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Wallet Researchers Find Bugs That Can Expose Data On Exchanges

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Crypto wallet researchers have found bugs that could expose the wallet data to exchanges as we are reading more about it in the upcoming crypto news.

Security experts and wallet researchers unveiled a huge number of vulnerabilities in the open-source libraries that are used by most exchanges that could be easily exploited by hackers that are looking for a way in the users’ wallets. During the Black Hat cybersecurity conference, the experts said that some of the issues that are affecting the exchanges have not been fixed but there are others that pose threats to their owners.

software bug

Jean-Philippe Aumasson, the co-founder of Taurus Group and vice-president at Kudelski Security, said that the vulnerabilities were discovered by Omer Shlomovits who is a co-founder of the mobile wallet ZenGo into three categories. The first type of attack requires hackers to use an insider of the exchange and to exploit a vulnerability in an open-source library that is made by simply leading the exchange that the researchers chose not to name. By using the flaw in the mechanism for refreshing keys, the hackers could manipulate the process and change key components while leaving all of the components intact. The attackers can, therefore, prevent the exchange from accessing crypto.

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The researcher informed the developers that the bug exists one week after the code went live. However, since it was found in an open-source library, it is possible that other exchanges could still be using the operations. The second option includes hackers exploiting flaws in the rotation process. If a failure in the validation of the statements that the exchange makes occurs, it could allow a rouge exchange to extract the keys over multiple key refreshes that will seize the control of their assets. The bug was found in an open-source library that was developed by a huge management firm whose name remains hidden.

fincen regulated exchange

The third category for attacks could occur when the trusted parties derive the segments of the key and then generate a random number that is publicly verified and tested. The researchers found that one protocol in an open-source library developed by Binance failed to check the random numbers. This problem could allow a rouge party in the key generation procedure and capitalize on the failure to extract the segments of the key.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/blockchain-news/wallet-researchers-find-bugs-that-can-expose-data-on-exchanges/

Blockchain

BTC Analysts Believe A Short-Term Upside Is Possible: Opinion

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BTC Analysts believe that a short-term upside for the number one cryptocurrency is possible as it consolidated around $10,700. The coin surged higher along with a positive open in the legacy markets and the price of the coin is now hovering above $10,900 which is the highest one in a week as we reported in the bitcoin price news earlier.

BTC Analysts believe that Bitcoin could have some more room to grow to the upside as it recaptures resistances in the $10,000 region. During the move higher, millions were liquidated across margin platforms which suggests that there are traders that are in a good position before the open of legacy markets. Analysts believe that Bitcoin will extend higher in the close term. One analyst even shared a chart below showing the importance of the ongoing move higher.

Bitcoin is breaking higher now as the charts suggest which means that it will soon go to test the resistance levels of $11,200 and $11,400 where the cryptocurrency crashed a few times during the bearish retracements in August. The chart noted that after the rally towards this level it could return to levels of $10,600 which is in line with the sentiment shared by other analysts that BTC is in a period of a market cycle where it will consolidate more for weeks instead of establishing a firm direction. Bitcoin’s medium-term however could be bleak.

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btc chart
Chart of BTC’s price action over the past few weeks with analysis by crypto trader Inmortal Technique. Chart from TradingView.com

Josh Olszewicz, an analyst at Brave New Coin, reported that the weekly MACD for the number cryptocurrency is red for the first time since April which only suggests that the medium-term sentiment could be bearish despite the recent price action to the upside. The correction in the medium-term will alight with the normal uncertainty that markets see in a time of presidential elections along with the seasonal weakness that is usually seen in November and October.

Bitcoin stayed above the $10,000 as we reported a day ago in our Bitcoin news, that support and started a decent recovery wave but the price is trading still above the $10,550 resistance and the 100 simple moving average. There was also a key bearish trend line broken with the resistance at $10,600 on the 4-hour charts of the pair. The pair will likely continue higher if there’s a clear break above $10,800. Over the past week, BTC found support above the $10,100 level against the US dollar and remained well bid above the $10,200 level when it started a steady recovery wave.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/btc-analysts-believe-a-short-term-upside-is-possible-opinion/

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Chainlink price analysis: Prices fail to move past the $11.140 resistance level

Chainlink has lost 1.5 percent for the day. The crypto has failed to break the resistance levels at $11.140 for the past four days. The prices are in a bearish move after failing to break the resistance level. Prices expected to hit the $9.282 support levels with the likelihood of setting new lows at $7.232 […]

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  • Chainlink has lost 1.5 percent for the day.
  • The crypto has failed to break the resistance levels at $11.140 for the past four days.
  • The prices are in a bearish move after failing to break the resistance level.
  • Prices expected to hit the $9.282 support levels with the likelihood of setting new lows at $7.232 support levels.
  • Intraday traders should also look for shorting opportunities, as the 1-hour chart shows a bearish move.

