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AtoZ Crypto weekly overview: Dusting attack targets Litecoin users

Redwan Eid | Aug. 11, 2019
AtoZ Crypto weekly overview: Dusting attack targets Litecoin users

Binance raised awareness about a large scale dusting attack on Litecoin users, CFTC Fintech Chief Daniel Gorfine resigns, and Facebook pushes for its currency in employing personalities from the legal sector.

BitPoint pledges to refund hack victims, and Binance faces another user data trouble, while the UK blows the whistle for crypto taxes.

These are our headlines for the tour today, welcome to the AtoZ weekly overview.

August 11, 2019 | AtoZ Markets - On the margin of our chat today, I have a word about the crisis AFX Markets went through, where in the beginning of the week, the firm was reported to have been stopped from practicing the business, as the British FCA suspended its licence.

Under the agency’s obligations, AFX Markets ought to publish on its official website, a notice informing of the decision it received, detailing that the suspension includes its brands: STO Financial Services, ICEFX UK and Quantic Prime.

It is worth mentioning that the firm also received before a disciplinary suspension of its licence by CySEC, for compliance related issues.

Binance warning: Dusting attack targets Litecoin users

On Saturday, 10th of August 2019, Binance warned the crypto community that a large scale dusting attack took place on the crypto exchange's network, which targeted Litecoin users. The warning was announced through the crypto exchange's Twitter account. 

This is relatively a new kind of attacking technique used by hackers and scammers. Binance explains that through this hacking attempt, the scammer sends a small amount of crypto to a crypto user's personal wallet and then try to track the the transactional activity of each address. Thus, breaking the privacy of the crypto users. If you want to learn more about dusting attacks, then watch the video below from Binance's academy. 

Daniel Gorfine resigns as CFTC Fintech Chief

On Aug. 5, AtoZ Markets reported that the chief of the CFTC Fintech at the U.S. Commodity Futures Trading Commission, Daniel Gorfine, stepped down from his position.

As per the statement the agency published on Aug. 3, Gorfine, Director of LabCFTC, left his chair to pursue his career in the private sector.

The announcement touched upon Gorfine’s achievements during his service period as the Director of LabCFTC as:

  • The new team arranged innovator office hours across the U.S. and internationally
  • Gorfine’s team developed CFTC primers on cryptocurrencies, blockchain technology and smart contracts
  • The dedicated team focused on analysis and collection of public feedback on crypto-assets and mechanics in order to help inform the Commission
  • Creation of LabCFTC Accelerator which focused on public innovation competitions and internal technology pilots and trials
  • The team organized the first CFTC Fintech Forward conference
  • Played a key role in CFTC entering into Fintech cooperation arrangements with the UK Financial Conduct Authority (FCA UK), Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS)


FCA requests crypto exchanges trading reports in detail

In a surprising move, while trading cryptocurrencies is looked at as one of the means to keep anonymity, and help keeping more privacy of transactions, the FCA sent requests to three cryptocurrency exchanges, demanding them to provide the agency with reports on the volume of trading and transactions they register, including the names of customers with their transactions’ records.

The details of the requests, which went to each of; Coinbase, eToro and CEX.IO explained that only those traders who made tremendous profits, benefitting from the price of Bitcoin in the era of its heydays around two to three years back, because “These transactions may result in potential tax charges and HMRC has the power to issue notices requiring exchanges to provide this information.”

Facebook recruits former U.S. Senate Banking Committee’s official

In a step analysts read as pushing for proving its currency and marketing for its good, the social media platform, Facebook, has recently been reported to have started looking at official figures from the law medium to onboard on its Libra’s management stage.

Mid this week, reports unveiled that the social media platform, Facebook, announced hiring the former U.S. Senate Banking Committee’s official, Susan Zook, who served as the assistant Senator Mike Crapo (R-Idaho).

Facebook’s pursuits to promote its coin comes amid suspicions about its currency and the position it will occupy in the market when it is released, together with investigating whether the coin will impact other sovereign coins in the universal financial system today or not.

BitPoint pledges to refund hack victims

The Japanese crypto exchange, BitPoint, has started resuming its trading services, after losing $28 million in a hack mid last July, assuring that the 50,000 customers hit by the incident will receive funds back on a 1:1 basis, according to report mid this week.

BitPoint announced earlier that On July 11, 2019, the security team discovered an illegal depletion of virtual currencies managed by the Company, stressing that they were “diligently implementing recovery measures and examining and implementing measures to prevent recurrence.”, adding that they plan to restart various services “in stages”, based on the measures referred to.

The amount of crypto assets stolen in the hack included 1,225 bitcoin, 1,985 bitcoin cash, 11,169 ether, and 5,108 litecoin, which accounts for $23 million of the $28 million of the total funds customers had deposited.

Another report of Binance users’ data leakage

AtoZ Market reported on Aug. 7, that the largest cryptocurrency exchange in the world by trading volume, Binance, published a statement pertinent to the news of KYC data from Binance was leaking to the public recently.

Earlier, a Telegram group, which has over 8300 members, exposed to the group’s members images of Binance's customers’ IDs, as claimed at the time, the thing that pushed the clientele to panic.

Quickly after the news went viral on the social media platforms, the exchange’s CEO tweeted, asking the followers not to fall into the into the ("KYC leak" FUD), as per his words, before the exchange came to another statement, prior to a final conclusion explaining the whole situation.

With the news on Binance, we have come to an end to our tour together for this week.
We have another appointment for another tour in the cryptocurrency and digital assets’ news world, next week, only on AtoZ Markets.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.