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Author: Daniel Cawrey
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Author: Muyao Shen
$96.7 million in bitcoin stolen from crypto exchange Bitfinex in a 2016 hack was moved on Monday.
The 14 separate transactions, tracked by Twitter-based alert service Whale Alert, show that 5045.48 BTC in total was transferred. The movements come more than two months since the most recent such occurrence when more than $26 million in bitcoin at then-current prices was transferred.
Bitfinex was hacked in August 2016, and nearly 120,000 BTC was stolen during that security breach. That incident led Bitfinex to socialize the losses among its user base and later create a token, dubbed BFX, to reimburse those who experienced funds haircuts.
In August, Bitfinex offered a public reward in an effort to spur its recovery efforts.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Michael McSweeney
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Author: Bradley Keoun
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Author: Kevin Reynolds
Crypto exchange Coinbase is preparing for the much-anticipated launch of Eth2, also known as Ethereum 2.0, by outlining how it plans to support staking and trading of what will eventually be two distinct tokens.
Coinbase will offer conversion services — from “ETH1” to “ETH2” — as well as rewards for those who opt to stake their tokens. Eth2 is a proof-of-stake based blockchain network, compared to the existing Ethereum network, which is a proof-of-work network.
The firm went on to explain in its blog post: “While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”
Coinbase did not disclose a date at which it will offer these services, stating in the blog post that it would go live “in eligible jurisdictions starting in early 2021.”
“We’re excited for this major milestone for ETH2, and the potential that a final rollout of ETH2 holds for the entire cryptocurrency community,” the blog post concluded.
As reported earlier today, more than $500 million in ETH has been deposited thus far in the Eth2 staking contract. That amount more than exceeds the minimum amount needed for the beacon chain — the inaugural element of Eth2 to go live this week — to achieve genesis on December 1.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Michael McSweeney
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Author: Nathaniel Whittemore
Russia’s largest state-owned bank, Sberbank, is reportedly set to launch a platform allowing users to purchase digital financial assets.
Herman Gref, CEO of Sberbank, said that the bank wants to promote accessibility to the new class of assets through its own blockchain platform, according to the Russian news site RBC. The move appears to be tied to Russia’s recent approval of legislation that cleared the way for the development of digital securities, as previously reported.
That same piece of legislation, signed into law by Russian president Vladimir Putin, notably included provisions aimed at prohibiting the use of cryptocurrencies as a means of payment starting next year. The law will go into effect in January.
Sberbank previously highlighted plans to launch a so-called Sbercoin, which will be pegged to the ruble and primarily used for digital financial asset settlements. Sberbank plans to begin experimenting with Sbercoin in 2021, according to RBC.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: MK Manoylov