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A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.

The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.

Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.

As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.

The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.

EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.

The Risks Associated With Crypto Exchanges:

The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.

Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).

Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.

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Buy Apartments in Turkey Using Bitcoin

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If you’re looking for a new luxury apartment, you might be surprised to know that now you can actually purchase one with bitcoins.

Recently, Dubai had announced an apartment project where Bitcoin owners can purchase these chic apartments.

Well, Turkey isn’t far behind as the owner of the MiaVita Beytepe project in Ankara, Turkey just announced that their very own luxury apartments are available for purchase using the digital currency.

Erdal Daldaban, the project manager firm owner, had enthusiastically said:

“We decided to make sales via Bitcoin, which has recently attracted the attention of Turkish investors with its recent value route, considering that we could also attract the attention of our customers who appreciate their investments like this.”

Why Bitcoin?

Daldaban says this is the reasonable next step:

“Bitcoin and digital money has become an element that can no longer be ignored by the global economy.”

This is mainly because of its current value in the market and the increase in its adoption around the world.

During last week, a home in Austin, Texas was bought using bitcoin news and a house in London was put up for sale on a minimum price of 500 bitcoins.

 

News Credits: steemit.com

Image Credits: fox40

Tags: Bitcoin Turkey, Bitcoin trading

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Will The Violent Closing of Crypto Hedge Funds Also Persist In 2019?

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According to some financial observers the future of cryptocurrency hedge fund could face a harsh and violent transformation during 2018. It has also been predicted that 10 percent of these hedge funds could shutdown during the next few months. Even Bloomberg reported recently that the continuous decrease in the prices of cryptocurrency assets have played a critical role in the slowdown of hedge funds. This prediction seems to be true as far as the ratio of crypto hedge funds opening is concerned which decreased continuously during the current year as compared to their launch rate in 2017 which was over 170. The situation has totally changed now as during the first three months of 2018 only 20 new players showed their existence on the scenario and shutting down of previous funds also continues.

cryptocurrency hedge fund

Reasons For This Downfall

According to latest hedge fund news the main reason for all this downfall can be the significant reduction in price of cryptocurrency this year, this decrease in price of automatically affected the relative hedge funds resulting in losses and closings of their doors for 2018. The ultimate decrease in price of Bitcoin and other cryptocurrencies has not been good for the health of hedge fund business. Regulatory uncertainty has also played its role in all this scenario.

 

Alpha Protocol is one of the recently closed funds which directly cited “potential regulatory and market risks” as main reasons for its decision to refund deposits. A statement was issued by its co-founder that new capital rate had slowed down and it was getting difficult to survive even for a high profile fund like Alpha Protocol.

Which Crypto Funds Were Affected Most?

Among those companies which had to freeze their operations, Crowd Crypto Fund and Alpha Protocol are on the top of the list. It has been reported that a total of 9 hedge funds revolving around cryptocurrency were shut down since December 2017. In addition to the shutdown of various funds, some of the investors have reverted to their previous investment plans which proved to be more secure than the crypto based hedge funds.

 

Alongwith unsure market health, regulatory uncertainty was also responsible for this downfall. Rumours have been circulating that the US Securities and Exchange Commission is fully prepared to check approximately 100 hedge funds in the near future while there are still more than 200 active hedge funds in operation.

 

Whatever the reason may be, all that discussion means that the cryptocurrency hedge fund business must evolve itself in order to compete with the regulatory uncertainty lying ahead.

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Australia Introduces Regulations for Cryptocurrency Exchanges

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According to the latest information on the website of AUSTRAC (Australian Transaction Reports and Analysis Centre), digital currency exchanges must have to be registered with authorities now and should also commit to several identity checking and reporting procedures. It’s been confirmed by the Australian government as well that the Australian cryptocurrency exchanges are abided by the new AML (Anti-Money Laundering) rules.

