Weekly Update #3: Litecoin Halving, Binance Leaking, Hong Kong Fighting

Dominik Olech
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Litecoin has halved miners’ rewards. Binance is facing a significant data leak. And Hong Kong protestors are looking for help in cryptocurrencies. Let’s check the latest news from the crypto world.

Litecoin halving has come

Last Monday, Litecoin cut the reward for the successfully mined block to 12,5 Litecoin. It is an effect of long-awaited halving, a standard procedure in case of proof-of-work cryptocurrencies. We present a whole idea of halving and our predictions about it already, so now let’s briefly talk about an aftermatch.

It looks like expectations might be a little too high in a case of Litecoin. Despite a significant price growth month before an event, the actual halving doesn’t influence the market in any way. There are few possible explanations of this fiasco – but this is a topic for a separate article.

Binance attacked (again)

The real breaking news in last week concerns Binance security. On August 7th, the whole crypto world heard the news about huge users’ data leak from this cryptocurrency exchange. Stolen assets concern KYC policy – there are selfies photos needed to pass the verification process. 

The alleged hacker stated that he possesses 10,000 photos of users, containing crucial private pieces of information. He demands 300 BTC for not publishing them. Nevertheless, the hacker started posting some of the leaked photos on dedicated Telegram groups. 

The case looks serious – but according to Binance, none of the leaked photos contain a specific digital watermark which is automatically added to all sent images. However, still, the Internet is flooded with pictures of traders holding a passport with handwritten Binance on a sheet of paper.

Moreover, it is not the first Binance trouble this year. In May, exchange faced a major hacker attack, which costed them over 7,000 bitcoins

Saefko – computer virus hunting on crypto-traders

We’re not leaving hacker news yet. Zscaler ThreatLabZ, an organization, specializing in security analysis, informed about new remote-access trojan which they had encountered on the Internet.

This dangerous malware acquires control over the infected computer. Thanks to that, it gains access to the user’s actions. The process of data extractions begins with scanning a browser history for, especially “interesting” activities. And according to Zscaler report, cryptocurrencies are a significant part of it.

Saefko spreads through already infected programs. You’re probably aware of it, but let’s remind it once more. If you want to protect yourself from malware like Saefko, better avoid any interactions with suspicious emails, links, and attachments that aren’t from a trusted source.

Cryptocurrencies in time of Hong Kong protests

Hong Kong is still facing protests and demonstrations concerning the nature of its relationship with the People’s Republic of China. The fight between protesters and the government takes place not only on the streets but also online. 

Protestors look for any possible way to ensure their anonymity, especially after the government’s attack on Telegram, which has been used for gathering funds by demonstrators. Thanks to its decentralized nature, cryptocurrencies might be an excellent way of fighting with aggressive invigilation.

Since Hong Kong is one of the leaders on the global cryptocurrency market, access to Bitcoin and other coins is relatively easy. It is also one of the reasons for growing tensions – cryptocurrencies are banned in Mainland China, but they’re thriving in Hong Kong Special Administrative Region. 

Such a situation also influence local cryptocurrency prices. According to Forbes, the Bitcoin price in Hong Kong is about USD 80 higher than its rate on Coinmarketcap. But still, the cryptocurrencies seem to be a sign of hope for protestors. 

And that’s all for this week. It looks like security was the main concern of the last seven days. Let’s hope the next one will be at least slightly brighter. 

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