Daily Cryptocurrency News – 27th November 2018

Here are the most important cryptocurrency news from 28th November 2018:

Multiple Copay Wallets May Be Breached 

Event-stream – a Node.js module used in millions of applications – has been reportedly compromised. This puts the funds at risk for anyone using Copay Wallet – Bitpay’s open-source wallet. After the great news of yesterday when Ohio started accepting Bitcoin using Bitpay’s services, today seems a bad day for them.

Everything started when the module maintainer, Dominic Tarr, gave publishing rights to a new user with very few coding activity on Github. The new user was called right9ctrl and is now banned from Github. This new user used its publishing rights to inject a malicious code into the module – affecting probably millions of people. Ayrton Sparling explained the situation better:

“He added flatmap-stream which is entirely (1 commit to the repo but has 3 versions, the latest one removes the injection, unmaintained, created 3 months ago) an injection targeting ps-tree. After he adds it at almost the exact same time the injection is added to flatmap-stream, he bumps the version and publishes. Literally the second commit (3 days later) after that he removes the injection and bumps a major version so he can clear the repo of having flatmap-stream but still have everyone (millions of weekly installs) using 3.x affected.”

So the developer installed the malware then patched it to avoid being detected. Even like that, a lot of people are still at risk. The malicious code purpose is to get as much private keys and along with them – the bitcoins stored on them.

CCN contacted Bitpay in order to know if to receive an answer for the question : Why Does BitPay Use Upstream Libraries?

If you have an app that use the event-stream module, you can do this to see if you’re at risk:

https://github.com/dominictarr/event-stream/issues/116#issuecomment-441135981

Binance Adds Paxos (PAX) As Base Currency 

It appears that Binance is trying to add as many stable cryptocurrencies as they can. After the recent Tether incidents when the stable cryptocurrency lost even 8% of its value, Binance decided to add a few more stable cryptocurrencies so their users could easily pick one of them. Until now, Binance accepted Tether (USDT) and Gemini’s USDC.

Starting today, a new stable cryptocurrency joined the family – Paxos (PAX). Paxos Standard Token is a relatively new stable cryptocurrency, with over 2 months in the crypto space.The reason why Binance added Paxos is because the stablecoin is regulatory compliant and frequently audited. This way, the users would have a guarantee that this is backed 1:1 by the USD. Paxos is also accepted by the New York State Department of Financial Services (NYSDFS).Charles Cascarilla, Paxos co-founder and CEO, commented:

Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”

VeChain (VET) Will Be Listed On Cobinhood

Cobinhood announced today that on November 30th 2018, they will list Vechain (VET) to their platform.

Deposits and withdrawals will be available in the same day. Cobinhood exchange have over $4 million daily trading volume – which equals with 1,267 BTC.

The exchange was created in 2017 and they have their native coin – Cobinhood (COB).  The top value of COB was on January 11th when it reached a peak of $1.42  Right now, COB have a value under $0.01.

BitTorrent Accepts Bitcoin, Tron and Binance Coin As A Payment Option 

The world’s most popular peer-to-peer communications products and protocol, BitTorrent and µTorrent, made a huge announcement today. Starting immediately, users can purchase the Ads Free & Pro Versions using BItcoin (BTC), Binance Coin (BNB) and Tron (TRX). The announcement was made via Tron’s Medium Blog.

This partnership was done using the Coinpayments.net system, which helped the biggest decentralized application to receive cryptocurrency payments. Justin Sun, TRON’s Founder declared:

“BitTorrent joins a growing list of online companies whose products and services accept TRX as payment,” said Justin Sun, Founder of TRON and CEO of BitTorrent. “With BitTorrent’s over 100 million users, the move helps increase the use of TRX in online marketplaces while giving consumers more options to unlock value from BitTorrent’s premium products.”

Jihan Wu – A Potential Catalyst For The Market Crash? 

As we may know, until November 14th the Bitcoin’s price had a steady evolution over the past weeks. People started believing that Bitcoin finally reached an average price. It appears – it wasn’t like that. On November 14th, the price fell down with more than $1,000. What was the reason behind this? A 15% drop without any bad news? Some people tend to believe that its Jihan Wu’s fault:

Which translated to:

“I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc’s price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death!”

The theory was elaborated by TrustNodes which thinks that:

  • Firstly, this was a battle. And as any Billionaire battle – they needed funds to win it. Funds that may have come from selling a high amount of BTC at once to prepare for the ‘hash war’.
  • They rented hash – because the combined BCH ABC and BCH SV total hash rate exceeded the BCH hash rate from before and it was 2.3x times more profitable to mine BItcoin than BCH ABC or BCH SV.
  • Sell pressure was created on the market.
  • Higher supply than demand.

And they’ve probably got most of the things right. On November 14th, BCH had a market cap of $8.4 billion. Right now, its less than half. This split has killed the Bitcoin Cash community and has dropped the Bitcoin’s price to new lows for 2018. Another important thing is the 1:1 ratio. If you’d hold 1 BCH at the time of the hard fork – you’d receive 1 BCH ABC and 1 BCH SV after the fork.

This allowed BCH holders to:

  • Receive BCH ABC and BCH SV
  • Keep their BCH

So, the supply was increased. Two new cryptocurrencies appeared,which most of the exchanges & whales would dump as soon as they got them. And that supply was bigger than the market demand, therefore – the almost 50% Bitcoin price drop and the billions in market cap lost.

Hopefully, the war is over.

If you’ve missed yesterday’s articles you can read it here: Daily Cryptocurrency News – 26th November 2018

Image Source: TrustNodes

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