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New York (CNN Business)Binance, a major cryptocurrency exchange, says hackers stole more than $40 million worth of bitcoin from its customers.

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
Source: CNN

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

‘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.

Mark Zuckerberg Shuts Down P2P Payments in Messenger – Getting Ready to Launch ‘Facebook Coin’?

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

Andrew Bustamante recently responded to a question on a subreddit thread on Reddit which asked what the biggest threat to the America national security in the future will be. He replied saying blockchain technology will be the biggest threat and whoever manages to figure out the technology first wins.

The subreddit thread where the question was raised is a thread dedicated to Bustamante’s ‘Everyday Espionage’, where he supposedly teaches people to benefit from international espionage techniques by implementing them in daily lives. Considering the fact that Bustamante is reportedly a former CIA intelligence officer, U.S. Air Force veteran and Fortune 10 corporate advisor, he does have the qualifications to do so.

On 22 December 2018, the question was raised in the subreddit thread, together with several possible answers such as “climate change”, “Iran”, “North Korea” or “Russia”. He responded saying blockchain technology is “super powerful stuff”, and the whoever is capable of figuring out “how to hack it, manipulate it or bring it down wins”. However, he did not elaborate further on how exactly blockchain could threaten the country’s security.

Since then, multiple Redditors have speculated possible theories regarding Bustamante’s remarks on the technology. One of them suggested that the ability to create false data within the blockchain would be disastrous when paired with the high difficulty of fixing data in a blockchain-based system. Another Redditor suggested that blockchain offers the potential of making certain transactions “untraceable” and “anonymous”, thus ending up being a possible threat to security.

Quantum computing was also mentioned in the thread. Bustamante replied to a Redditor’s question asking for clarification whether developments in blockchain or quantum computing would be a more concerning factor to the country’s security. He replied that the Redditor had a “fair point”, and this remark a lot sparked new discussions on the topic.

As quantum computing was said to hold the possibility of permanently changing the cryptographic protection that defines blockchain, it was speculated that quantum computing was what Bustamante was referring to by his “bring it down” remark.

Over the past few months, the U.S. Department of Justice (DoJ) had charged several people from Russia’s Main Intelligence Directorate (GRU) for crypto-related crimes. In July, the DoJ charged twelve individuals while another seven officers were charged in October, all from the GRU and involved in crypto-related hacking operations.

Source: Cryptoverze

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.

Foxbit

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.

Source: Crypto.Bi

Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, a company blog post reports Dec. 19.

According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believe[s] is the largest crypto migration on record.”

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