“Success is a lousy teacher. It seduces smart people into thinking they can't lose."
- Bill Gates
Day 4 of the week! I hope that everyone has been productive this week and are killing it! 🗡️ Keep going fam, the weekend is nigh. 💪
Today in history (1914) then U.S. President, Woodrow Wilson, signed a proclamation designate the second Sunday in May to be Mother's Day, and a national holiday to honor mothers! Wilson must've been a Mama's boy. 😁
In today's newsletter, we will be covering blockchain services company Coinfirm tracking the movements of the stolen Bitcoin (BTC) stolen from recently hacked crypto exchange Binance,Domino's Pizza (Singapore and Malaysia) to utilize blockchain-powered artificial intelligence (AI) to improve supply chains and Samsung SDS to add blockchain tech to its enterprise IT offerings.
Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚
Odds are against us 🎲
Over the last 24 hours, total market capitalization bounced back from ~$184.3 billion to ~$188.6 billion, with most coins either seeing gains or losses in the ~2-6% range. BTC dominance is continues to rise and is now at ~57.2%, the highest it's been since mid Sept 2018.
BTC is currently trading at ~$6,090, up ~3.5% for the day. RSI on the daily chart is currently at ~78. Shorts are currently at a yearly high, and longs are currently at a yearly low. There is much market pessimism that this 2019 bull run will see some sort of correction soon. Additionally, BTC is currently challenging the very heavy resistance zone of ~$5,800 to ~$6,400, a level it is unlikely to break through on its first attempt. 👊
Cover your tracks 👣
Blockchain services company Coinfirm has been tracking the erratic movements of the Bitcoin (BTC) stolen from recently breached crypto exchange Binance. The hack took place on 7 May (5:15 PM) and saw Binance losing 7,000 BTC from a single hot wallet address, to multiple smaller wallets. 💸
On 8 May (4:11 AM), 1,214 BTC was moved from the multiple smaller wallets to several new addresses, leaving 5,786 BTC in the original hacker addresses. Shortly after, a further 1,227 BTC from the original hacker addresses were moved to 2 new addresses held by the hacker. 🐙 They each now hold 707 BTC and 520 BTC respectively.
While the nature of the BTC blockchain makes it easy to see where these BTC flow to due to its shared ledger feature, it is still difficult to perform real forensics on the wallets and understand who created them as there is no name attached to addresses. According to blockchain analyst Amy Castor, the hackers are "breaking the transactions up into smaller and smaller amounts making them more and more difficult to track". Duh.
AI integration 🤖
The Singapore and Malaysia division of Domino's Pizza has partnered with SingularityNET to utilize its blockchain-powered artificial intelligence (AI) to improve Domino’s supply chain processes and logistics in both countries. 🍕 SingularityNET is primarily an Ethereum (ETH) blockchain-based decentralized marketplace that launched in Feb 2019.
This strategic partnership seeks to enhance overall business operations through feasibility studies, AI-focused workshops as well as the development of new algorithms specific to the firm’s needs. 👍
Domino’s Pizza Malaysia & Singapore has more than 260 stores with a total staff of more than 4,000. Also, did you know that the value of the first BTC transactions were negotiated by individuals on the Bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's?
Moving with the times 😎
At Samsung’s Real 2019 event in Seoul, Samsung SDS CEO Hong Won-pyo talked about the company’s plans to add blockchain tech to its enterprise IT solution packages. 🗣️
He shared that Samsung's IT consulting arm, Samsung SDS, has been exploring blockchain tech for some time. It's newly developed package of tools offering, called “Digital Transformation Framework,” will feature a number of updates including "intelligent enterprise and next generation ERP / SCM / IPA, intelligent factory (manufacturing / logistics / plant intelligence), cloud security, and innovative technology platforms (AI / blockchain / IoT)". 🤖
According to the CEO of Samsung SDS’ Nexledger project, Hong Hyeong-jin, “blockchain is a technology that is used in all areas of business including finance, manufacturing, logistics, and distribution” and so they are "upgrading the company’s blockchain platform at Nexledger to meet the demand".
Usually referring to the storage of keys, in relation to wallets or exchanges, a custodial set-up is one in which private keys are being held by the service provider while they provide a login account.
Other news 📰
Ethereum-powered blogging platform, Cent, has rolled out a new feature that allows users to send each other Ether (ETH) via chat. 🤝
About a year after an outright ban, Facebook has lifted some restrictions on crypto and blockchain related advertisements. Ads involving blockchain technology, industry news, educational content or events related to cryptocurrency will no longer require prior written approval. 🙌
In a Series A equity funding round, American blockchain startup Data Gumbo Corp. raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. It is notable to add that Aramco generated $224 billion last year, before interest, tax and depreciation. (Apple was a distant second, with $82 billion). 💰
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
21 May - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
Prior to the hack, did you have funds stored in Binance? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most shocked), how shocked are you that Binance got hacked?"
