Schlagwort: crypto market news

After the Solana attack that started on August 2, details have emerged linking a third-party Web3 wallet provider Slope to the attack.

More than 8,000 Solana hot wallets were attacked and approximately $8 million worth of crypto assets were stolen. At the onset of the attack, Solana advised its users to switch to hardware wallets although it was too late since users had already lost funds.

Today, Solana has updated its community via Twitter after discovering that the affected addresses were part of Slope Wallet, which is a Web3 wallet.

The tweet by Solana stated:

“After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”

slope has a web-based crypto wallet, a mobile app, and a browser extension. It is integrated with Solana Pay and it allows users to send and receive tokens on the Solana network.

What we know about the Solana attack so far

Solana has stated that the details of what really transpired are still unclear although there is evidence that “Slope wallet was logging or transmitting user mnemonics and private keys.” 

While not certain that this is the exploit, it appears to now be confirmed that Slope wallet was logging or transmitting user mnemonics and private keys. See screenshot in this tweet showing private key and mnemonic in what appears to be a network request https://t.co/oBkfrHP9I7

— Laine ❤️ stakewiz.com (@laine_sa_) August 3, 2022

Nevertheless, Solana has said that there is no evidence that the Solana Protocol or its cryptography was compromised during the attack.

After the revelation of Slope’s link to the attack, Solana co-founder, Anatoly Yakovenko tweeted advising Slope users to generate their seed phrase in a different wallet as soon as possible. Binance CEO, Changpeng Zhao, echoed Anatoly’s advice adding that users could use Binance.

If you used a Slope wallet (for SOL) in the past, move your funds to a different wallet ASAP. Do not „import“ the old wallet. Use a new private key or seed phrase. If you don’t know those words mean, send your SOL to @binance. The easy way. https://t.co/t1lYcgaX5z

— CZ 🔶 Binance (@cz_binance) August 3, 2022

On its part, Slope issued a letter explaining to its customers the hypothesis of the attack and stating that it could not confirm anything yet. In the letter, Slope notes:

“We feel the community’s pain, and we were not immune. Many of our own staff and founders’ wallets were drained.”

Details of what really happened are still trickling in as Solana and Slope Wallet users are advised to take caution.

The price of SOL, the native token of the Solana network has taken a hit and has dipped by over 10% over the last two days. At the time of writing, Solana was trading at $38.86.

The post Web3 wallet provider Slope linked to Solana attack appeared first on CoinJournal.

• Binance has appointed co-founder Yi He as Head of Binance Labs to spearhead company’s investments, including an aggressive approach towards getting acquisitions over the line.
• But Binance will only acquire or give money to struggling crypto companies that have good products and are well-managed.
• To that effect, Binance has ‘more dry powder’ than any of the competitors in the crypto industry.

Binance CEO Changpeng ‘CZ’ Zhao says his crypto company is well capitalised and ready to go on an acquisition spree if it helps the market, confirming to Yahoo Finance Live in a Wednesday interview that Binance has “a lot of dry powder” to that end.

CZ also commented on the broader crypto regulation landscape, Binance.US’ delisting of the Amp (AMP) token and recent hacks – his remarks coming after this week’s exploits on Nomad bridge and Layer blockchain Solana.

Binance is eyeing acquisitions

With several crypto companies coming under distress in the past few months amid the crypto winter, one of the firms to take an aggressive approach towards acquisitions has been FTX – the crypto firm founded by Sam Bankman-Fried.

Bankman-Fried’s FTX and Alameda have put a combined $1 billion+ into deals, including with potential acquisition for crypto lender BlockFi. The crypto billionaire’s empire even has a proposal to take up assets of embattled Voyager Digital.

So, does Changpeng Zhao’s Binance have a similar outlook even as the crypto industry navigates the bear market? 

According to the Binance chief, that’s exactly what they are ready to do. He told Yahoo Finance Live:

“We have a lot of dry powder…we have more dry powder than almost anyone else we know in the space. So we do want to use that to do acquisitions.”

So, Binance has a lot of cash or other such other highly liquid funds sources to put into investments as the market pushes through the ‘winter’.

