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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
Upbit Hack: https://www.cryptoglobe.com/latest/2019/12/upbit-s-hackers-start-spreading-out-the-stolen-ethereum/
Whatbitcoindid YouTube: https://www.youtube.com/channel/UCzrWKkFIRS0kjZf7x24GdGg/videos
For those of you who may have missed the news last week regarding this years latest centralized exchange hacks and exit scam blunders, Upbit, a South Korean exchange was subjected to a theft in about 342,000 ETH. Subsequently this exchange has paused any deposits or withdrawals until the dust settles in a couple of weeks. For those of you who may be interested, thanks to the transparency of the Ethereum blockchain, you can follow the path of these stolen coins to different wallets that these hackers are creating in an effort to put a long enough transaction history between the now identified hacker wallets in an effort to get them onto exchanges and disperse the now dirty coins to the open crypto markets. This certainly highlights a couple things that are important to understand in this space, one being the ever present threat of theft if you store your coins on a centralized exchange (albeit, Upbit will be covering the total amount of this loss from its own pockets so their users won’t be directly affected.) And also, the fact that non privacy oriented cryptocurrencies will always suffer from a lack of fungibility. I know this seems like an argument that favors the criminal hackers but for anyone that holds any cryptocurrency, fungibility is essential in protecting yourself. Do you know the complete history of who owned the coins you’re currently holding? Unless you mined them yourself and you only hold freshly minted coins I’m willing to guess that answer is no.
Also, the CEO of IDAX who conveniently for him held the sole control of its access to the exchanges cold storage has left the building Right after China announced that they would be ousting cryptocurrency exchanges in their country. The CEO took with him the control of a whole bunch of people’s cryptocurrency. Unsurprisingly, IDAX has announced that users will not be able to deposit or withdraw to and from that exchange.
After so many instances like this, you’d think these centralized exchanges would issue some kind of warning of the risks of using their platform… You know, like how when you use a decentralized exchange they remind you the importance of your private keys and how you are solely in control of your coins and how you have the responsibility of securing them correctly….
Anyway, in other news, for those of you who are fans of the drama in this crypto space, the founder of Digibyte seems to still be a bit salty at Binance for the terms of being listed on that exchange and took to Twitter to air his feelings, calling out Justin Sun as well.
In better news, the next Bitcoin halving event takes place this spring will officially place its inflation rate below the “intended goal” of central banks, and below the inflation rate of gold as well. This places a lot more attention on Bitcoin’s stock to flow ratio and hopefully help give investors the reminder of the long term benefits of holding an asset with a known, limited supply that can’t be altered to satisfy the political wants of, well, anyone.
Lastly, I wanted to give a shout out to Peter McCormack and his youtube channel called whatbitcoindid and all of the epic interviews he’s conducted over the past year. If you’re looking for some fresh content that plays well as a podcast as well and you want to get a better feel for the people who are so often in the headlines of this crypto space, this one is worth checking out.