Cryptopia, the cryptocurrency exchange hit by a major hack in mid-January, has restarted trading of 40 pairs deemed secure.
Latest Ethereum (ETH) News
To quantify, there are more than 1.2 million dApps based on
the most-on demand and secure crypto smart contracting platform, Ethereum. With
smart contracts executing orders off an immutable and public network, security
is a top priority.
Emerging records indicate that the creators of each of these
1.2 million dApps successfully used an efficient tool that could pick out 13
common smart contract flaws and later rating and notifying the creator before
The tool that also improves transparency within the Ethereum ecosystem was launched by AmberData helps coders pick out common vulnerabilities plaguing Ethereum based dApps helping them control and even avert possible losses that can run into millions of dollars. And it is not a service locked to coders and dApp developers alone. Members of the public can use the tool to audit with their favorite Ethereum dApps thereby introducing the much-sought after transparency between end users and developers.
Meanwhile, customers of the hacked New Zealand exchange are
set to get a haircut for their losses as the exchange struggles to par losses
and resume normal service. Even so, users are disappointed because latest
updates indicate that the exchange is yet to secure or recover stolen Ether
(ETH). As a result, users will have to stomach losses as the haircut will be
ETH/USD Price Analysis
Prices are stable—as it has been in the last couple of days. At the time of writing, ETH is up 3.8 percent in the last week as prices consolidate within tight trade range. Even though buyers are in control and trading within a bullish breakout pattern after prices closed above $135 with decent volumes late on Mar 5, the lack of upward momentum reversing losses of Feb 24 is negative for bulls.
Trend and Candlestick Formation: short-term bullish, Bullish breakout
As aforementioned, buyers have a chance in the short-term and trading within a bullish breakout pattern after bulls of Mar 5. All the same and from our last ETH/USD iterations, it is only after there is a conclusive close above $170 that bulls can be authoritatively be in control as they would have successfully nullified the bear breakout pattern of mid-Nov 2018.
Before then, aggressive traders should take advantage of dips in lower time frames, load up and aim for $170 with tight stops at Mar 5 lows or $135. However, should there be a slide and prices collapse below $135, then traders should exit their longs as it is likely that prices will drop back to $110 or $70—Dec 2018 lows.
From the chart, participation is shrinking. Despite our optimism and expectation of higher highs, records indicate that bulls are sustained by low and dropping volumes. By Mar 5, volumes stood at 296k with that dropping to 171k on Mar 17. By all accounts, this pales in comparison with those of Feb 24 whose average stood at 415k with record volumes of 880k.
Therefore, unless otherwise there are strong gains above $170 with equally high volumes—ideally above 1 million, ETH will be under pressure and could cave, shattering our optimism. Any form of high volume close above $170 would, nonetheless, open doors for $250 or higher in days ahead.
All charts courtesy of Trading View—BitFinex
This is not investment advice. Do your research.
The post Ethereum Price Analysis: ETH Temporary Liquidation at $140 appeared first on Ethereum World News.
Cryptopia To Launch “Read Only” Site
The day has finally arrived. At long, long last, Cryptopia, an altcoin-centric exchange has revealed that it will be reopening its doors. Or in some capacity (not full), at least. The New Zealand-headquartered exchange, hacked approximately six weeks ago for reported millions in an array of crypto assets, took to Twitter to give information on this subject matter just recently.
According to the recent update from the firm, who has presumably got clearance from Christchurch authorities and other officials to restart its platform, a “read-only” version of the site will go live sometime today. This site, which will have trading, deposits, and withdrawals disabled, will show balances dated to January 14th, 2019, days before the hack.
Cryptopia intends this version of its site to allow users to reset passwords and their two-factor authentication credentials/details. Interestingly, the company didn’t divulge when it would totally reopen its services, but it did note that 24% of all wallets under its custody have been transitioned to new secure servers.
How Much Crypto Was Lost, And What’s Next?
That’s the question that remains on the minds of all Cryptopia users, now creditors to the exchange. Well, as reported by Ethereum World News previously, the company divulged that a “worst case 9.4%” of its holdings were stolen in the hack, meaning that a majority of the cold wallets were left untouched in this imbroglio. But interestingly, the exact dollar value of the crypto funds was not divulged. However, blockchain analytics group Elementus picked up where the hacked platform was slacking.
Per previous reports, Elementus, a New York-headquartered boutique, compiled an in-depth report on the matter that outlined the severity of the attack. The firm’s researchers concluded that over $16 million U.S. dollars worth of Ethereum and ERC20 tokens were stolen by the attackers. $3.57 million of the sum was in ETH, $2.446 million in Dentacoin, $1.948 million in Oyster Pearl, and the list goes on. Other prominent tokens, including TrueUSD, OmiseGO, Sirin Labs, ZRX, and Augur’s REP, were also snatched.
