Connect with us

Cryptocurrencies

Ethereum Price Little Changed After Bancor Hack Compromises $12 Million ETH

Published

on

The value of Ethereum was down only slightly Monday after hackers made off with roughly $12 million worth of the digital currency in a coordinated attack on Bancor, a decentralized cryptocurrency exchange. At the time of writing, the stolen ether is still at large.

Bancor Attack

At roughly 00:00 UTC, Bancor was subject to a security breach exposing tens of thousands of ETH coins. ERC-20 tokens NPXS and BNT were also compromised in the attack.

Bancor disclosed the attack early Monday in a post that appeared on Twitter. The attack targeted a wallet used to upgrade some smart contracts on the network, which allowed the perpetrator to steal large sums of ERC-20 tokens in addition to Ethereum.

The monetary breakdown of the attack is as follows:

  • 24,984 ETH (~$12.5 million)
  • 229,356,645 NPXS (~$1 million)
  • 3,200,000 BNT (~$10 million)

NXPS is the native currency of the Pundi X platform. Bancor is the native coin of the Bancor exchange.

“Once the theft was identified, we were able to freeze the stolen BNT, limiting the damage to the Bancor ecosystem from the theft,” the company said in the statement. ” The ability to freeze tokens was built into the Bancor Protocol to be used in an extreme situation to recover from a security breach…”

Bancor was unable to freeze the stolen ether, but is now working with dozens of exchanges to trace the funds. If successful, this will make the stolen coins harder to liquidate on the open market.

The company assured users that no wallets were compromised and that an investigation was ongoing.

Interestingly, this is the second time in as many months that NPXS has been targeted by hackers. The token was compromised last month in an attack on Coinrail, a smaller digital currency exchange based in South Korea.

ETH/USD Price Levels

Ether drifted mostly lower Monday, though losses were generally well contained in spite of the Bancor attack. The ETH/USD exchange rate spent most of the day between $480 and $490 before bottoming near $475 in the early evening. Prices are down 3% over 24 hours.

The largest cryptocurrency by market capitalization crossed the $500 mark on Sunday for the first time in two-and-a-half weeks. The gains were accompanied by a slight bump in trading volumes, a trend that continued into Monday.

When measured by trading volume, ether is the third largest cryptocurrency on the market behind bitcoin and tether, a dollar-pegged stablecoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 502 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Analysis

Crypto Update: Divergence Deepens as Altcoins Fall, Bitcoin Flat

Published

on

The unusual discrepancy between BTC and the rest of the cryptocurrency market continued today, with the top 10 coins all losing ground with the exception of Bitcoin itself. Tuesday’s surge, which carried the segment to $300 billion in total market cap quickly fizzled out, at least as far as the major altcoins are concerned, but the largest digital currency is still holding on above the strong $7000 and $7350 support/resistance levels.

Altcoins are on short-term sell signals according to our trend model, but Bitcoin is still on a buy signal as the declining trend was broken by the break-out that remains intact, despite the segment-wide weakness.

Given the mixed, but one-sided setup, and the lack of bullish follow-through, odds still favor a bearish outcome, and traders should remain cautious with new positions here, even in BTC, the positive outlier. A broad trend change would require a meaningful leadership, and until that develops, a test of t eh June lows remains likely, with the possibility of new lows in the coming week as well.

BTC/USD, 4-Hour Chart Analysis

While Bitcoin failed to durably stay above the $7500 level, bulls successfully defended the support zone near $7350, despite the overbought short-term momentum readings. The coin is well above the line-in-the-sand $7000 level and the long-term support near $5850 that was in danger just one week ago.

Although the altcoin weakness makes BTC’s rally suspicious, the short-term bullish pattern is intact, as is the buy signal in our trend model. Further support is found at $6750, and $6500, while primary resistance is still ahead at $7650.

Selling Pressure Apparent in Altcoins

ETH/USD, 4-Hour Chart Analysis

All intraday rally attempts have been sold so far in most of the major altcoins, and Ethereum is just holding up above primary support at $450 despite the rally in the beginning of the week. The coin is on a short-term sell signal, and a test of the June lows is likely after the failed break-out. Strong resistance is ahead at $500 and between $555 and $575, while support is found at $420, $400, $380, and $360.

XMR/USDT, 4-Hour Chart Analysis

While Monero has been holding up relatively well in the last couple of days after getting stuck below the $150 level during the Tuesday surge, but the coin is still among the structurally weak majors, being on a long-term sell signal. As the other bearish leaders, NEO, LTC, and Dash are also trading below key long-term levels, we expect the coin to fall back below the $125 support and likely test the June lows in the coming weeks.

