New details about the stock exchange

For the third time in two years, Bithumb, South Korea’s largest crypto exchange, was hacked in June 2018. SK, the country’s telecommunications giant, explained that the hack was probably caused by APT attacks.

An Advanced Persistent Threat, also known as APT, is an attack in which unauthorized hackers gain access to a network and remain undetected for a long time, with access to sensitive information and valuable data. In an interview, SK Infosec Director Lee Jae-woo said:

Bitcoin Code Stock Exchange

“The Bithumb Stock Exchange Hack is currently under investigation by the local tax authorities and the exact reason for the hack was not disclosed by the investigators. But here at SK Infosec we suspect that the stock market hack was most likely caused by Bitcoin Code an APT attack, either by intrusion into employees’ computers or the stock market’s internal system.”

Three possible scenarios
As a subsidiary of SK Infosec, SK Infosec has the task of investigating various security threats and developing solutions to combat large-scale violations. Lee suspects that the Bithumb hacking attack was caused by one of the following scenarios:

Hackers gained access to the internal server by attacking an employee with a phishing attack called Spearphishing and installing malware directly on the employee’s computer.
Direct attack on the internal server by launching an APT attack.
Attack on a public server that was hacked and infiltrated the internal server.

Attack on Bitcoin Revolution

SK Infosec researchers emphasized that the second scenario with sophisticated APT attacks Bitcoin Revolution was most likely the cause, as Bithumb has already experienced two hacks based on the first scenario.

Heavy criticism from the media
Chosun, a leading mainstream media company in South Korea, reported in June that Bithumb was aware of suspicious activity four days before the hacking attack. Despite this awareness, Bithumb was unable to prevent the attack, putting users’ capital at risk. Local authorities also warned the crypto exchanges of their poor security measures and weak internal management systems.

Since both large exchanges and smaller platforms have been unable to protect user funds and prevent security breaches, the South Korean government may require local exchanges to comply with guidelines comparable to those of banks and regulated financial institutions.

Currently, banks must spend seven percent of their total capital on cyber security and the development of systems that are used to secure user funds. With the drafting of a new crypto-regulatory framework, it is possible for the South Korean government to use part of its funds and capital to improve its security measures.

The market for digital currency systems

The market for digital currency systems is now so well established that internationally valid exchange rates, such as the Litecoin rate, regulate such payment modules. The development was set in motion by Satoshi Nakamoto’s invention of Bitcoin and today, not least because of the technology behind it, forms interesting approaches to the global monetary system. Inspired by Nakamoto’s development of a decentralized currency, Litecoin was developed by Charles Lee in 2011.

Bitcoin Profit – What is it?

The Litecoin system is technically almost identical to the Bitcoin system. The creation and transmission of Litecoins is based on an open source encryption protocol and is therefore not centrally controlled. A peer-to-peer https://www.scamcontrol.net/bitcoin-profit-review/ network similar to Bitcoin’s manages all transactions, balances and expenses. Litecoins are created by generating blocks based on a cryptological hash function. This process of “finding” a hash is called mining.

The term Litecoin stands for a digital currency based on peer-to-peer technology. This is a connection made from one computer to another. This makes it possible to send payments in real time to any person anywhere in the world, with the payment order being almost free. It is an open source system that is controlled in a decentralized way. Thus, no central institutions, such as public authorities, are necessary to make a payment. The basis are mathematical calculations which not only guarantee the security of the network, but also offer every user the possibility to decide at any time about his economic means. The crypto currency Bitcoin Profit https://www.the-orb.net/bitcoin-profit/ was invented in 2011 and has long been the second largest digital currency after Bitcoin. And with a market capitalization of over $2.5 billion (as of June 2017), the currency is again among the top 5 of all crypto currencies in 2017, although the exchange rate is subject to significant fluctuations as with other comparable currencies. Mining, which can be practiced fully automatically with the help of a computer, attracts particular attention with this digital currency. With Litecoin Mining the processes are supported in such a way that users can even earn money with it.

The inventor of the crypto currency Litecoin

It was on October 7, 2011 when Charles Lee published Litecoin. He used an open source client, using the online service GitHub for publishing. This provides development projects from the software sector on its own servers. Unlike Satoshi Nakamoto, the inventor of Bitcoin, Charles Lee’s identity is not unknown. Nevertheless, software developers often remain silent when it comes to their private lives. It is known that he is a Californian software engineer and he successfully graduated in 1999. He is working on the project together with six other people. In interviews, however, he reveals nothing about their identity. Most simply do not want their person to be mentioned publicly. In addition, Lee is certain that crypto currencies are suitable for overthrowing governments. Accordingly, he also protects the team around him from interference by the American government. His work was modelled on the idea of Bitcoin. Before he started developing Litecoin, however, he gained his first experiences in “mining” Nakamoto’s digital currency. Litecoin mining is therefore also an integral part of his project in order to facilitate his entry into the scene.

