Tag: Binance
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Binance and Huobi recover 121 BTC from Harmony bridge hackers
- The Harmony bridge hack took place in June last year and over $100 million was lost
- 121 bitcoins have been recovered by Huobi and Binance security teams.
- The hackers were also moving ETH worth about $64 million over the weekend.
Seven months after one of the largest cryptocurrency exploits of 2022 took place, industry players are still optimistic about recovering the stolen funds. Over the weekend, Binance and Huobi teams teamed up to freeze and recover 121 bitcoins that the Harmony bridge hackers were trying to launder.
According to a tweet by Binance CEO, Changpeng Zhao, the hackers tried to launder 121 bitcoins worth about $2.5 million on the Huobi exchange and Binance detected the move and alerted Huobi. Binance then went ahead to assist Huobi in freezing and recovering the crypto assets which had already been deposited by the hackers.
Prior to Huobi and Binance recovering the bitcoins, on-chain crypto detective ZachXBT had tweeted saying that the hackers were moving 41,000 ETH worth about $64 million over the weekend.
1/2 North Korea’s Lazarus Group had a very busy weekend moving $63.5m (~41000 ETH) from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges. pic.twitter.com/huDumaJeSh
— ZachXBT (@zachxbt) January 15, 2023
Laundering seven months after the hack
The Harmony One team detected the hack on June 24, 2022, and reported that crypto assets worth about $100 million had been lost in the hack. The hackers, who were identified on June 30 to be the notorious North Korean Lazarus Group had exploited mutisigs securing the Horizon bridge.
After the hack, the attackers deployed laundering programs to move the stolen assets.
According to ZachXBT, the hackers deposited the stolen crypto assets in three crypto exchanges although he did not specify these exchanges.
However, going by the recent developments, it is most likely that Huobi is one of the exchanges that the attackers have been trying to use.
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Binance coin BNB back to safety as buyers now aim for $295
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Binance coin has recaptured crucial support at $266 after the latest crash
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The cryptocurrency was previously weighed by adverse publicity
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A recovery above $266 sets BNB to the next resistance at $295
Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.
Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.
BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.
BNB recovers above $266 support as price turns mildly bullish
A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.
Is investing in BNB now a good idea?
A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
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Crypto price predictions: Bitcoin, Cardano, Binance Coin
Crypto prices remained in a consolidation phase this week as concerns about FTX contagion continued. They also reacted to the latest interest rate decision by the Federal Reserve and the arrest of Sam Bankman-Fried. Here are some of the top crypto price predictions for the weekend.
Bitcoin price prediction
Bitcoin pulled back sharply after the latest interest rate decision by the Federal Reserve. This decline correlated with the performance of American indices like the Dow Jones and the Nasdaq 100 indices.
Bitcoin price dropped to a low of $16,923, which was the lowest level since December 12. It also declined below the important level at $17,395, which was the neckline of the inverted head and shoulders pattern.
It has also pulled back below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50. Therefore, Bitcoin price will likely continue falling as contagion fears continue.
If this happens, the next key level to watch will be at $16,000. In the near term, however, a bullish breakout to $18,000 cannot be ruled out as the shakeup eases.
How to buy Bitcoin
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Binance Coin price prediction
Binance Coin price has been in a strong bearish trend in the past few days. It collapsed to the lowest level since November this year. This decline accelerated this week as Bitcoin FUD trended in Twitter and other social media platforms like Reddit. FUD stands for Fear, Uncertainty, and Doubt.
Concerns about Binance continued after the arrest of Sam Bankman-Fried, which we wrote about in this article. Investors are worried about the significant information that we still don’t know about Binance. For one, it is unclear how much money Binance makes and how much debt it has.
Therefore, like Bitcoin, the BNB price will likely continue falling as sellers target the psychological level of $200.
How to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Cardano price prediction
Cardano price plunged on Friday as concerns about the hawkish Fed continued. It has also fallen because of the underperformance of its DeFi and NFT ecosystem. NFT volume crashed to just $8 million in November, its lowest level in months.
On the daily chart, Cardano remains below all moving averages. It also crashed below the important support level at $0.300, the lowest level on December 13. The Relative Strength Index has moved to the oversold level. Cardano price will likely continue falling as sellers target the next key support at $0.2500.
How to buy Cardano
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Toko (TKO/USD) gains 100% on Binance news
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TKO rose by 100% on reports of the acquisition of Tokocrypto by Binance
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The cryptocurrency has slid by 28% since forming a local top at $0.57
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TKO could correct to $0.34
Toko (TKO/USD) token is attracting buyers. With a surge of 100%, it may be too late to buy TKO now. But when an opportune moment comes, you could snap the token, thanks to positive cryptocurrency news.
