Bithumb Hack May Cause BTC Network Overload

This is the position of many member of Bitcoin community
21 June 2018   1688

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. 

Wilshire Phoenix to Update BTC ETF Application

It's planned that the exchange traded fund will be provided not only by the crypto, but also with treasury bonds
17 October 2019   110

Wilshire Phoenix and NYSE Arca have amended the application for the launch of Bitcoin ETF.

The fund will be provided not only with the first cryptocurrency, but also with treasury bonds.

The custodian of digital assets will be Coinbase Custody. The company will confirm the availability of bitcoins in providing the fund within five working days from the moment of monthly rebalancing.

To determine the value of the bitcoins held, the fund will use the base rate of the Chicago Mercantile Exchange - CME CF Bitcoin Reference Rate (CMR CF BRR).

Wilshire Phoenix recommended that the US Securities and Exchange Commission (SEC) focus on the spot market for bitcoin, which plays a key role in determining its value.

The SEC has already begun to accept public comments on the updated proposal.

Wilshire Phoenix and NYSE Arca filed an initial application in May. At the end of September, the SEC postponed a decision on it.