Just days after Elementus released its report, the New Zealand-headquartered exchange was hit again. According to a follow-up from Max Galka, the chief executive of the research boutique, 17,000 Cryptopia wallets saw 1,675 Ether leave their care.
As to what’s next for unfortunate victims to this debacle, Cryptopia claims that it is currently finalizing a “rebate process for affected users,” adding that details will follow. Will those affected by this fracas get reimbursed?
Photo by Mahesh Ranaweera on Unsplash
The post Hacked Crypto Startup Cryptopia To Open Its Doors Again, First Through “Read Only” Site appeared first on Ethereum World News.
New Zealand-based cryptocurrency exchange Cryptopia has given an idea of the losses arising from a hack on its platform last month.
Major Wall Street trading firm Jane Street Capital, which traded $5.6 trillion across products that include Exchange-traded funds (ETFs), Equities, Futures, Options, Bonds, and Commodities last year, has recently jumped on the cryptocurrency bandwagon. The ‘secretive’ firm notably revealed to Business Insider it is now trading bitcoin.
In a statement, the company confirmed that it trades over 56,000 products worldwide across a wide variety of asset classes, and that bitcoin is now one of those products. The trading firm has over 600 employees, and facilitates $13 billion in equity trading volumes on a daily basis.
It was founded in 2000, but reportedly only recently entered the cryptocurrency trading market. It’s unclear how exactly Jane Street Capital is trading bitcoin, but it is likely betting on fiat currency settled futures, such as those offered by the Chicago Board Options of Exchange (Cboe) or the Chicago Mercantile Exchange (CME).
Seemingly suggesting they’d trade bitcoin ETFs or cash settled ethereum futures if the options were available, the firm stated:
“Jane Street has always taken a considered approach to trading opportunities and will continue to do so. As more cryptocurrency products emerge, we expect to be involved.”
Other trading firms that joined the cryptocurrency ecosystem last year include DV trading, which specializes in futures and has been fined for “wash trading,” Virtu Financial, a market maker that trades over 19,000 securities, and Jump Trading, which has about 500 employees.
All of these firms started trading bitcoin at about the same time the bitcoin futures market launched, according to reports. The firms were dawn in because they make more money in volatile markets, and the common 20 percent swings in crypto markets attracted them.
Arbitrage opportunities are also ripe in the cryptocurrency ecosystem. These can look particularly mouth-watering for various traders as one cryptocurrency can have drastically different prices in two exchanges. This makes buying low and selling high extremely easy.
Arbitrage is so present in the ecosystem, that the Cryptopia exchange even has a page dedicated to it. Toby Allen, of trading firm Akuna Capital, told Business Insider:
“There is sometimes 10% exchange arbitrage. As a trader it is such an amazingly fun space to be in compared to traditional assets because of the spreads and technology gaps.”
One of the biggest cryptocurrency exchanges out there, Bittrex, recently announced it’s going to remove 82 de-listed token wallets later this month to ensure its users have access to cryptocurrencies that meet its strict listing criteria. Some of the tokens being delist have low liquidity, while others reportedly don’t have a functioning blockchain.
The US-based exchange recently announced the move, while warning the tokens will be removed from its platform on March 30. This means users need to withdraw their tokens by then, as the coins won’t be redeemable after they’re removed.
— Metamorphose (@hlopchik3000) March 16, 2018
Bittrex further noted that tokens with broken wallets or blockchains won’t allow their users to withdraw, as the coins themselves aren’t working. Most of these cryptocurrencies, including CRBIT and CRYPT, are seemingly not even listed on CoinMarketCap.
Justifying its move, Bittrex’s announcement reads:
“Occasionally, there are circumstances that lead Bittrex to remove a coin’s wallet or market from the Bittrex Exchange. These actions are taken to ensure customers have access to digital tokens that continue to meet our strict coin listing criteria and have a properly functioning blockchain and wallet.”
Bittrex was once one of the largest cryptocurrency exchanges. Various investigations found users were running pump and dump schemes on its platform. These, coupled with other issues, helped the exchange’s trading volume tank from over $1 billion a day to $172 million at press time.
Wash trading and price manipulation are somewhat common in the cryptocurrency ecosystem, especially when it comes to low-volume cryptocurrency pairs. As covered by Ethereum World News, Bittrex revealed in November that it would crack down on these schemes.
Being based in the US, the exchange has to register with the Securities and Exchange Commission (SEC) before processing trades involving tokens. The regulator recently ordered cryptocurrency exchanges to either de-list initial coin offering (ICO) tokens, or register with it.
Often, cryptocurrency traders use other exchanges to find these relatively unknown tokens. These include decentralized exchanges like EtherDelta, or Christchurch-based Cryptopia. These are, however, seen as risky investments due to their lack of liquidity and potential lack of development.