The Taiwan-based company, one of the world’s largest crypto exchanges, announced
that it discovered a “large scale security breach” Tuesday. It said hackers stole 7,000 bitcoins in one transaction. One bitcoin trades at nearly $6,000.
“The hackers used a variety of techniques, including phishing, viruses and other attacks,” CEO Changpeng Zhao wrote in the statement. He said the company continues to investigate the breach.
Zhao explained that the hackers waited for the best time to conduct their operation, but he didn’t clarify specifically how the hack went undetected.
“The transaction is structured in a way that passed our existing security checks,” he said. “Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”
The stolen bitcoin (XBT
) will be reimbursed through Binance’s secure asset fund
, emergency insurance available in case of a breach. Binance warned that other accounts could be affected.
Binance also temporarily suspended deposits and withdrawals, but it said bitcoin trading can continue. A security review of the incident will take at least a week.
“We beg for your understanding in this difficult situation,” Zhao wrote.
The hack is coming during a time when bitcoin is hot once again. Bitcoin prices have surged nearly 60% this year
after plunging almost 75% in 2018
Facebook makes a U-turn on Blockchain and cryptocurrency ads, CNBC reports. Hence, more crypto-oriented companies will be able to promote their products on the biggest social media network.
‘Facebook Coin’ Reportedly Coming in First Half of 2019
No need for pre-approval
As reported by U.Today, Facebook relaxed is crypto ad ban back in June, but ICOs were still barred from the website. Despite this announcement, the social media giant continued to blackball the majority of crypto-related ads. The thing is, Facebook only readmitted the companies that already got the green light before the ban, but the majority of new submissions have been rejected (mostly for some obscure reasons).
Now, a wide range of crypto-related ads does not need to be pre-approved at all. It appears that only those ads that are promoting ICOs and other crypto projects will be vetted as usual by Facebook.
“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency,” the blog post read.
Back in October, Google also reversed its crypto ban for regulatory compliant exchanges after banning crypto ads along with a slew of other tech companies, such as LinkedIn and Snapchat.
Facebook’s crypto bet
Facebook had no choice but loosen its grip on crypto since it’s prepping to issue its own cryptocurrency that is supposed to become a major disruptor in the industry. Facebook’s foray into crypto is allegedly the reason why major institutions are becoming enthusiasticabout digital assets.
Source: U Today
Foxbit co-founder Gustavo Schiavon, known affectively as Guto, has passed away in a car accident in the Brazilian state of São Paulo.
While driving between Marília city and São Paulo capital his car spun under heavy rain and got hit, back side first, by a large cargo truck. The automobile was reduced to a fraction of its size by the impact.
Guto was accompanied by his girlfriend Ariadny Rinolfi who survived the crash but is in serious condition under intensive care at a São Paulo hospital.
A second fatal victim was involved in a different automobile. A total of 2 passenger cars and 2 large trucks were involved in the crash.
Schiavon, who held a degree in Information Systems, founded Foxbit in 2014. The business quickly became Brazil’s largest Bitcoin exchange.
In March 2018 Foxbit was hacked and lost over R$ 1 million in funds. The company had enough reserves to cover the customers’ balances and avoid a Mt. Gox like scenario.
Four partners founded Foxbit: Schiavon, João Canhada, Marcos Henrique and Felipe Trovão.
The Foxbit team earned several prizes and recognition for their innovative work with cryptocurrencies in Brazil.
Also in 2018 Foxbit got involved in a landmark lawsuit against a bank which shut down their main account due to “concerns over money laundering security” although no evidence of any wrongdoing was presented in the case. The bank’s argument was that it had the right to close down accounts, at their sole discretion, which they felt could “pose risks”. The ruling became a negative precedent for cryptocurrency businesses in Brazil. Later in the year, Brazil’s second highest court used this lawsuit to decide that banks had the right to unilaterally close bank accounts.