An ether wallet had received hundreds of thousands of dollars around two weeks ago. Unfortunately, those funds were later hacked form different wallets due to the negligence on the user’s end. If only a few security measures had been taken, some of those funds could actually be protected from the hacker.
How it happened
Maximum of funds were stolen from a user holding 973 ethers. What caused this hack was the fact that the user had a rooted android phone. Rooted Android phones are similar to jailbroken iPhones, which means that new applications can be installed but they have no security assurance that the apps are not malicious. That being said, such an app must have been installed on to the device providing the hacker access to your phone. On gaining access to the device, the hacker used an exploit to retrieve the backup phrase to Jaxx wallets. This exploit has not been fixed since Jaxx is a hot wallet, which means that coins are kept here for frequent use and not storage.
Ways to increase the security of your funds
Crypto security experts have provided a few tips on how you can maintain the security of your wallets and funds.
- Do not use public Wi-Fi even after using VPN.
- Be sure to turn on 2-FA for all your user accounts, with google authenticator.
- Do not store your private key unencrypted.
- Never access your funds from a rooted device.
- Do not install applications on your device that are not trustworthy.
- Keep a look out for phishing scams. Your private key should only be known by you.
- Bookmark your sites. Some fake sites are known to have URLs similar to the actual portals and could steal your personal info.
- If you possess a large sum of funds, split it amongst separate wallets to ensure that not all your money could be lost due to some blunder.
- Cold wallets are to be preferred over hot wallets and exchange wallets for storage.
Story Credits: coinidol.com
Image Credits: coinjournal.com
Bitcoin is getting more and more popular each day. In 2011, you needed to write to a man from another country to order a pizza for you with Bitcoins, but now you can do things similar to that in various major cities. In a few countries like the Netherlands, the whole towns are Bitcoin-accommodating, (for example, Arnhem, regularly called ‘the Bitcoin city’).
This growing popularity of Bitcoin has caught attention of many people, and thus we see so many people asking how to earn bitcoin.
The best and easiest way to earn Bitcoin is through mining. There are several mining pool which one can join in order to earn their own bitcoin. Apart from that, it can also be earned through carrying out certain tasks, or accepting bitcoin payments if you own a business. In short, Bitcoin can be earned in as many ways as real money. So, next time someone asks how to earn bitcoins, you know what to tell them.
Nowadays, ICOs (Initial Coin Offerings) are among the most contentious fundraising techniques. Though, based on market figures, it looks like there’s no halt in raising money with ICOs anytime soon.
ICO Market Analysis
The very first successful ICO event took place in 2014 by Ethereum. However, the year 2017 saw some of the biggest ICOs, such as Filecoin and Hdac, that raised more than $250 million only with their token sales. But the trend seemed to slow down by the end of the year, with a huge number of failed ICOs.
According to a report, out of 169 projects, only 69 managed to raise money through token sales, effectively. As the trend started to fade away, it grabbed the attention of protruding figures of the blockchain sector.
By the end of 2017, the failure of ICO trends rebounded with force and achieved a whole new level in the starting of 2018. More than $1 billion worth token sales were registered back in December. However, in a mere three months of 2018, the blockchain firms raised more than $5 billion by selling tokens.
The number of ICOs are skyrocketing. Plus, 50 ICOs are now being registered every month, whereas in 2017, not a single month saw ICOs more than 26, except the month of December.
People with dubious business models saw a huge opportunity in the unregulated ICOs market. Major projects such as Bitconnect, was shut down after it reached a $2.5 billion market cap. Furthermore, the intense funds on digital platforms turn out to be an easy target for hackers and according to a report, 450 ICO projects were attacked in 2017.
Problems Faced by Regulators
ICOs are gaining huge popularity and have become a huge concern for regulatory authorities around the world for two main reasons:
- The vulnerability of the investors.
- The cash-flow to an unregulated sector.
Though, the complex decentralized architecture of the blockchain has made it quite hard to execute any regulations on the wild-market, the largest ICO market, US, has recently become the centre of the regulatory discussion on cryptocurrencies and ICOs. Deprived of any real plan, numerous US agencies, like SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) are trying their best to explain the rules according to their own partial understanding.
Is there any solution?
Well, it’s quite clear that the ICO market is far-off from coming to a “full-stop.” Though, on the other hand, this also means that more projects are going to target investors. However, in an attempt to regulate the market, the SEC keeps on banning legit ICOs.
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