The average vote was a 6.9. 38.9% of you guys voted a '10'.
"Why do you say so?"
Tick tock tick tick 💣 only a matter of time, I hope this only strengthens their systems, basically if anyone says anything about something being “unplanned maintenance, you’ll find me in the hills ⛰ runnin’!! Come on people not you 🔑 keys 💸 poof like a fart in the wind.... gone. Got ya fam lol 🤜🏻🤛 Think Justin “donation” caus he knows cz will say we’re good? Won’t happen never should think about rollback EVER!!! - Man, its really disappointing to see such occurrences. Each time sometime like this occurs it takes a space's legitimacy down a notch. 😔
Not shocked at all other exchanges just as big have been hacked before.hackers are always a step ahead and always find new ways to steal what they want - There's too much upside in it for them to do so! And it's not too difficult to cover up your tracks too.
All of it can be "hacked" vanish like a vapor - Poof! Funds ain't SAFU.
It was shocking - Big news! 📰
yes & no both. no matter how much secure we consider our system is there is always somebody who will out smart us. for the value the exchanges store they will always be a target & we will hear similar stories time & again. important that we understand that it is always wise to expose / keep very small funds on exchanges & rest in secure hardware wallets. not your private key not our asset. - Yeah it's a great reminder and wake up call to never store your funds in an exchange. Always have a paper wallet, or even better a cold hardware wallet! ✋
It is very concerning. But I am not surprised. All of this technology is still new, and over time the bugs will be exterminated. - All in due time. Let's hope that its soon though. The space really needs it! 🙏
Not really familiar with their security protocols. I would have thought that one of the biggest exchanges wouldn't get hacked though. Could there be foul play here as well? - Who knows, really? This space is still considered to be the wild west. I would be so disappointed if it were the case though. 😔
They are the biggest and the most targeted. It's similar to how most viruses are created for Windows based computers simply because there is more of them. If you're sending phishing type emails or IMs, why not target the largest attack surface, or in this case, the exchange with the largest user base. If you send out 1 million phishing emails posing as Binance, maybe 200 of those people are actually Binance users. Out of those 200, maybe 2 fall for the phishing. If you target say Bittrex users, out of those 1 million emails, maybe 5 are actually users. - True. They definitely are the biggest target. 🎯
happy - whut. 🤨
Big company like this should have the protocols etc in place to avert hacking and not the first time BTC been stolen. Surely all share in order to learn and prevent. - I'm sure they do, just perhaps not sufficient protocols this time. A very painful lesson indeed. 🤕
This is a disaster and has a very devastating impact on the future of this industry, especially on large and potential capitalists. - It might've deterred some institutional investments.
I thought they were very secure. - Funds not as SAFU as expected. 💸
Binance seems to be an exchange which has all the vulnerabilities covered. - Yeah that's what I thought too. I guess anything really can happen in this space. At this point, nothing much surprises me. 🤷
Doesn’t make it safe. Hope it doesn’t affect people’s confidence in it. - Yeah.
My past reading indicated that Binance and Coinbase were the most secure exchanges. Is nothing sacred? - Yeah they are both supposed to be so.
Because I couldn't believe that exchange which considered the biggest and most popular in the world of cryptocurrency can be hacked so easily... - Fortunately they were able to cover the losses of their customers this time.
Not shocked it was only a matter of time, it's an inside job FO SHO - I certainly hope not!
When so much money is at stake there are bound to be a bunch of bandits chasing after it. Constant vigilance and improvement in security is the only solution ! - This was a very painful lesson for the space. I really hope that exchanges spend as much as they can on security, given the amount they are currently raking in. 💰
A centralised exchange is easier to hack than a decentralised one.......or have I got that wrong?? The Bitcoin chart looks great where it is! - Yes, because for decentralized exchanges you are in control of your private keys. For centralized exchanges, they control your private keys for you. As long as you control your own keys, you are safe. Oh and that Bitcoin chart! I alternate between using that and the total market capitalization chart. The reason I do this is cause 2 graphs might confuse people, so I use the one that is most relevant for the day, depending on the price action market summary section!
I guess I'm somewhat shocked because I'm not a system developer so I don't understand how difficult it is to secure sites. But it seems to me that there must be ways to prevent this from happening, especially if you have the resources Binance has. I'm not so shocked because if you're on the interest, you can be hacked. - True. As long as you're online, you will always be vulnerable. 🎯
If an exchange gets hacked for $41 M, what confidence does that give to we little people that our investment dollars are safe? - The way we can protect ourselves is to store our funds in hardware wallets and only use these exchanges to trade and nothing else. 🙃
It wasnt really a hack. The bad guys just guessed the right password, the right username and the right 2fa :p - They would need access to the private keys too though. 🤔
I thought Binance is safu, but we need to wait until we have the information how this hack was executed or if this probably was an inside job. - Everyone certainly thought so. Guess the funds really weren't that safu. 😔
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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