Bithumb Hack May Cause BTC Network Overload

This is the position of many member of Bitcoin community
21 June 2018   1145

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. 

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   167

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.