Chinese BTC exchange allegedly hacked for $3m

Chinese OKCoin's Bitcoin exchange OKEx reported allegedly hacked for $3m
02 October 2017   1435

Chinese OKCoin's Bitcoin exchange OKEx reported allegedly hacked for $3m. It's still unclear whether the information is trustworthy, as the data provided by the official company's Twitter does not match the data from the users and the top crypto magazines. 

Thus, as reported by cointelegraph.com, a user reported that his OKEx account was logged in by a German IP and participated in BTC-ETC trading. The hacker sold all the Bitcoins and canceled all the pending orders within one hour. Such behavior has resulted in a loss of 200 Bitcoins, which worth more than five mln yuan (about 750,000 dollars). A few other users reported similar attacks. As detailed, all victims have lost about six hundred Bitcoins in total, worth over 20 mln yuan (about three mln dollars).

However, OKEx claims that the exchange hasn't been hacked.

Thus, the company argues that the hack has not occurred, yet "several users passwords were stolen". OKEx just gives some recommendations for improving security. 

The situation is still pretty unclear, so we'll keep you updated.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.