Hong Kong Gatecoin will not support SegWit2x

Hong Kong cryptocurrency exchange Gatecoin is not to support SegWit2x
23 October 2017   795

A popular Hong Kong cryptocurrency exchange, Gatecoin, announces its plans regarding SegWit2x hardfork. According to the company, it will not be supporting the upcoming SegWit2x (B2X) har fork in November "due to the lack of two-way transaction replay attack protection coded into this proposed software upgrade”.

As detailed by the exhchange, not supporting B2X means that Gatecoin will:

  • NOT distribute any B2X to the clients
  • NOT process any B2X sent to the Bitcoin wallet addresses
  • NOT list any B2X coin on the exchange

Therefore, Gatecoin clients hoping to claim newly minted B2X coins equivalent to their Bitcoin holdings at the time of the hardfork, will need to withdraw their Bitcoin from the exchange at least 12 hours before the hardfork occurs at block 494,784 (expected sometime in November, exact date TBC).

We will however be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.
 

Gatecoin team

The company also sheds light on the two-way transaction replay attack protection, that prevents you from “double spending” your coins after the hardfork. Thus, without replay protection, new transactions will be equally valid on both the Bitcoin blockchain and the B2X blockchain as they will be identical to one another. This means that any new Bitcoin or B2X transaction can be copied or “replayed” from one chain to the other, hence the term “replay attack.”

To prevent this from happening, B2X should update their software so that new transactions are valid on one chain but not the other. This would be known as replay attack protection. For instance, Bitcoin Cash successfully implemented this as part of their chain split in August and is why Gatecoin was able to support it.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   55

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.