However, CZ was quick to mention that most of the troubled crypto companies in the industry today “are not well-managed”, noting that this is why Binance is unlikely to seek to acquire them. But if these are “well-managed, with good products, but just short of cash,” then Binance will be ready to acquire them.

To the effect that his firm is working on acquisitions in the industry, Zhao pointed to the appointment of Binance co-founder Yi He at Binance Labs, the company’s venture capital arm currently managing over $7.5 billion in assets.

Yi will help Binance aggressively pursue several investments in the short term, Zhao explained.

The post Binance has ‘a lot of dry powder’ for crypto acquisitions: CEO appeared first on CoinJournal.

CoinSmart is a rapidly growing Canadian crypto platform founded in 2018. It’s suitable for inexperienced crypto traders and supports 16 leading cryptocurrencies.

The platform also supports the US dollar, euro, and Canadian dollar and is accessible in around 50 countries.

How CoinSmart works

After opening and having your CoinSmart account verified, you can fund it via wire transfer, INTERAC e-transfer, crypto, bank draft, or credit or debit card. The platform credits all deposits to the user’s account the same day they are made. It processes cash withdrawals within five business days. Accounts are typically verified on the day you sign up.

To register with CoinSmart, you’ll be asked for your name, address, date of birth, email, and phone number. They email you a verification link, you click on it, and you’re all set – usually.

A few users have been asked to undergo manual verification by uploading a few documents. The platform asks for a government-issued ID and a selfie of the user holding it, so both the front and back are visible. They’re also asked to upload a copy of a recent utility bill.

Key features

CoinSmart has very low trading fees: only 0.2%. If you’re a high-volume trader, the savings on fees will add up quickly. Many crypto platforms in Canada charge 1% or more in trading fees.

This platform also has minimal spreads. To put it in other terms, the difference between the buy and sell price is small. This makes it possible to trade more frequently than you otherwise would and save more money.

CoinSmart does not charge a fee on deposits. The fee for withdrawing fiat is 1%. Crypto withdrawals incur network fees only.

Depositing fiat via debit or credit card can be costly, with fees reaching 6% on occasion. It’s best to stick to bank transfers or INTERAC, especially if you’re just getting started.

Feature-rich app

CoinSmart has a functional, feature-rich mobile app. The feature we loved most was the widget SmartTrade, which is available on mobile and desktop and enables rapid trades. You buy and sell crypto with a couple of clicks.

The mobile app is available on iOS and Android. It features two-factor authentication, biometric login, and many other security features to keep your assets safe. In fact, it wouldn’t be an overstatement to say their security is on par with that of banks.

The platform has a 95% cold storage policy, according to which it stores all crypto assets offline in different locations to thwart hacking attempts.

CoinSmart is regulated by OSC (Ontario Securities Commission) and FINTRAC. It also has a Securities Dealer License, which few Canadian exchanges can boast.

It is an official member of TRUST, an anti-money laundering group, alongside leading exchanges like Kraken, Coinbase, and Gemini.

OTC Trading

Institutions and high-volume traders can participate in OTC trading, a premium service with a dedicated account manager and preferential pricing. You get exclusive access to special CoinSmart events, lower slippage, and same-day settlements on all trades.

Using the OTC trading desk, you can place orders in US dollars, Canadian dollars, euros, British pounds, and Japanese yen. You must undergo KYC and AML verification, but the process will be expedited.

Pros

·         Competitive trading fees

·         Instant account verification

·         Supports major fiat currencies

·         Customer support available 24/7 via phone, live chat, email

·         Assets insured for up to $100 million

Cons

·         High fees on credit & debit card deposits

·         Not available in the USA

·         Limited coin offering

·         1.5% fee on deposits of less than $2,000

Why should you sign up with CoinSmart?

CoinSmart not only offers low fees and features fantastic customer support, but is also user-friendly and highly secure. It insures user assets for up to $100 million – BitGo, a renowned custodian, is responsible for the assets. 

CoinSmart is publicly traded and complies with strict financial regulations, accounting for its high transparency and security. 

What makes this exchange unique?

CoinSmart is very beginner-friendly and a great vantage point for novice crypto traders due to this. The user interface is intuitive and makes depositing a breeze.