Chainlink opened the markets at $10.799, reaching highs of $11.070 and lows of $10.437. At press time, the crypto was trading at $10.637 after dropping 1.5 percent of its value.

Chainlink daily chart analysis

Chainlink price analysis: Prices fail to move past the $11.140 resistance level 1
Image source Trading view

Chainlink daily charts show that in the last four days, the prices have been trading sideways, trying to break the $11.140 resistance levels to no avail. The crypto, which had been in a six-week downward trend, that saw it lose over 63 percent of its value, hitting below $8 has seen some gains in the last five days. Starting on September 12th, the crypto has gained 41 percent of its value back, as at press time.

However, the crypto has failed to break the $11.140 resistance level in the past four days, which has resulted in the prices trading sideways in the daily charts. In today’s trading session, the crypto has also failed to break the resistance level, only hitting it and retracing downwards. This indicates that the crypto is will likely fail to break the structure. This means that the crypto is still on a long term downward trend, and the current rise in prices for chainlink is as a result of a pullback, as the markets correct for another hard push to the downside.

On the daily chart, The market is expected to continue pushing to the downside, and investors will be looking at a possibility of the crypto erasing all the gains made in the past one week, which will leave chainlink’s prices at $9.292 support levels. The prices are expected to break the support level though and will head to the $7.23 support levels to rest it. This support level will determine what will happen for ripple prices for the future, whereby if they break this resistance level, the crypto will be in a longterm downward trend that will see it continue losing its value. However, a bounce after hitting this support level will give investors confidence that the crypto can still continue to grow to where it was before the prices collapsed.

Chainlink intraday trading on 1-hour chart

Chainlink price analysis: Prices fail to move past the $11.140 resistance level 2
Image source Trading View

The prices on the one hour chart have been trading in a rising triangle. The chart also shows that the prices are coming out of a resistance level at 11.140, pushing downwards. For intraday traders, the ascending triangle pattern presents a good opportunity, as at presstime to get into a short position.

The prices are expected to continue pushing downwards until they hit the ascending trendline of the ascending triangle. at this region, the prices might experience a small resistance but combined with long-term daily price analysis, the prices will be able to break out of the structure to the downside. This means that for short term intraday traders, a short position presents a trading opportunity that can easily become a longterm investment.

The prices are also expected to continue hitting new lows on the hourly chart, with an expected price movement heading downwards towards the $9.282 support levels. Upon hitting this level, short term intraday traders should consider getting out of their short position, as the prices may reverse for the upside, before resuming the longterm bearish move. Therefore, the crypto presents a good oppornity for both long term and short term traders to get into the bearish move.

Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Blockchain

Ant Bank Launches Virtual Lender in Hong Kong

The lender is offering an interest rate of up to 2.5 percent on deposits.

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Ant Bank, the virtual banking arm of Ant Group, has launched its operations in Hong Kong on Monday, becoming the sixth branchless bank in the Chinese special administrative region.

Ant Bank is one of the eight recipients of Hong Kong’s virtual banking license issued by the Hong Kong Monetary Authority (HKMA).

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It is to be noted that Ant Group co-owns MYbank, one of the first digital banks in mainland China established in 2015.

The expansion in Hong Kong came ahead of Ant Group’s landmark duel public listing on the Shanghai stock exchange’s STAR board and the Hong Kong stock exchange. Though no official size for the offering is not known yet, analysts are predicting that the company can see a valuation of over $200 billion.

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The company has tapped AlipayHK to bring its virtual banking services to a mass consumer base in the region. This will ensure easy on-boarding of Hong Kong citizens on the banking platform.

Luring Customers with High-Interest Rates

To attract new depositors, the new virtual bank is also offering interests on the higher side compared to its peers. Depositors will get 2.5 percent interest on deposits below HKD 20,000 (around $2580), while the interest rate is 1 percent for amounts between HKD 20,000 and HKD 50,000 (~$6,450). Normally, the lending platforms in Hong Kong does not offer any interests on deposits.

“I’m thrilled that Ant Bank has officially opened today and we are now able to offer our innovative, inclusive, and secure products and services to Hong Kong citizens,” Ant Bank CEO, Michael Wang said in a statement.

“We set up Ant Bank with the intention of providing increasingly mature FinTech products and services to the Hong Kong market and to provide a new choice to people locally. We are excited to be contributing to the promotion of inclusive financial development in the city.”

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