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Crypto Community Responds to BitMEX Leak, CZ Urges BitMEX Users to Change Their Binance Emails

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  • Yuri Molchan
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    After multiple reports about BitMEX accidental leak of user emails, Binance CZ and other top community members urge users to change their passwords asap

Crypto Community Responds to BitMEX Leak, CZ Urges BitMEX Users to Change Their Binance Emails
Cover image via www.123rf.com

The crypto Twitter is boiling with the news that the BitMEX exchange famous for large volumes of Bitcoin futures trading and run by the CEO Arthur Hayes who is quite active on his Twitter page, has accidentally leaked its users’ emails.

The leak happened through an email update earlier today and it contained thousands of user emails.

The trouble was reported by a Twitter user @jchervinsky, a lawyer from Compound Finance.

BitMEX is already aware of the issue and is working to resolve it. The official response of the exchange states:

“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users.

Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact. Rest assured that we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.

The privacy of our users is a top priority and we are very sorry for the concern this has caused to our users.”

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Other users are also reporting the leakage of users’ emails.

CZ Binance and HEX.Win founder respond immediately

Richard Heart, the founder of HEX.Win took to his Twitter page to recommend those BitMEX users whose addresses got leaked to change their passwords immediately to protect their BitMEX accounts from hackers. He also advised not to use SMS-based 2FA.

The head of Binance, CZ, also responded to the accident, recommending particular software for managing passwords.

A post on the Binance Twitter page says that should any BitMEX customers use the same address for trading on Binance, those should be immediately changes with a step-by-step guide for that provided.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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