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Bittrex Is Still Confused Over 24M Stolen STEEM Tokens on Its Holding Account

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Bittrex Is Still Confused Over 24M Stolen STEEM Tokens on Its Holding Account
Bittrex Is Still Confused Over 24M Stolen STEEM Tokens on Its Holding Account

Soon after an unknown entity “rescued” $5.7 million worth of STEEM tokens from a “New Steem” hard fork seizure, Bittrex confirmed that the funds reached their account. The crypto exchange now faces a difficult decision of what to do with the 23.6 million STEEM tokens allegedly stolen from Steem witnesses. In a May 21 statement, Bittrex co-founder Richie Lai confirmed that the entity of the transaction initiator, the account named “community321,” remains unknown so far. Lai pointed out that there is an allegation that the account could be hacked outside of Bittrex. The statement reads:

“This morning, someone deposited 23,627,501 STEEM to the main Bittrex holding account. What happened during the hard fork and the allegation that the “community321” account was hacked outside of the Bittrex ecosystem are two separate issues. We cannot conflate these two issues.”

The Bittrex co-founder continued that the exchange will carefully “review the facts of this transfer” in order to return the funds to the original wallet owner. But in order to get these funds returned, the owners will have to prove that funds belong to them, Lai elaborated. According to Bittrex, the transaction was sent “without the proper identifying memo,” which makes it hard to identify the ownership of the funds. Lai wrote:

“In cases like this, if someone is claiming they are a victim of hacking, we ask for proof of ownership before we return the funds to the person or people who claim they were hacked.”

Bittrex spokesperson said that the exchange now needs to sort out ownership due to complexities associated with the nature of the holding account. As Bittrex’s main holding account “is like a bank routing number,” each transaction needs to have an identificator of the depositor. The person said:

“When a deposit is made into that account, it must have an associated memo identifying who the depositor is. […] Think of it this way, our main holding account is like a bank routing number and the memo/message is the bank account number. When a deposit comes in without a memo matching one in our database, it goes into an unclaimed state until a user can prove ownership.”

Although Bittrex is apparently committed to returning the funds to its rightful owners, the exchange’s overall message is somewhat mixed. “The consensus of the blockchain, regardless of how it was reached, agreed that the funds from those 64 accounts be moved to the “community321” account,” Lai noted in the statement. In conclusion, the Bittrex co-founder purportedly believes that the “sanctity of blockchain” should be above “personal opinions.” Lai wrote:

“We believe in the sanctity of blockchain, and as an industry, we need to adhere to the consensus rules of the blockchain without interjecting whatever our personal opinions might be. If we want blockchain to succeed, we must live by the rules of the blockchain.”

Andrew Hamilton, CEO of JPB Liberty and Steem stakeholder, explained that Bittrex received stolen property and has a legal obligation to return that to its original owners as instructed by the party that transferred it to Bittrex. Hamilton said:

“While we in the cryptocurrency industry like to use terms such as “code is law” and the “sanctity of the blockchain”, we must also acknowledge that the law of the land takes precedence over the law of the code.”

While Hamilton apparently means that the rightful owners of the stolen funds are Steem accounts and stakeholders associated with the Steem blockchain’s rebel, the Hive blockchain, there is another party that claims ownership. Tron CEO Justin Sun, who believes that Hive witnesses stole “many millions of dollars,” is working with enforcement to get the funds back. Bittrex is a major crypto trading platform, ranked the 17th largest crypto exchange by a market cap of $33.8 million as of press time.

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

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Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering
Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering

Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield. 

Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation allows Curve to provide competitive slippage and fees for exchanging assets. Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million — 30 times more than its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time. Uniswap also benefited from the COMP craze, with monthly volume doubling in June. Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.

According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity. Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially. Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction. DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.

EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter. While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019. Volumes remain well below the highs of Q2 2019. Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain. In addition to the previously-launched clone of Single Collateral Dai, a platform named Oikos.cash recreated both Synthetix and Uniswap on Tron. Nevertheless, total volume for all Q2 is just $15 million. The majority of Tron’s activity remains in the gambling and “high-risk” categories.

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.

Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.

After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.

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Cardano’s ADA Could Be Listed On Coinbase In 2020

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Cardano’s ADA Could Be Listed On Coinbase In 2020
Cardano’s ADA Could Be Listed On Coinbase In 2020

Cardano’s native cryptocurrency, ADA, may be listed on Coinbase by the end of 2020. This news comes following an announcement that ADA holders will soon be able to stake their assets in Coinbase custody.

A spokesperson from IOHK — Cardano’s development company — released the following statement replying to the question of whether a Coinbase listing is also in the works:

This news comes amid Cardano’s Virtual Summit, which revealed a plethora of news updates for the project this week. On July 2, it was announced that IOHK is launching cFund in partnership with Wave Financial Group. cFund will be a venture fund aimed at fostering adoption of IOHK’s blockchain platforms. The company has initially committed $10 million, with another $10 million to be raised by its partner. cFund is expected to make investments worth $250,000–$500,000 in “startup and early-stage businesses that build their products and services on IOHK’s blockchain technologies, including Cardano.”

In a recent tweet, Cardano founder harles Hoskinson pointed out that the Cardano Virtual Summit has already been attended by over 10,000 guests, making it bigger than popular Blockchain conference Consensus.

Charles Hoskinson

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