#CryptoCorner: Binance Hacked for 7,000 BTC, Bitstamp Names Head of US Operations, Bitfinex Issues White Paper for $1 Billion Exchange Offering
Point Roberts WA, Delta BC, May 8, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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May 8 Crypto Corner
Crypto exchange giant Binance has been hacked for 7,000 bitcoins (BTC), worth $40.7 million, according to an official statement from the company’s website. The withdrawal was part of a broader security breach wherein the hackers took user API keys, 2FA codes and other info. The hack only affected the exchange’s hot wallet, which holds just two percent of the company’s Bitcoin holdings. The statement also says that the stolen funds will be refunded in full. The exchange will halt withdrawals following the incident:
The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.
Finance Magnates reports that Luxembourg-based crypto exchange Bitstamp has amped up its expansion into the American market with the appointment of former head of trading at Coinbase, Hunter Merghart, as the head of its U.S. operations. Merghart will begin by opening a Bitstamp office in New York and establishing relations with institutional clients in the country. He said:
“Bitstamp has repeatedly proven that it believes in the future of the industry and is committed to developing best practices that benefit its customers and the cryptocurrency space. I look forward to helping Bitstamp more effectively serve its existing clients in the U.S. and expanding its presence throughout the States.”
Crypto exchange Bitfinex has today issued a white paper outlining its initial exchange offering (IEO) of its own LEO exchange tokens. The exchange aims to raise $1 billion worth of Tether (USDT) in a sale to private investors that will end on May 11. After which, the white paper reads:
“If fewer than 1 billion USDt tokens are sold by private token sale, the Issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law.”
According to a press release today, UK and Israel-based tech company Colu announced a partnership with Belfast City Council to release Belfast Coin, a city-based cryptocurrency. The aim of the coin is to act as a reward system for citizens and businesses in the city, offering incentives for activities such as shopping at local businesses, volunteering and civic activity that boosts the local economy and helps realize environmental goals. Belfast Coin will be accepted as payment at local businesses throughout the city.
Sam Mowers, Investorideas
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