The gains in TKO come amid reports that Binance is acquiring the Indonesian crypto exchange Tokocrypto. We know that Binance is the world’s biggest crypto exchange. Thus, any approach to acquisition is likely to build optimism. TKO, the native token, reacted to the news, rising sharply from $0.283 to $0.57.
Binance is particularly interested in Tokocrypto since it is locally regulated. It is the first entity to be registered under Indonesia’s Commodities Futures Trading Regulatory Agency. Binance already holds an investment in the Indonesian exchange since 2020.
But the sharp gains in TKO may prove difficult to hold, at least for now. As of press time, TKO traded at $0.42, a decline of 28% from its local high. The trading volume had also fallen sharply and was only up 2.99%. However, to an investor monitoring the positive developments of Tokocrypto with Binance, TKO should remain on the waitlist.
TKO corrects but is yet to find support
Technically, TKO is bullish but faces a correction. From the RSI indicator, a reading of 77 implies that TKO is overbought and a correction is on the horizon.
The support lies at $0.34, giving bears a chance to push the cryptocurrency lower. The level was a breakout zone that was triggered as the price was pumped.
Concluding thoughts
TKO faces further gains if the reports of the acquisition of Tokocrypto get confirmed by Binance. However, currently, investors face a correction.
If you are looking to buy the token, the level to keep an eye on is $0.34. Also, monitor the developments around the token, as positive news can trigger sharp rises before reaching support.
Where to buy TKO
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
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How bullish is Ravencoin (RVN/USD) after the Binance news?
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RavenCoin recovered slightly after Binance Pool support
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The cryptocurrency trades in a descending trendline
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RVN could fall further, although technical indicators have slightly improved
Ravencoin (RVN/USD) traded at $0.022 at press time after a slight correction. The cryptocurrency had developed some bullish signs previously, jumping from a low of $0.020 to $0.025. The gains came on the back of positive cryptocurrency news.
According to a November 23 announcement, Binance Pool is supporting RavenCoin. The RavenCoin mining service will use the PPS+ settlement, with the mining pool fees set at 1%. The support comes after September’s Ethereum merge fueled demand for the token. RavenCoin uses the proof-of-work consensus mechanism. Ethereum’s shift to the Proof-of-State consensus mechanism, therefore, fueled the demand for PoW tokens like RVN.
RavenCoin is itself a fork of Bitcoin, a PoW blockchain. The blockchain is a peer-to-peer network that lets users create tokens for any assets. The latest support by Binance Pool raises optimism that RVN could overcome a prolonged drop. But how bullish is the cryptocurrency?
RVN on a descending channel as gains fail to inspire a rally
Despite the recent gains, RVN is yet to overcome a steep descent that has been in place since September. The cryptocurrency trades on a descending trendline. It tested the upper bound of the trendline and is facing some resistance.
The MACD and RSI indicators are, however, positive on RVN. The MACD line crossed above the signal line to suggest a bullish reversal. However, the indicator is still bearish. Similarly, the RSI recovered slightly, but the reading remains below the midpoint.
Should you buy RVN?
RavenCoin’s momentum could last for a while. If buying RVN, you should be aware that further downsides are possible based on the price action.
Where to buy RVN
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Coingate
CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.
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Binance unveils its proof of reserves mechanism
- Binance’s proof of reserves system initially shows results for the flagship cryptocurrency Bitcoin.
- The crypto exchange will add other tokens and networks as well as implement ZK-SNARKs.
- Crypto exchanges are looking to show they have the assets they should hold after the shocking collapse of FTX.
Binance has published its proof-of-reserve (PoR) system, days after CEO Changpeng Zhao pledged to have the mechanism in place following the collapse of rival FTX.
The bankruptcy and the contagion that followed crashed the market, with Binance Coin price dropping to lows of $250. Bitcoin price also fell below $16,000, hitting its lowest level since 2020.
In response, multiple exchanges had released a snapshot of their asset reserves. But the crypto community largely noted the snapshot of assets alone wasn’t enough – there was a need to have exchanges’ liabilities also available.
Binance’s proof of reserves showed a 101% ratio
In its update on the issue, Binance has noted its users are now able to verify the exchanges holdings. As for what’s possible now, Binance announced the mechanism will initially support Bitcoin. The exchange will look to add other tokens and networks over the next few weeks.
Binance will also allow for the auditing of its proof of reserves results by third-party auditors and implement ZK-SNARKs to help bolster privacy and robustness.
“Because Binance offers Margin and Loans services, the audit results will show the Net Balance, Equity and Debt of each user, where the Net Balance = Equity – Debt,” the Binance team wrote.
A snapshot taken on 22 November 2022 at 23:59 (UTC) shows Binance’s on-chain Bitcoin balances stood at 582,485.9302, while customer net balance was 575,742.4228. The reserve ratio from the snapshot was 101%, with the margin at 6,743 BTC.
Binance customers can verify whether the exchange holds their crypto as it should.
