07-08/01/18 Crypto News Recap

Today's News

• Tether USDT and EURT are supported on the Ethereum Blockchain
• Electrum attempts to patch major security problems
• Exchanges under massive pressure from new users

Tether USDT and EURT are supported on the Ethereum Blockchain

 Tether is working tirelessly to disrupt the legacy financial system through a more modern approach to money. As the first platform to facilitate the transfer of fiat backed currencies over a blockchain network, Tether has made headway by giving customers the ability to transfer value across the blockchain without the inherent volatility and complexity typically associated with a digital currency.

Following the widespread success of our Bitcoin-based USD Tether, issued via the Omni Layer Protocol, we have today launched and issued both US Dollars and Euros as Ethereum-based Tether, compatible with the ERC20 standard. The Ethereum-based Tether allows for tokenized USD and EUR to be transferred over the Ethereum network. This enables interoperability with Ethereum-based protocols and Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the Ethereum Network. 

 The contracts were audited by Phil Daian, and later by Zeppelin, and the full report on the latest version is available here.  And the source if found here.

Electrum attempts to patch major security problems

 Last week, the tech world was rocked by news of a bug in Intel computer chips that had lain undiscovered for years. It’s a similar story with the Electrum wallet vulnerability, with some reports stating that it had been in existence for over two years. Google vulnerability researcher Tavis Ormandy claims to have discovered the bug, though the flaw had been flagged last year. Within hours of Ormandy pointing out the vulnerability, Electrum had rushed out a patch to remedy it. 

 The individual who first reported the flaw on Github on November 24 explained: “While the electrum daemon is running, someone on a different virtual host of the web server could easily access your wallet via the local RPC port. Currently, there is no security/authentication, giving someone access to the RPC port full access to the wallet.” 

Source.

Exchanges under massive pressure from new users

An example of the incoming traffic, is the powerhouse exchange of crypto, Binance.

This week, Changpeng Zhao, the founder and CEO of Binance, the global market’s largest cryptocurrency exchange with a staggering $9.5 bln daily trading volume, revealed that it has added more than 250,000 users on a single day.

“Sorry guys, servicing existing members is higher priority at this point. Full team working around the clock. Both tech and support. Just too much demand. Added 250,000 new users in the last 24 hours,” said Zhao, referencing the official statement released by the company. 

Source.

They then today re-opened user registrations but now made it limited. Below is their official post.

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