Bithumb Hack May Cause BTC Network Overload

This is the position of many member of Bitcoin community
21 June 2018   1956

At the time, when BTC fee reached fairly low level (around $0.5), many transcactions with 0.1BTC ($ 661) fee filled the network and caused a lot of unwanted situations, such as fee increase and transactions' queue. This is reported by Cryptovest.

Individuals from the crypto community blamed the Bithumb exchange hack. What is even more surprising in these transactions is that they are used to transfer relatively small amounts. The absolute majority of transactions carry about 0,3 BTC ($ 2,000), and after paying the commission to the final amount is 0.2 BTC ($ 1,330). It is worth noting that some of the transactions contain amounts ranging from 0.4 BTC to 2 BTC.

All of them, despite the fact that they are sent from multiple addresses, went to one wallet - 36MVds9jUMHsDTvww9hzokSPffapHdT8Jm.

Community members noted this when in the BTC network for the first time a congestion occurred, and commissions rose to the level of the end of February. The mempool of bitcoin in the meantime reached an impressive 26 MB.

WhalePanda Twitter
WhalePanda Twitter

WhalePanda assumes that this phenomenon is connected with the Bithumb hack. According to him, either the exchange is trying to send its funds to a cold wallet, or the attacker devastates its wallets. Many are inclined to favor the first version, although there are supporters and the second, who admit that Bithumb deleted information about the amount of stolen funds, since this value was not final. 

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   291

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.