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Crypto Tidbits: Bitcoin stolen by Electrum Users, Litecoin sponsors UFC

While the Christmas spirit was in full swing during the past week, the crypto industry has kept its relentless push for growth and adoption. The Litecoin Foundation disclosed a sponsorship with the UFC, while Bitcoin's Lightning Network continued to swell. However, it was not all sunshine and rainbows, since the Electrum Wallet was attacked, while Huobi and Bitmain fired employees.

Crypto Tidbits

  • Broken electronic wallet, over 250 stolen Bitcoins: On Thursday, reports emerged that Electrum Wallet, a popular open source project founded in mid-June 2011, was violated in an "intelligent attack". For ZDNet, who broke the news, hackers allegedly added dozens of "malicious servers" to the Electrum network, so when a user issues a transaction, a server with the support of a hacker will respond with an error message that asks victims to visit a fraudulent GitHub repository (repo). If downloaded, the malicious application would require users to enter a 2FA code, which was siphoned to the attacker, subsequently allowing the transfer of Bitcoin (BTC). Through the use of the attack vector, bad actors got over 200 BTCs, rated at ~ $ 800,000 at the time of writing.
  • Litecoin sponsors UFC 232: Charlie Lee, the creator of Litecoin and has always been a hard crypt, has recently revealed that the LTC logo will make its way onto the stage of the UFC (Ultimate Fighting Championship) 232: Jones Vs. Gustaffson 2. In a tandem announcement with Lee's tweet on the subject, John Eidson, director of marketing and communications at Litecoin Foundation, explained that Litecoin will become the "official partner of the cryptocurrency" of the next sporting event, which will take place this Saturday (December 29th) in Inglewood, California. The match, which will be the last UFC contest of 2018, will see Jones challenge Gustafsson in a Light Heavyweight game. Commenting on the logic behind this sponsorship, Eidson explained that the Litecoin Foundation intends to continue working with "big companies and brands" in 2019, making it logical that the cryptocurrency "enters the famous UFC Octagon now". this sponsorship is not direct from the left, as Lee told Bloomberg that he intends to focus on adoption in 2019, making this move (while still in 2018) a clear blow in strengthening the global presence of Litecoin.
  • Crypto Powerhouse Bitmain Laying Off Staffers: Last week some reports arose that Bitmain, Beijing's encrypted mining giant, was trying to fire most of its over 2,000 staff members. In a statement to the South China Morning Post, it seems that this internal adjustment has been confirmed. The company spokesman explained that the heavyweights, once valued over $ 10 billion, were trying to make "some adjustments"[s] for our staff of this year. "Trying to sweeten the bitter affirmation, it was explained that layoffs were intended for" auxiliary "weapons.It is interesting to note that the company failed to reveal the exact details of this sector in question. to work to achieve. "Dovey Wan, an important Chinese crypt, said the Bitmain office in Beijing will host only 300 staff members, compared to more than 1,000 pre-layoffs. Company will suffer a similar dismissal in terms of percentage Samson Mow, a Chinese-Canadian who is currently the CSO of the Bitcoin Blockstream development group, said that Bitmain has lost all his team "Copernicus." The team has allegedly pruned the Bitcoin Cash GO client of the startup.
  • Huobi follows the role of Bitmain: In the previously quoted article of the South China Morning Post, it was also revealed that Bitmain not only fires employees, but also Huobi. Quoting a company spokesperson, the outlet said that Singapore-based Huobi is "optimizing its staff". Besides the fact that the company intends to cut its worst employees, not much has been publicly disclosed on this effort.
  • The Bitcoin Lightning network explodes in "Crypto Winter": The Lightning Network, a second-tier system that facilitates near-instant, low-cost and scalable bitcoin transactions, has continued to grow at an impressive pace, even during the market crisis of 2018. Rui Gomes, a developer of OpenNode supported by Tim Draper said the network can now facilitate 500 BTCs at maximum capacity, worth approximately $ 2 million in dollars. This milestone was violated just two days after Crypto Graffiti, a well-known pseudonym artist inspired by Bitcoin, revealed that he had auctioned a micro-painting depicting a black swan (a probable reference to the classification of crypts on the global scene ) in the lightning network. The piece left Crypto Graffiti's hands one millionth of Satoshi, currently valued at $ 0.0000000395.
  • The CEO of Coinbase undertakes to donate the richness of the crypt: Brian Armstrong has long been a power in the crypto industry. Armstrong, who began his Silicon Valley career as an Airbnb developer, founded Coinbase, the world-renowned cryptographic platform that now has a value of $ 8 billion. Now, only six years later, his personal wealth is presumably inflated to hundreds of millions, if not billions, on the back of the Bitcoin mania. Just like many of its high-value comrades, Coinbase's boss has recently been involved in philanthropic efforts. In a tweet released last week, Armstrong revealed that he signed the Giving Pledge, a formal charitable statement addressed to the billionaires created by Warren Buffet and Bill Gates. In a statement on the subject, Armstrong noted that now he does not see much of the need to spend more on his personal desires, and he would prefer to see others benefit from his wealth.
  • Bitcoin Revealed private oversupply problem: On Sunday, Coin Metrics, an open source cryptographic asset analytics team, released an overwhelming report on Bitcoin Private (BTCP), a Bitcoin and ZClassic fork. The exposé revealed that there were too many BTCPs in circulation, due to a hidden premier that coined 2,040,000 tokens. The bad guy behind this operation would have downloaded 300,000 of the fraudulent BTCPs into the open market, earning around $ 1 million to $ 3 million in profits. Since this information was disclosed, the Bitcoin Private team issued a long response about a Media refutation. The response, published three days after the Coin Metrics report, said that a non-core developer was responsible for the premine, as it omitted a line of relevant code, allowing bad actors to generate on-demand BTCPs. To change the problem, the team is examining the bifurcation of its blockchain, removing all the shielded coins from existence (only ~ 20,000 of which are legitimate, the other 1.7-1.8 million have been falsely generated).
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