The Australian authorities are trying their best to close the remaining loopholes in cryptocurrency usage, concerning identity management and taxation of cryptocurrency. In contrast to a backdrop of discontent due to such sharp upsurge in scams, last week, the Australian Taxation Office was asked for taxpayer’s contribution into how deductions rising from the cryptocurrency returns should be assembled efficiently.

cryptocurrency exchange

Four-Principle Rules

Meanwhile, exchanges now must follow the four prime rules so that they can function above board, as a part of the security reformation. Following are the four rules:

  • Identification and verification of identities of their clients.
  • Keeping particular records for 7-years.
  • Accepting and maintaining a CTF/ AML program for the identification, alleviation, and management of terrorism financing perils and money laundering.
  • 6 months refinement period that will escort the new regulations, in which AUSTRAC will be a lot more compassionate on operators who “fall short of requirements.”
  • Reporting to AUSTRAC sceptical issues, and transactions linked to the physical currency of $10,000 and even more.

The laws relating to cryptocurrency exchanges regulations in Australia are also getting stricter, while the government has guaranteed that the investors wouldn’t feel left out. The Australian government took feedback from the public to know what their views are on the cryptocurrency taxation structure and are they going to like it or not.

The ATO (Australian Tax Office) had also posted:

“We’ve timed this consultation to coincide with an update to our website, which should address some of the feedback we have received to date about our cryptocurrency guidance. We’re eager to hear your feedback about cryptocurrency and its tax implications as the technology may impact how business operates in the future.”

Feedback from Taxpayers

Many governments across the world are getting stricter, especially when it comes to the taxation of cryptocurrencies. Many exchanges are being forced by the governments to disclose the data of consumers and to send out subpoenas to investors who have high net-worth. While many governments are getting stricter, the decision of Australian government to get the feedback from taxpayers before applying these tax laws is notable.

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Bitcoin Mining News – Some Bitcoin Miners can get Help from The Rise of Ethereum

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Bitcoin Mining News:

Bitcoin mining is getting more difficult with the passage of time, so now it is taking more money and electricity to mine for the digital currency than ever before.

The rising worth of Ether, another digital currency, and the appreciation of Bitcoin can help to maintain the productivity of Bitcoin mining, in spite of increasing costs and difficulty.

It is becoming more difficult and problematic to mine bitcoins, but miners are not packing up their servers because of this. the number of available bitcoins for mining has decreased from 50 Bitcoin per block. According to a financial technology analytics service “NEXT”, the number of bitcoins available for mining was 12.5 Bitcoin per block when it initially came onto the scene.  According to a Bitcoin countdown site, this number has set to decrease about to 6 Bitcoin on June 19, 2020.

In the starting days of the technology, a few computer systems were able to mine hundreds of coins in about three to four days. Sebastian Quinn-Watson, a consultant with a bitcoin mining firm reveals that is not what the fall looks like today. Sebastian Quinn-Watson said, today, about 1700 bitcoins are generated per day. Basically, we all are fighting for about one coin every 10 minutes.

Quinn-Watson said the rise in the value of Ether is a trend which can help Bitcoin miners.

Ethereum on The Rise:

 

Ether is the most prominent rival of Bitcoin which is controlled by the Ethereum blockchain, Ether has gone high over 2000% since last year. Until the June, the digital currency was on its way to beat Bitcoin as the largest digital currency of the world, by market cap, according to Coindesk, since its market share has pulled back.

According to Sebastian Quinn-Watson, miners could get benefit from the future appreciation in the price of Bitcoin. If the appreciation of Bitcoin was to overtake the rise in the mining cost, then the productivity of the business will remain unaffected.

Business Inside Volatility:

 

To be sure, the price of Bitcoin is high about 250% since last year. But it has experienced recently extreme swings in its price. Some miners have credited this instability to current civil war between crypto-power brokers. This did not bother Sebastian Quinn-Watson, he told that the Business Inside instability or volatility is exciting. He said, we welcome the volatility and look at this as required aftershock of the Cambrian explosion which Blockchain.

Story Credit: businessinsider.com

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