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Changpeng Zhao SaysThat DDoS Attacks Were Foul Play From Binance Competitors

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Changpeng Zhao SaysThat DDoS Attacks Were Foul Play From Binance Competitors
Changpeng Zhao SaysThat DDoS Attacks Were Foul Play From Binance Competitors

As Zhao said  May 4, the April 29 attack was “well-coordinated” and focused on making Binance services unavailable in some countries of Asia.

Zhao emphasized that there are “a number of tell-tale” signs that such attacks came from competing exchanges. In the statement, Binance’s CEO stated that DDoS attacks were more expensive for hackers than for the exchange itself. CZ provided more details regarding specific DDoS targets:

“The attacks focused on all of our public endpoints in those targeted regions simultaneously. We use a wide range of caching, clustering, and distribution services to optimize the performance of user access from every corner of the world. And for each region, we use different combinations of services and architecture.”

On the other hand, Zhao claimed that there are some well-coordinated “black media” efforts against Binance, citing the Chinese industry as an example. There, he claims that there is a “whole industry of black media” that is responsible for writing negative articles “until you pay them.” Binance’s CEO claims that these “black media” accept payments from Binance’s competitors so that they continue to write more negative articles against them. Following the same line, CZ commented on the following:

“If you have been in the industry for any length of time, you know who they are. It’s common knowledge to the Chinese community too, but somehow the industry still exists. Within 5 minutes of the attacks showing minor impact, long articles about how our services are unreliable and all the negative things you can blame on Binance were published.”

Returning to the DDoS attacks, he clarified that there were 2nd wave and 3rd wave attacks on last Thursday and Friday, but they did not have an impact since the exchange had taken measures to defend itself.

Zhao highlighted that, at the time of the attack, Binance hit an all-time high in trading volume, clocking in at $17 billion equivalent in 24 hours of trading volume following the attack. As it was reported in March, DDoS attacks targeted OKEx and Bitfinex, and there were some suspicions of a possible relationship with Binance’s attack.

Altcoin News

Tether Chimes In On Why It Hasn’t Burned Any USDT

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Tether Chimes In On Why It Hasn’t Burned Any USDT
Tether Chimes In On Why It Hasn’t Burned Any USDT

Tether (USDT) cites the popularity of its Ethereum (ETH)-based asset as the reason why the company has never burned a single token. The recent report from Flipside Crypto concluded that Tether is not in the practice of burning its Ethereum tokens: “We can also see that no tokens ever go to the “burn” category, which means that throughout the course of April no USDT supply was destroyed. Looking at the full history of USDT on Ethereum, we found that no tokens have ever been burned.”

Paolo Ardoino, who serves as CTO for both Tether and Bitfinex, explained that the company burns its tokens on Omni and Tron (TRON) networks, while it holds authorized but unissued and unbacked ERC20 tokens in the “inventory”:

“We have not yet destroyed Ethereum-based USDt. We have destroyed unneeded USDt on Omni and Tron so far. Ethereum has been the most popular blockchain in recent months and demand for ERC20-based USDt has been high. Accordingly, when redemptions have been processed, Tether retained those USDts in its authorized but unissued — and unbacked — inventory for future market demand.”

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Bitcoin News

Cameron Winklevoss Chimes In On Current Crypto Regulation

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Cameron Winklevoss Chimes In On Current Crypto Regulation
Cameron Winklevoss Chimes In On Current Crypto Regulation

Known for their regulation-friendly outlook within the crypto industry, Gemini exchange founders Tyler and Cameron Winklevoss hold a hybrid approach to privacy and government rules. The twin brothers explained in a May 22 podcast interview with Peter McCormack that crypto adoption comes a need for some degree of regulation. Cameron added:

“The independence and sovereignty around crypto is unmatched with any technology before, but the onramps have to have an element of thoughtful regulation.”

Labeled as the 15th and 16th most influential people in the crypto space, Tyler and Cameron Winklevoss dove into Bitcoin following their suit of Facebook’s Mark Zuckerberg. The brothers founded the Gemini crypto exchange in 2015, which falls in line with regulations for New York-based exchanges. “Free-for-alls don’t work,” Cameron said of unregulated markets. “At the same time, overregulating something will absolutely stifle it,” he continued. “It doesn’t have to be an either-or or an all-or-nothing situation.”

Building on his brother’s comments, Tyler noted people can agree and disagree with regulation at the same time, depending on the angle. “You can be pro-regulation, but disagree with the state of regulation, he said. Regulation needs to make sense, Tyler posited. Using an example from the early music industry, Cameron pointed back to the days of buying an entire album just for the sake of listening to a song or two. 

Napster and other music pirating options came along later, changing the paradigm forever in a way that was too far away from regulation. Apple’s iTunes met in the middle of these two worlds, offering purchases of single songs for $0.99 each. Gemini’s regulation serves to protect user privacy, Cameron explained. “We can’t mine your data and then go sell it,” he said. Meanwhile, other technology giants gorge themselves on customer data because no regulations forbid it. “They’re corporate peeping Toms,” Cameron said.

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Altcoin News

A Crypto Futures Exchange Is Integrating Chainlink’s Price Oracles

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A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles
A Crypto Futures Exchange Is Integrating Chainlink's Price Oracles

Forthcoming Seychelles-based crypto derivatives trading exchange Digitex Futures has announced it will integrate Chainlink’s (LINK) decentralized price reference contracts on its platform. Chainlink’s decentralized price oracles are typically utilized by decentralized finance (DeFi) applications. 

With the integration, Digitex claims to comprise the first centralized crypto futures exchange to decentralized oracles. The integration will be used as an anchor to detect internal deviations over a defined percentage. Chainlink describes its price feeds as “security reviewed, sybil resistant, fully independent.” The index is informed by “a variety of trusted spot market sources.”

Digitex asserts that the price reference contracts provide traders “with strong protection against price manipulation,” and “overexpos[ure] to slippage” should the firm’s internal index produce extreme fluctuations. The contracts will be used to support Digitex’s initial Bitcoin (BTC)/U.S. dollar perpetual contracts, before incorporating additional feeds alongside other crypto assets in the future. 

Adam Todd, the founder and chief executive of Digitex, stated that “Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications.” Digitex’s futures exchange opened on mainnet to selective user onboarding at the end of April. The platform currently plans to publicly launch during summer.

At the end of April, it was announced that leading Tezos (XTZ) developer teams Cryptonomic and SmartPy had begun working to bring Chainlink’s price oracles to the Tezos network. The move followed Coinbase’s launch of its own price oracle for the DeFi ecosystem.

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