Six Hours Of Unexplained Binance Downtime

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Without tornado cash and flash loans, it would be difficult to have the anonymity or capital to pull an attack like this off. The space is evolving quickly, and security is becoming increasingly more dire as the barriers to entry to executing an exploit drop to zero. Another possible option is to pay back some of the principle in order to insulate the protocol from the price of ETH increasing, making it more difficult to pay back the 4698.02 ETH principle that remains from the attacker’s loan. Token holders will need to make the decision as to what option they want to pursue. We will be creating a governance structure so that existing token holders can vote using a loosely-coupled governance process, signaling their approval or disapproval of use of the keys.

However, there is an element of volatility risk since the collateral is in wBTC, the interest is denominated in ETH, and interest is only converted into ETH every 28 days. If we assume a borrow rate of .2% APY (supply rates on other lending protocols are around .02 – .05%) then it requires 9.396 ETH per year to service the debt.

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Many criminals use social engineering to trick users into handing over their account credentials or cryptocurrency. Others hack into crypto exchanges and online wallets to steal cryptocurrency. It’s important to understand these attacks and take the right precautions to avoid becoming a victim. If you already own Bitcoin or some other crypto in a personal wallet or other exchange account, you can fund your new Binance.us account with cryptocurrency.

In May 2018, a YouTube user called Bizonacci released a videoof CZ in which he offered repeated reassurances that “funds are safu” centuries into the future. Once the crypto community got hold of the video, it quickly went viral. Cryptocurrency exchange Binance.US has halted all trading and orders following an undisclosed disruption in its system, but has assured users that all funds are safe. Stefan has been writing articles for DCForecasts since 2016 in-house full time.

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It is not only trading offerings that are expanding, Binance is looking to be a one stop shop for the entire cryptocurrency industry, with the likes of its IEO launchpad, but this is leaving its core market – traders – out in the cold. Binance’s rise to prominence has been, in part, down to its offering as a margin trading service. This move into futures and margin trading was well timed as its popularity recently took off in the cryptocurrency space. However, the feeling now is that the behemoth exchange may have over stretched itself and taken on more than it can handle.

Moons, lambos, HODLers — understanding the language of crypto means knowing your memes. After all, Dogecoin is still going pretty strong more than five years in. In understanding the approaches we could take to stop this attack in the future, we were gifted with one of our most innovative protocol features yet. It will make traders far more money while at the same time dramatically increasing our security guarantees. If it was implemented at the time of the attack, the attack would not have succeeded.

One of the most popular cryptocurrency exchanges, OKEx, suspended withdrawals earlier today, which led to lots of confusion within the community and price slumps for the market. The head of the cryptocurrency exchange Binance, Changpeng Zhao, is in the latest cryptocurrency news following a recent statement by the exchange. It seems like right now, Binance thinks that the funds are ‘not at risk’ after a reported technical error started affecting its withdrawals. The sophisticated cyberattack transferred then-$41 million — and now $83 million — worth of cryptocurrency in a single transaction after accessing user API keys, two-factor authentication codes and other information.

Your membership supports a team of global Quartz journalists reporting on the forces shaping our world. We make sense of accelerating change and help you get ahead bitcoin bonus of it with business news for the next era, not just the next hour. New technology is upending everything in finance, from saving to trading to making payments.

The total profit from this sequence of events was 1193 ETH, currently worth $298,250 @ $250/ETH. For a complete call-by-call analysis of the attack, we recommend reading the latest Peckshield analysis. Executives speak to Representatives, analyze the issue and devise a fix. When you have an immutable binance block users contract that can’t be upgraded, you are ruled by machines. When the power to exist is distributed among representative stakeholders, you are ruled by economics. Unfortunately, many commentators have exhibited some degree of confusion, seeming to believe that upgradability precludes decentralization.

This attack is one of the most sophisticated we’ve ever seen, possible only with an extremely in-depth knowledge of every DeFi protocol and its various https://beaxy.com/ tools. This attack demonstrates the power of composability and how many different protocols can interface meaningfully with bZx at the same time.

However, despite the double-edged sword of Binance’s expansion, there are still a number of users who are displeased with the overloading issues, as well as the unscheduled downtime that has since occurred. The Trust Project is an international consortium of news organizations building standards of transparency.

• Many criminals use social engineering to trick users into handing over their account credentials or cryptocurrency.
• When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
• Stefan has been writing articles for DCForecasts since 2016 in-house full time.
• As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases.

So let’s today see some of the popular crypto-slangs that you might hear now and then. In my early days of funds are safu Bitcoin and cryptocurrencies, I used to feel left out because I knew nothing about these terminologies.

Thus, it was clear that momentarily, there were no ways that any individual users could breach the contract by calling it with existing solutions, so we set up to our next steps for handling this bug. We were alerted today of a possible bug by the developers of the Qian Stablecoin , the leading decentralized stablecoin in terms of total market cap on Binance Smart Chain. According to Grin’s public financial report, funding of the project stands at $123,423.73 as of March 31st, 2019, prior to the large donation. The hackers were also able to obtain a large number of users API keys, 2FA codes, and potentially other information.

The attackers are now moving the bitcoin into various accounts in an attempt to launder and cash out their stolen funds. Please keep in mind that Weiss Crypto Alert doesn’t accept any compensation whatsoever for steering readers to any digital wallet, cryptocurrency exchange or blockchain lending platform. Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens https://www.binance.com/ by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly. Margin trading requires users to borrow loans from the exchange or use existing funds in traders’ wallets as collateral. Binance charges fees for borrowing margin loans, and fees collected from these will go into the risk fund. SAFU was created to protect the exchange’s users and their funds in extreme cases.