XRP/USDT, 4-Hour Chart Analysis

The third largest coin Ripple is already testing the $0.45 level after drifting lower ever since the Tuesday rally, and as its relative weakness is still clear, a break below that level seems to be imminent. Below that, the crucial long-term support zone near $0.42 could stop the decline of XRP again, but a move under that could trigger a long-term sell signal.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 296 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Altcoins

ZenCash Price Sees Strong Performance After Supernode Upgrade

Published

on

ZenCash (ZEN) is one of the small handful of coins in the market cap top-100 to have recorded clear gains over the last twenty-four hours, as most of the altcoins struggle to maintain Bitcoin’s relative stability.

ZEN coins are currently up around 4% for the day, climbing from a price of $27.90 yesterday to the current value of $29.98 this morning. That doesn’t necessarily tell the whole tale however, as ZenCash has been fluctuating wildly all day long.

At one point in the last twenty-four hours ZEN coins peaked at $31.95, before falling back down to $28.31. A couple of hours later and the coin jumped back up to $31.16, before eventually levelling out.

Even at the current retracement, ZenCash is still up a ridiculous 39.9% for the week, after climbing from July 13th’s valuation of $20.71. The monthly numbers are even better – showing a 48% growth over the space of thirty days since June 20th’s price of $19.52.

We could probably count on one hand the number of coins in the top-100 to have recovered their valuations for the month, and ZenCash – unexpectedly perhaps – is among them.

Supernode Upgrade

The official ZenCash Twitter team have had a lot to announce in the last twenty-four hours, will an upgrade to their network having just recently been completed. The upgrade targeted many areas of the protocol, but perhaps the biggest difference is the addition of ‘supernodes’.

The Twitter team dropped the following announcement less than twenty hours ago:

“It’s a wrap! Zen’s mandatory software upgrade executed flawlessly! The updated software included significant code improvements and adjusted the rewards to add a new node class: Super Nodes. Special thanks to our miners and node operators!”

Perhaps the best explanation of supernodes comes from ZenCash themselves, in what sounds like a juiced-up version of masternode operators:

“Like Secure Nodes, the Super Node network has enhanced point-to-point encryption. Super Nodes will be tasked with managing key network and system functions such as hosting multiple services on sidechains, tracking and measuring Secure Node uptime, and queuing the node payment schedule for miners.”

Supernode Requirements

ZEN’s supernodes come with many of the same technical requirements as masternodes, although the hardware specifications are not necessarily as beefy as one would assume.

ZenCash say that just 8GB of RAM is required to run a supernode, along with a 100GB storage space. Likewise, a multi-core CPU is hardly an expensive purchase in this day and age, while the requirement to be online and running 96% of the time is actually a lot less than many masternodes, which often demand 99-100% uptime.

According to this tweet from the ZEN team, supernodes are up and running and ready to earn 10% of the block rewards:

“Super Node earnings start TODAY. Thanks for helping us test the servers and infrastructure during the ramp-up period!”

Ultimately, the success of ZenCash’s upgrade appears to have given them legs when most of the market has lost theirs.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.4 stars on average, based on 25 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




Feedback or Requests?

Continue Reading

Cryptocurrencies

The First Markets Have Successfully Resolved on Augur

Published

on

Augur, the decentralized prediction market startup, has successfully resolved its first prediction markets.

$20,000 in Ethereum is allegedly being sent out to early users of the platform, who used it without 100% certainty that they would get their money back.

At this point, it’s important to step back and give our readers a quick recap of Augur and decentralized prediction markets in general.

Augur: An Overview

Augur at its core is a decentralized prediction market platform that utilizes the Ethereum blockchain.

A prediction market is defined by the ability for a user to bet on the outcome of future events in order to get monetary prizes. The less likely an event is to occur, the bigger the reward you can earn for predicting its success.

For instance, this analyst used a centralized prediction market called Predictit to win $6k in the 2016 election betting Donald Trump would win the election.

In this system, before the event outcome was determined, users could buy and sell “yes” or “no” bets between .01 cents or $1. If the outcome resolved yes, all yes shares were redeemed for $1. If the event resolved no, all yes shares were redeemed for $0.

Augur differs from centralized services such as Predictit by making use of “The Wisdom of the Crowd” from predictors on the platform.

They use these predictors to create real-time predictive data that’s oftentimes more accurate than the leading experts.

So how does this work in practice?

