The Daily: Electrum Users Targeted by Hackers, Huobi DM’sDaily Volume Exceeds $1B

The Daily: Electrum Users Targeted by Hackers, Huobi DM’s Daily Volume Exceeds $1B

The Daily

Electrum developers have confirmed reports of an attack against the popular cryptocurrency wallet. Also covered in The Daily, Huobi Derivative Market’s daily trading volume has reached $1 billion, and one of the founders of Brazil’s leading crypto exchange Foxbit has died in a car crash.

Also read: UFC 232 to Have Official Crypto Partner, 5% of Israelis Use Bitcoin

Electrum Developers Scramble to Stop Phishing Attack

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BUsers of the Electrum bitcoin wallet have been targeted in a new phishing attack, the project’s developers confirmed on Twitter. The team notes that the wallet’s official website is and warns against downloading the software from any other source.

The attack, which began about a week ago, has been conducted through malicious servers. When asked to broadcast a transaction through a legitimate Electrum wallet, these servers reply with an error message, directing users to download a fake ‘security update’ from an unauthorized Github repository.

At startup, the malicious software asks users for a two-factor authentication code, an unusual request as the 2FA codes are needed only when sending funds. The app then uses the code to transfer the stolen digital cash to addresses controlled by the attacker.

Electrum is one of the most popular cryptocurrency wallets with support for major coins such as bitcoin core, bitcoin cash, litecoin, and others. According to a report by Zdnet, the unknown hacker or hackers have so far managed to misappropriate over 200 BTC.

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1B

Electrum developers released an update, version 3.3.2, after they were notified of the attack. However, they admitted in a blog post that “This is not a true fix, but the more proper fix of using error codes would entail upgrading the whole federated server ecosystem.” Gitub admins have also taken down the attackers’ repository.

In January of this year, Electrum issued an emergency patch for another bug. The vulnerability exposed passwords allowing websites hosting the wallets to potentially steal cryptocurrency belonging to their users.

Huobi DM’s Daily Trading Volume Surpasses $1 Billion

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BHuobi Derivative Market’s daily volume has exceeded $1 billion within a month after the launch of the trading service, the Singapore-based cryptocurrency exchange announced. The threshold was reached on Dec. 25, which was also a strong day for the company’s main trading platform, Huobi Global, with the combined trading volume of both Huboi’s platforms amounting to $2 billion on Christmas day. Huobi Global CEO Livio Weng commented:

This just goes to show the market demand for more sophisticated crypto trading tools, particularly those that allow traders to control risks in volatile markets. Huobi DM is a priority for us and we will continue to enhance it over the coming months.

The cryptocurrency contract trading feature offered by Huobi Derivative Market allows users to buy or sell bitcoin core (BTC) and ethereum (ETH) at predetermined prices and specified times in the future. That provides traders with a number of options such as arbitrage, speculation, and hedging. Huobi also plans to offer support for more cryptocurrencies, with EOS contracts already scheduled to go live on Friday.

Foxbit Co-Founder Gustavo Schiavon Dies in a Car Crash

The Daily: Electrum Users Targeted by Hackers, Huobi DM's Daily Volume Exceeds $1BGustavo Schiavon, one of the founders of the leading Brazilian cryptocurrency exchange Foxbit, has died in a road accident. While driving between Marília and São Paulo, the young entrepreneur reportedly lost control over his car and ran into a cargo truck. Gustavo’s girlfriend, Ariadny Rinolfi, has survived but has been hospitalized in serious condition. Another victim died in the crash that involved a total of two passenger cars and two large trucks.

Schiavon established Foxbit in 2014 with three other partners – João Canhada, Marcos Henrique and Felipe Trovão. In the following years, it became Brazil’s largest digital asset trading platform. This past March, the exchange lost to hackers 1 million Brazilian real (approximately $260,000), however, restored customers’ balances with the company’s own reserves.

This year Foxbit was also involved in a lawsuit against a commercial bank that closed its account citing concerns over money laundering. Without presenting evidence in court, the bank claimed it had the right to shut down accounts which it determined to be risky, which was later confirmed by Brazil’s judiciary.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock, Electrum, Foxbit.

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Exchanges Roundup: Revolut CEO Discusses Big Institution Investment in Cryptosphere, Etoro Starts Roll out of Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets


In recent exchange news, the chief executive officer of Revolut has expressed doubt regarding the institutional appetite for cryptocurrency exposure, Binance has launched a new research division, and Etoro has begun the gradual rollout of its wallet for Android and iOS users.

Also Read: Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Revolut CEO Skeptical on Institutional Investment

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsNikolay Storonsky, the chief executive officer of fintech unicorn Revolut, recently expressed skepticism regarding the rhetoric circulating throughout the cryptosphere that suggests institutional investors are eager to gain exposure to bitcoin.

“There is no interest from big institutional investors so far,” Storonsky said at the recent Web Summit 2018 in Lisbon. “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients.”

Despite his statements, Storonsky concluded that “fintech will be very big in crypto for the foreseeable future.” He added: “I just don’t think banks will catch up.”

Binance Announces Research Division

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsBinance, the leading cryptocurrency exchange by trade volume, has announced the launch of a new in-house analysis division, Binance Research. The company said that the new division will “increase transparency and (the) accuracy of information in the cryptocurrency and blockchain space.” It added that it aims to “shine a spotlight on quality blockchain projects.”

As of this writing, Binance Research has published a report providing analysis on Loom Network, as well as another one on Gochain. According to the company’s website, a report looking at Pundi X will also be published “soon.”

Etoro Starts Rollout of Android and iOS Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsSocial trading platform Etoro has started launching its cryptocurrency wallet for Android and iOS users. According to a press release, the wallet is being rolled out in different countries in phases in order to “ensure the best customer experience for clients.”

The wallet is currently available for download via Google Play and Apple’s App Store. It will only support BCH, ETH, LTC and BTC. Etoro plans to eventually add support for other cryptocurrencies in the future.

“The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in-store and more,” said Yoni Assia, the chief executive officer of Etoro.

Do you think that the hype regarding the institutional appetite for crypto is real? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia, Etoro

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

ShapeShift Acquires Tool That Quickly Swaps Bitcoin forOther Cryptos

ShapeShift has acquired a startup that developed a tool for exchanging cryptocurrencies more efficiently.

The company said Wednesday that it acquired the Texas-based Bitfract after it made the tool – allowing for the exchange of bitcoin for “dozens of digital assets in a single transaction” using the company’s API. The idea is that the tool makes it easier for crypto-buyers to switch up their portfolio without having to execute numerous transactions.

“This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board,” CEO Erik Voorhees said in a statement.

The tool works by letting investors choose what percentage of their holdings should be in a particular asset, add the destination wallet addresses and send bitcoin in a single mass transaction.

ShapeShift intends to continue operating Bitfract’s tool in its present form “as a demonstration of the power of ShapeShift’s open API.” However, the exchange will also integrate the platform’s mechanism into its own platform, creating a native “multiple output transactions” function.

“We believe in a decentralized future where individuals freely control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality,” Bitfract co-founder and CEO Willy Ogorzaly said of the acquisition.

The move comes just less than a year after ShapeShift announced the acquisition of KeepKey, a bitcoin hardware wallet startup. ShapeShift raised a $10.4 million Series A funding round in March 2017.

ShapeShift image via Piotr Swat / Shutterstock

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