CoinSmart is the only platform with the so-called Smart Guarantee, which provides the benefit of instant deposit crediting, same-day account verification, and processing of fiat withdrawals within a few days, not two weeks as the industry standard.

Last but not least, CoinSmart has a nice referral program. If you refer a friend and your friend deposits $100 or more, the platform gives each of you a reward of $15.

The bottom line

CoinSmart is a publicly-traded company subject to strict financial control, making it very safe to invest with. They are required to submit an extensive volume of financials with their annual statement, rendering fraud almost impossible.

CoinSmart is possibly the safest and most secure Canadian crypto exchange. We’ve been trading with them for several months now and wouldn’t hesitate to recommend them to other users.

The post Review of CoinSmart cryptocurrency exchange appeared first on CoinJournal.

MEXC, also known as MEXC Global, is a cryptocurrency exchange founded in 2018. It features straightforward transactions and is accessible globally. Users can start trading, buying, and selling crypto as soon as they sign up.

How it works

MEXC is a hassle-free platform with a simple registration process. The services available are clearly listed on the top menu of the website. You’ll be asked for an email address to verify your account, and you will likely be good to go after that.

You start by clicking on “Sign Up” in the top right-hand corner of the homepage. You can register via mobile phone as an alternative to an email address, whichever is more convenient.

The platform recommends undergoing KYC to enhance security and raise your official withdrawal limit.

If you agree, among the documents that may be required as part of the KYC procedure are a national ID card, a driver’s license, or a passport.

If you sign up by phone, you’ll be prompted to link your number to Google Authenticator. You do this using the same login details as those for your MEXC Account.

You can deposit crypto or via debit or credit card. The easiest way is through MasterCard or Visa. You enter the details and select the amount of crypto you want to buy. One of the nicest surprises about this platform is how quickly funds appear in your wallet – it rarely takes more than half an hour.

You can purchase crypto via P2P Trade, which involves buying crypto privately from sellers all over the world via fiat transfer. To use this method, you will need to pass KYC.

It’s also possible to deposit crypto from another exchange or a wallet through the blockchain. This is done through the MEXC wallet. Select the blockchain and make a deposit.

Key features

MEXC stands out with its variety of more than 200 available cryptocurrencies. This is among the most offered by a crypto exchange.

MEXC offers margin trading, spot trading, ETF indices, and a futures market. There is leverage of up to 125x on the futures market and asset of your choice.

Staking for a number of cryptocurrencies is possible. It’s one way to earn a passive income. Among the assets available for staking are Bitcoin, Ethereum, and Polkadot.

The interest rate on earnings depends on the selection and market conditions. It’s around 10% on most cryptocurrencies, which is lucrative only if you’re holding a decent amount of crypto. We saw an APY of up to 70% on some new coins. 

Pros

·         Apps available for Android and Windows users

·         Over 200+ cryptocurrencies available

·         Several trading markets

·         Staking available for several cryptocurrencies

·         Fast and accurate charts

Cons

·         No iOS app available

·         Few assets in the quick buy option

·         No quick swaps between two coins

Reasons to sign up with MEXC

The high leverage is appealing to professionals, but novices are advised to stay away from this type of trading as the losses can be dramatic.

What’s of benefit to everyone across the board? The highly accurate charts, which reflect changes in real-time. Imprecise and slow charts can cause users to lose money. These trading charts are among the fastest and most detailed we’ve seen.

They open with very little loading time. You can choose any asset or trading pair and the respective chart pops up momentarily for you to analyze and customize.

Traders can change the candles, choose different timestamps of the charts, expand the chart, select different main indices and sub-indices, etc.

What makes MEXC unique?

Apart from the super-fast and accurate charts, they stand out thanks to their professional, competent, and multilingual support team, who helps resolve issues quickly and effectively. You can reach the team via live chat or email. If you choose to send an email, you’ll get a response in several hours at most.

Final verdict

MEXC is a good choice for investors and traders of practically any experience level. The global crypto exchange offers services in almost every country. They prioritize security, urging users to take advantage of two-factor authorization and anti-hacking codes as additional protection of their accounts.