Bitcoin may drop to $5,500 before rising in Q3

Bitcoin’s price was under unexpected downward pressure in May as Consensus 2018 did not generate enough enthusiasm for a bullish move. Analyst Willy Woo said that the virtual currency will rise only in Q3/Q4 2018. By then, the bitcoin price could drop to $5,500.

Bitcoin downtrend up to $5,500-$5,700 possible

The crypto currency market was under pressure in 2018 after Bitcoin broke through $20,000. Traders expected the Blockchain week in New York to trigger a new bullish momentum, but the market lost 52 billion dollars.

Bitcoin has again reached the lows of 2018. Willy Woo, a technical analyst with around 62,500 Twitter fans, is not very optimistic about the direction the market will take next. Woo expects the bitcoin market to fall towards $5500.

Show picture on Twitter
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I think Bitcoin Profit will rock

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely the review we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess. /1

05:54 – 26 May 2018
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214 users talking about it
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“NVT SIGNAL IS STILL TOO HIGH. WE NEED MORE BLOCKCHAIN TRANSACTION ACTIVITY TO JUSTIFY THE CURRENT PRICE OR TO LOWER THE PRICE TO COMPENSATE FOR THE DIFFERENCE. IT IS VERY UNLIKELY THAT TRANSACTION ACTIVITY WILL GO DOWN IN ONE GO,” SAID WOO, POINTING OUT THE EXTREME MARKET MOVEMENTS.

NVT signal is a specially created indicator that divides the network value by the transaction value. However, the analyst does not believe that the $5000 mark will be broken as he believes that this zone is a strong support area and that there will be no shock reports as a Mt.Gox scandal or other negative headlines will keep this area:

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I DON’T NECESSARILY THINK WE’LL FALL THROUGH THE 5000S…IT’S NOT A REPETITION, IT’S NOT MT GOX AND WILLYBOT WHO DRIVE THE PRICE UP WITH FAKE ORDERS, WE’RE NOT RECOVERING FROM A FRAUD BUBBLE. TECHNICALLY, $5000 IS A VERY STRONG SUPPORT ZONE.”

The crypto currency market in 2018 is more mature than in 2014, as there are no longer “a few whales that randomly set things in motion”, allowing a more reliable understanding of prices based on fundamental data. Woo says that Bitcoin is not a market for long periods of time, instead it is an adoption curve (increase, consolidation, increase, consolidation). The analyst expects Bitcoin to fall steadily to $6,800 before dropping to $5700. The next bullish momentum is expected to occur in Q3/Q4 2018, according to Woo.

U.S. regulatory clarity should support new Bitcoin ETF application

In the US, another application for a Bitcoin ETF was filed by CBOE Global Markets after earlier applications were rejected by other companies because the crypto market is still “unregulated”. Now that the SEC has announced that Bitcoin and Ethereum are not regulated as securities, it is more likely that the applications will go through.

Bitcoin ETFs are just around the corner

In the US, CBOE Global Markets, which already trades Bitcoin futures, is the youngest company to apply for an ETF license. On 26 June, the SEC issued a statement requesting its opinion. The ETF will trade only SolidX Bitcoin shares and one share is equivalent to 25 Bitcoin. If the application goes through, trading will start in the first quarter of 2019.

The SEC has already received two applications from the VanEck SolidX Bitcoin Trust and in March 2017 rejected an application from the Winklevoss Twins for a Bitcoin ETF. The application was rejected on the grounds that the crypto market is not regulated. Back then, the SEC said in a statement

“The Commission considers that the important markets for Bitcoin are not regulated. The Commission therefore considers the proposed change to the rules to be incompatible with the Stock Exchange Act.”

While there is still confusion in the US about which authorities regulate the crypto market, the SEC has clarified that Bitcoin and Ethereum are not securities. Following this decision and the appointment of a new crypto-chief, the crypto market in the USA is more clearly defined. However, the regulatory status of the ICOs is still unclear, as the SEC has not changed its view that they are securities, at least initially.

Since a Bitcoin ETF cannot trade other crypto assets, it does not have to deal in unregistered securities. This means that it is quite possible that the new Bitcoin ETF applications could go through and, above all, will appeal to traditional investors.

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Other countries lead crypto regulation

The US is rapidly falling behind countries like Malta, which on 5 July announced three new laws to regulate the crypto market and promote business. Other countries, such as Gibraltar, have also shown that they accept these new markets and have recognized the value that crypto companies will bring in terms of jobs.

It was also announced on 5 July that Europe’s largest high frequency trader of exchange traded funds (ETFs) will enter the crypto markets and possibly launch the first European bitcoin ETF. With such high-profile steps, it appears that the SEC will be under great pressure to allow the US to compete with the rest of the world.