical Bitcoin futures exchange, registered an all-new high on trading volumes. The exchange managed to get 3,151 BTC of trading worth around $23.07 million dollars. Coincidentally, this happened as spot prices regained some ground, reaching $7.5K. However, this number almost doubles the previous all-time high of 1,863 BTC futures traded in just a day.
Lolli and Newegg Partner to Offer 1% Cashback
Excited to finally announce our newest partner, @Newegg! 💻
Lolli users can now earn sats back at one of the world’s leading online electronics merchants. 🙏https://t.co/s7vfaDurdy
— Lolli 🍭 (@trylolli) November 27, 2019
Lolli, the BTC rewards company, partnered with known electronic and computer hardware retailer Newegg to allow users to earn 1% cashback of purchases. Antony Chow, President of Sales at Newegg stated, “Our collaboration with Lolli is another way Newegg demonstrates commitment to its motto of ‘Shopping Upgraded.” Newegg was one of the first retailers accepting bitcoin as payment for their products.
Litecoin Hashrate Down 60% After Halving
Litecoin hashrate down more than 60% in 3 months
— hodlonaut🌮⚡🔑 (@hodlonaut) November 4, 2019
Litecoin, an important top 10 cryptocurrency, has lost more than 60% of its hash rate since its last mining reward halving, a dire situation for the cryptocurrency. Many of the mining gear that was used to secure the blockchain has now been turned off or jumped to other more lucrative currencies. While the difficulty is also being adjusted to compensate for the lack of hash rate, this also creates a security risk, because it is effectively making the network less secure and prone to attacks.
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