MEXC offers a vast range of crypto trading pairs to choose from, a sufficient number of trading markets, a mobile app for Android users, and staking on several cryptocurrencies. All of these aspects appeal to new users and secure the loyalty of existing customers.

The post MEXC.com review: all you need to know about MEXC appeared first on CoinJournal.

Paxful is a digital wallet service and a peer-to-peer exchange, which has users in almost 200 countries and supports more than 300 payment methods to purchase Bitcoin.

It is a much-needed solution for seasoned investors and traders in countries where they cannot access Bitcoin and altcoins any other way.

How it works

The following deposit methods are available to Paxful customers:

·         Bank transfer

·         PayPal

·         Skrill

·         Neteller

·         A debit card or credit card

·         Western Union

·         Payoneer

·         iTunes gift card

·         Amazon gift card

·         Cash

·         Cryptocurrencies

The seller releases Bitcoin to the buyer after confirming receipt of funds from the platform’s escrow service.

Paxful is available all over the world. The minimum amount you can buy is equivalent to $10.

To sign up, all you need to provide is your name, country, mobile number, email address, and password.

Verification levels

Paxful has a relatively high number of verification levels: four. For the first one, you’re asked to validate your phone and email address. The trade limit is $1,000.

For the second, you’re required to undergo ID verification. The trade limit is $10,000.

On level 3, the platform requires address verification, and the limit is set at $50,000 per trade. On the highest level, the limit is above that, but enhanced due diligence is required. High-volume traders will find this a worthwhile option as Paxful can be used in any location with a reliable internet connection, even where crypto trading is banned.

Paxful has a desktop and a mobile trading app. To get started, click on the “New Order” button. Verifying the seller’s ID before you commit to purchase from them is recommended. Once you’ve reviewed the seller to your satisfaction, enter the amount of money you’d like to spend. The seller will transfer the crypto to you. Until then, your funds will be in escrow.

Key features

Paxful offers low fees and a wide variety of payment methods. The service fee is around 1% and is charged to process withdrawals from Paxful to your account. Below are a few other key features.

High security

Paxful is a highly secure platform, albeit unregulated. It follows strict KYC and AML (know your customer and anti-money laundering) procedures. With every deposit, the platform creates a new wallet for users, reducing the risk of a hack. Paxful also introduced two-factor authentication a few years ago.

Cloud-based wallet

Paxful is more than a trading platform; it’s a Bitcoin and Tether wallet. You can use this cloud-based wallet anywhere in the world as long as your internet access is reliable.

The wallet is directly linked to Paxful’s exchange platform so that users can sell and buy Bitcoin quickly and seamlessly.

Pros

·         Offers biometric verification

·         Fixed trading fees

·         Hundreds of payment methods

·         Quick and responsive support

·         Reliable escrow trading

Cons

·         Only Bitcoin, Tether, and Ethereum available for trading

·         Trading can be challenging for novices

Why should you use Paxful?

You’re always in control of your funds when using the Paxful wallet app. Paxful also offers a wide variety of payment methods, with bank transfers being the most popular option. 

The platform holds all funds in highly secure escrow until both the buyer and the seller have received full assurance the transaction will go through as agreed. The escrow feature provides much-needed trust in a market that has yet to make a name for itself in this respect.

The support team is helpful and responsive if issues arise. They are patient and can help walk inexperienced users through the process. They will answer your questions to your full satisfaction.

What makes it different from competitors?

All too often, people are forced to compromise when selecting a peer-to-peer cryptocurrency exchange. In most cases, you have to choose between low fees and a high number of payment methods with extra features. If you are looking for impressive features, you have to pay higher fees. 

Paxful is one provider that breaks with this tendency. Its minimum fee is set at just 0.5% and doesn’t charge fees on crypto purchases. The fee incurred by sellers depends on the payment method. It’s highest on gift card payments: 4% on average.

Final verdict 

All in all, we find this platform’s pluses outweigh the minuses. It features a sleek design, peer-to-peer crypto trading, a vast range of deposit methods, and no fee for buying crypto. Unfortunately, it has a limited cryptocurrency selection to choose from, but that may change as it grows.

The post An objective review of Paxful.com appeared first on CoinJournal.