Creating Markets

You need to spend a small amount of Ethereum tokens to create an Augur market. Markets can be anything from “Will the price of Bitcoin hit $20,000 before the end of 2017?” to “Will Jesus Christ return in 2018?”

When you create a market, the user sets the taker and maker fees (the cost to buy and sell shares on the books). Taker fees must be between 1.0% and 12.5%. Maker fees also can’t be more than half of the taker fee. As the market creator in this instance, these are the fees you would receive when the market closes.

Although this is the current fee structure, discussion on the official Stack Exchange page suggests that this will be changing.

At some point in the near future market, creators will instead set a creator fee, and there will no longer be maker/taker fees. The creator fee is taken from the rewards of the traders that hold winning positions and are given to the market creator.

As a market creator, the goal is to keep the settlement fees low enough to incentivize people to bid using your market while also being high enough to cover the initial Ethereum cost you spent to create the market.

Besides creating markets, Augur users can also buy and trade shares that represent the odds that the event in a given market will occur. For example, you see a market, “Will Stellar Lumens reach $1k by 2018?”

Because Coinbase recently stated they were considering adding STellar Lumens to their platform, this market intrigues you. You might be fairly sure that it’ll reach $1k before the end of the year, so you put in a bid to buy 50 shares at 0.6 ETH a share.

Shares are worth anywhere between 0 and 1 ETH. The higher the price you buy a share for, the more likely you believe that the event will happen.

Augur Traders

There are two ways to make money as an Augur trader. With fluctuating share prices, it’s theoretically possible to buy positions at a low cost and sell them higher as sentiment changes. Real world catalysts may also cause an event to be more or less likely to happen over time.

You can also earn money if you predicted an event correctly and hold shares when the market closes. The amount of your payout equals:

Payout = Number of shares * Price / Number of ticks

The number of ticks is the number of possible price points between the minimum and maximum prices in a market.

You also need to pay settlement fees from each of your winnings. The settlement fees include the creator fee set by the market creator and the reporting fee used in the Decentralized Oracle System utilized by Augur. The larger your earnings, the higher the fees you’ll have to pay.

The REP token powers this Augur Decentralized Oracle System. You can stake REP to report on the outcome of events for the different markets.

When a market closes, you must report on the outcome of the event and put up a certain amount of REP to back your claim. If the event hasn’t occurred yet, you are asked to mark it “Invalid” seeing that you won’t be able to report on it.

You have 27 days after an event closes to submit a report. If you report the same outcome as the majority of reporters in your market, you’ll receive your REP back plus a portion of the reporting fee. The reporting fee uses the following formula:

Reporting Fee = Current Reporting Fee * ( Augur Open Interest * 5 / REP Market Cap )

The more REP that you stake when submitting a report, the greater proportion of the reporting fee you earn.

Making things slightly more complicated, markets can also be reported on by a designated reporter. The market creator delegates a designator reporter to report a proposed outcome for the market within 3 days after the market closes.

As a reporter, you are allotted an additional 3 days to challenge the proposed outcome of the designated reporter. If there’s no challenge put forth, then the market enters the next reporting round by skipping the usual 27-day reporting phase.

You also need to stake some REP in order to challenge a proposed outcome. The REP that you stake is called a dispute bond. If your challenge is successful and the proposed outcome is reversed, you’ll get the funds from your dispute bond back.

Augur started in 2014. Vitalik Buterin, known famously as the creator of Ethereum, is notably an advisor to Augur.

Augur ICO

Augur did court some early controversy.

They originally held an ICO in August 2015 in which they distributed 8.8 million REP tokens. There are and only will ever be 11 million REP tokens in circulation.

REP traded between $1.50 and $2.00 (~0.0047 and ~0.0050) immediately after the ICO.

The price has had three significant spikes in its history since this point.

The first occurred in March 2016 as a result of their beta release.

The second occurred in October 2016 when investors received their REP tokens from the ICO. This caused the price to quickly increase before dumping as exchanges added support for the tokens.

The third and largest price increase occurred in 2017 on December 19th in which the price rose to over $100 before settling in on the $90 range. There was no significant news that seemed to cause this increase.

Some people have speculated as a result that this spike was a result of a classic “pump and dump” while others think that it may have been insiders trading on the rumor that the token will soon be added to Coinbase.

However, as more and more decentralized applications start providing real value an utility to users, the market prices of their tokens may start appearing closer to the true value of their worth.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 10 rated posts




Feedback or Requests?

Continue Reading

5 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending