Report: Coinbase Prevented Users from Sending $285k in Bitcoin to Twitter Hackers
Data shows that the impacts of the recent Twitter hack were fairly limited, with a small handful of users sending just over $100,000 worth of Bitcoin to the address shilled as part of a classic crypto giveaway scam.
According to recent reports, it appears that the impacts of the scam were almost far greater than this, however, as cryptocurrency exchange Coinbase stopped over 1,100 customers from sending BTC to the hackers.
This news highlights both the benefits and flaws of centralized exchanges.
Last week, the world was on the edge of their seats as they watched the Twitter accounts of some of the most prominent individuals and companies fall under the control of hackers.
The hackers used these accounts to shill classic crypto scams, in which they told the account’s followers that they would send back double the Bitcoin that was sent.
Despite this sham being put in front of hundreds of tens of millions of onlookers, the impacts were fairly limited.
According to a recent report from analytics firm Elliptic, a total of $121,000 worth of Bitcoin was sent in just over 400 payments.
This means that it was likely far less than 400 people who actually sent crypto, as some individuals may have sent multiple transactions.
One individual sent a total of $42,000 worth of Bitcoin in a single transaction from a Japan-based exchange.
“Payments from Asia-based exchanges dominate, although this includes one single very large payment originating from a Japan-based exchange, worth $42,000,” Elliptic noted.
According to a recent report, as soon as Coinbase became apprised of the situation, they began blocking transactions from their platform to the hacker’s wallet.
In total, they claim to have blocked 1,100 customers from sending 30.4 Bitcoin to the address associated with the scam.
Prior to them blacklisting the address, 14 of their users were able to send $3,000 worth of BTC.
The actions taken by the exchange did prove to be beneficial for users, but it also highlights the sheer control the platform has over its clients’ Bitcoin.
Some Bitcoin advocates are now growing concerned that major exchanges can start censoring transactions – which negates the entire credo underpinning Bitcoin.
While speaking to Forbes, Coinbase’s chief information officer – Philip Martin – explained that they are operating on the base principle of trying to reduce harm to users without reducing the asset’s utility.
“The principle that we want to pay attention to is harm reduction without reducing the underlying utility of the asset,” he explained.
Featured image from Unsplash.
Author: Cole Petersen
Crypto exchange AAX adds support for 20+ fiat currencies in past month
As of July 20th, bitcoin and cryptocurrency exchange AAX has now introduced OTC with local merchants to support CNY, HKD, and USD getaway, as well as a Fast Buy desk with partners including Epay, Coinify, Mercuryo, Xanpool to support over 20 types of currencies globally.
The quality of crypto exchanges is increasingly defined by the extent to which they make it easy for people to convert crypto to cash and back. Especially, as crypto exchanges and DeFi projects are more and more functioning as venues for alternative banking, this integration between online and offline life, and so, crypto and cash, is crucial. Here we look at the reasons behind this and how AAX, a fast-growing crypto exchange known for its use of London Stock Exchange technology, has stepped up as the go-to-place for exchanging fiat to crypto.
AAX – LSEG-powered exchange, with low fees
One crypto exchange that has really stood out in this space, and which is growing at a fast pace is AAX. This crypto exchange was launched in November 2019 and is best known for its technology partnership with London Stock Exchange Group’s LSEG Technology.
The exchange lists more than 20 top crypto-to-crypto trading pairs, with new coins listed every month. It also operates futures markets listing perpetual contracts for Bitcoin and Ethereum.
Despite its high-end tech stack, its partnerships with the likes of the London Stock Exchange Group, and its wider connections to the institutional space, AAX is a retail platform, accessible and easy to use. It is known as the fastest exchange, with the lowest fees. It is obvious that this exchange is spearheaded by its ambition to take over the leading positions.
The go-to-place for exchanging fiat to crypto
But what’s less known is that AAX also makes it incredibly easy to buy and sell cryptocurrency in exchange for fiat.
On AAX’s OTC platform users can buy and sell Bitcoin, USDT, and Ethereum from other users and merchants for HKD, USD, and CNY. Payments can be made with bank transfer, WeChat, PayPal, and a whole range of other easy methods. It’s peer-to-peer, meaning between users, but AAX provides oversight – so deals can be made in a safe way.
AAX features a Fast Buy section where users can buy and sell crypto with credit cards, or via bank transfer, in a matter of minutes, with support for more than 20 currencies including EUR, USD, SGD, HKD, JPY, and GBP, but also MYR, RUB, PHP, and many more.
Philippines Now Has 16 Cryptocurrency Exchanges Approved by Central Bank
The number of regulated cryptocurrency exchanges in the Philippines has grown to 16, according to Bangko Sentral ng Pilipinas, the country’s central bank. One of the regulated exchanges has been helping the government and Unionbank to launch an app for bond purchases.
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has so far approved 16 cryptocurrency exchange service providers in total. The latest list of “Remittance and transfer companies (RTC) with virtual currency (VC) exchange services” shows four recently-approved cryptocurrency exchanges. They are Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp., and Wibs PHP Inc.
The four join 12 existing crypto exchanges previously approved by the BSP: Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (dba Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX, and Zybi Tech (dba Juancash). News.Bitcoin.com previously reported that there were 13 approved crypto exchanges in the Philippines. However, Bitan Moneytech has been delisted as of June 30 and is no longer on the above BSP-approved list.
The BSP established a formal regulatory framework for crypto exchanges in its Circular No. 944 dated Feb. 6, 2017. Crypto exchanges are required to register with the BSP as remittance and transfer companies.
The Philippines continues to innovate in the area of crypto assets and blockchain technology. Last week, the country’s Bureau of the Treasury, the Union Bank of the Philippines (Unionbank), and crypto exchange PDAX launched a blockchain app called Bonds.ph for the distribution of government bonds. National Treasurer Rosalia V. De Leon explained that the new mobile app will allow Filipinos, particularly the unbanked, to invest in the government’s new retail treasury bond and help the country raise funds to help with economic recovery and strengthen the covid-19 response.
Unionbank, one of the largest banks in the country, installed a bitcoin ATM early last year. Its subsidiary UBX has invested in the PDAX exchange.
“This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world,” said Unionbank President and CEO Edwin R. Bautista. “The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
What do you think about the Philippines’ approach to crypto? Let us know in the comments section below.
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