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Huge move for bitcoin is coming!

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Gemini Targets Privacy with Shielded Zcash Withdrawals

Gemini is on a roll. After adding a slew of DeFi tokens to its trading platform in recent weeks and drumming up excitement in the crypto community, the exchange has now taken a step toward greater privacy, a feature that is near and dear to the hearts of crypto investors. Tyler Winklevoss, the Gemini co-founder, […]

The post Gemini Targets Privacy with Shielded Zcash Withdrawals appeared first on BeInCrypto.

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Gemini is on a roll. After adding a slew of DeFi tokens to its trading platform in recent weeks and drumming up excitement in the crypto community, the exchange has now taken a step toward greater privacy, a feature that is near and dear to the hearts of crypto investors.

Tyler Winklevoss, the Gemini co-founder, announced on Twitter that the crypto exchange now supports shielded Zcash withdrawals.

According to Winklevoss, the shift toward shielded transactions marks a milestone as “a world’s first for a regulated exchange.” Gemini noted in an announcement that the move would give regulators a chance to “get comfortable with privacy-enabling cryptos.”

Its timing couldn’t be better. With the EU revealing that a regulatory framework for cryptocurrencies was in the works, all eyes are on the US for its next move.

Winklevoss told BeInCrypto,

We’re focused on building features that give you financial freedom. Supporting 15 new DeFi tokens last week and now supporting shielded Zcash withdrawals help advance our mission.

Shielded Transactions

The Electric Coin Company, which is behind the privacy coin Zcash, also touted the development, saying it’s a stamp of regulatory approval for Zcash’s confidential transactions.

Zcash transactions can be either private or transparent, depending on the wallet address that is used. Private addresses begin with a “z” while transparent addresses start with a “t.”

The Zcash technology uses zk-SNARKs to obfuscate certain features of the transaction, including the address, amount, and memo field. With Gemini’s support, users of the exchange can now “withdraw to shielded Zcash addresses.”

Source: z.cash

Bitcoin Core Dev Didn’t See It Coming

Crypto Twitter is a tough place to impress, but Gemini managed to win the kudos of one blockchain pioneer. Jeff Garzik, an early Bitcoin developer, cheered the development on Twitter, saying it was a “big step for centralized exchanges,” one that he didn’t see coming in 2020.

Yield Farming Zcash

Zcash has also made its way into the burgeoning DeFi space. According to the Zcash forum, users can mint ZEC as an ERC-20 token, which brings them into the world of Ethereum.

As of September, more than 900 ZEC is wrapped on Ethereum. Electric Coin Company CEO Zooko Wilcox recently tweeted about yield farming ZEC.

According to the Zcash forum, there is a poll on the Maker governance platform “for renZEC to be reviewed by the domain teams of MakerDAO.” Maximilian Roszko explained on the forum,

Down the line, if this passes the executive vote, you would be able to take out a loan against your ZEC, which is fantastic!

If it happens, that’s where Gemini’s two worlds will likely come together.

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Source: https://beincrypto.com/gemini-targets-privacy-with-shielded-zcash-withdrawals/

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KuCoin Hacker Starts Moving Millions in ERC-20 Tokens, XRP to Cash Out

The hacker who stole hundreds of millions of dollars’ worth of cryptassets form Singapore-based crypto exchange KuCoin have started moving millions in ERC-20 tokens and XRP to cash out using various methods. Data from the Ethereum blockchain, spotted by Whale Alert, shows that the hacker, who managed to steal an estimated over $200 million from […]

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The hacker who stole hundreds of millions of dollars’ worth of cryptassets form Singapore-based crypto exchange KuCoin have started moving millions in ERC-20 tokens and XRP to cash out using various methods.

Data from the Ethereum blockchain, spotted by Whale Alert, shows that the hacker, who managed to steal an estimated over $200 million from the exchange, initially moved small amounts of the token that powers the decentralized derivatives platform Synthetix, SNX, to Uniswap.

Then, the hacker moved $1.1 million worth of the cryptocurrency to the decentralized exchange, presumably to cash out. It also moved other ERC-20 tokens to the trading platform, which as a decentralized exchange does not enforce identity checks.

While the hacker can move and exchange funds using Uniswap, transactions made on the decentralized exchange are recorded on the Ethereum blockchain and visible to the public, meaning they are likely not enough to launder the funds.

Moreover, several small cryptocurrency projects have either frozen or invalidated the funds the hacker managed to steal from KuCoin in a bid to stop them from laundering the funds. Ocean Protocol, for example, revealed 21 million tokens worth over $8.6 million were stolen, and that as a first measure it paused the OCEAN contract.

Data from Whale Alert also shows the hacker move 37.35 million XRP tokens, worth over $9 million, to several addresses, some of them belonging to little-known cryptocurrency exchanges.

Hacker Seemingly Sent Funds to Defunct Exchange’s Address

Some of the transactions show Byex received $11,000 in XRP from the hacker in an initial transaction, before receiving another $66,600. At press time, the hacker is still moving funds to the Byex address.

Notably, Byex shut down in June of this year over the crypto market’s “condition,” as it was “no longer economically viable” for the exchange to keep on running. Its last posts on social media were asking customers to withdraw their funds before these were disabled.

CryptoGlobe reached out to a former admin of the Byex exchange, who told us that the exchange has been shut down and is no longer managed by anyone. When asked whether it could be a former manager managing the XRP address, the former Byex Admin, Ally Ssa, said “we are not sure as the platform [has] been closed down, all the staff been laid off.”

Another smaller cryptocurrency exchange, HotBit, received funds from the KuCoin hacker. When contacted by CryptoGlobe, a representative said he “already forwarded the issue to relevant colleagues.”

Featured image via Pixabay.

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An analysis of cryptocurrency exchange growth in niche markets


Quick Take

  • High entry barrier and high growth markets in Latin America, Africa and Asia could be the next big contributors to global cryptocurrency exchange growth.
  • Many of the featured exchanges act as a first ever touching point with modern financial applications for a large part of currently still unbanked populations.

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An analysis of cryptocurrency exchange growth in niche markets – The Block














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