Kathleen Breitman: Tezos Will “Go Rogue” and Launch Soon

Kathleen Breitman: Tezos Will “Go Rogue” and Launch Soon

Tezos investors wondering when the beleaguered project will see the light of day have finally received news. At UCLA Blockchain Lab’s Cyber Days conference on Sunday, Kathleen Breitman promised to “go rogue” and press ahead with the platform launch. If the Tezos co-founder has her way, “tezzies” tokens will be available in a matter of weeks.

Also read: Tezos Swiss Foundation Concept is “Old, Inflexible and Stupid”

Tezos Founders Plot a Jail Break

Kathleen Breitman: Tezos Will “Go Rogue” and Launch Soon
Kathleen Breitman reveals her plans for Tezos.

The Tezos story is a tangled one involving lawsuits, broken promises, in-fighting and something about a “tote bag”. The long and short of it is that one of last year’s biggest ICOs has been hopelessly delayed, while the Tezos Foundation’s president has been accused of running a dictatorship. The affair has been a deeply embarrassing one for Arthur and Kathleen Breitman, who had been hailed as exemplary entrepreneurs after raising $232 million. Like their investors, they’re eager to get the project off the ground and put the bad times behind them.

At a UCLA conference on Sunday, Kathleen Breitman boldly declared:

We plan on releasing the token and going rogue in the next few weeks. We’re able to release the token on our own terms. For awhile I felt like I was being ‘gaslit,’ but then I unburdened myself of the morality of it. Things needed to move forward. It’s unfair, but we need to ship the code.

Pre-launch XTZ futures tokens on Hitbtc rose by 6% off the news. At $2.92 though, tezzies are still down substantially from their December peak of $10.51. Tezos now looks set to become the first crypto project to have forked before its launch. The rift is evident on Twitter, where there’s a choice between the Tezos account (which has been silent since September), the Tezos Foundation account, whose president is the polarizing Johann Gevers, and then the Breitmans’ T2 Foundation, which is “committed to making sure that the @tez0s network has an adequate, safe, and timely place to launch.”

There’s just one major problem standing in their way: the Tezos Foundation has control of all the funds and the XTZ tokens. Coupled with the pending lawsuits that both the Foundation and the Breitmans are facing, and it’s obvious the whole affair is a hideous mess. Before the governance-focused blockchain project can launch, Tezos’ founders have a few loose ends to tidy up.

Do you think the Breitmans are finally close to launching Tezos? Let us know in the comments section below.

Images courtesy of Shutterstock, and Steph Vaughan.

Want to create your own secure cold storage paper wallet? Check our tools section.

The post Kathleen Breitman: Tezos Will “Go Rogue” and Launch Soon appeared first on Bitcoin News.

US Regulator Warns Against Pump-and-Dumps and Advises How to Buy Crypto

US Regulator Warns Against Pump-and-Dumps and Advises How to Buy Crypto

The U.S. Commodity Futures Trading Commission (CFTC) has issued its first warning against pump-and-dump schemes involving cryptocurrencies while giving advice on how to buy crypto. This warning follows previous warnings by two other U.S. regulators.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

CFTC’s Warning

US Regulator Warns Against Pump-and-Dumps and Advises How to Buy CryptoThe CFTC issued a Customer Protection Advisory on Thursday to warn the public to “beware of and avoid pump-and-dump schemes that can occur in thinly traded or new ‘alternative’ virtual currencies, digital coins or tokens.”

CFTC Director of Public Affairs Erica Elliott Richardson explained, “As with many online frauds, this type of scam is not new – it simply deploys an emerging technology to capitalize on public interest in digital assets,” adding that:

Pump-and-dump schemes long pre-date the invention of virtual currencies…The CFTC encourages all customers to thoroughly research potential investments, stay informed about tactics commonly used in investment fraud, and avoid investment opportunities they don’t fully understand.

Common Pump-and-Dump Tactics

The agency explained that “the organizers of the scheme will commonly spread rumors and urge immediate buying,” often through social media, noting that:

Some pump and dumps use false news reports, typically about a famous high-tech business leader or investor who plans to pour millions of dollars into a small, lesser known virtual currency or coin. Other fake news stories have featured major retailers, banks, or credit card companies, announcing plans to partner with one virtual currency or another.

After a certain length of time following the pump, the Commission states, the dump will begin. “The price falls and victims are left with currency or tokens that are worth much less than what they expected. From beginning to end, these scams can be over in just a few minutes,” the agency describes and immediately advises: “Customers should avoid purchasing virtual currency or tokens based on tips shared over social media.”

What Crypto Buyers Should Do

US Regulator Warns Against Pump-and-Dumps and Advises How to Buy CryptoCiting that its job is to maintain “general anti-fraud and manipulation enforcement authority over virtual currency cash markets as a commodity in interstate commerce,” the CFTC revealed that it has received complaints from customers who have lost money to pump-and-dump schemes. Emphasizing that ultimately, “Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes,” the Commission stated:

Customers can best protect themselves by purchasing only alternative virtual currencies, digital coins, or tokens that have been thoroughly researched – to separate hype from facts.

Last month, the CFTC took action against three cryptocurrency operators and their founders for commodity fraud and misappropriation.

CFTC Joins SEC and Finra in Warnings

US Regulator Warns Against Pump-and-Dumps and Advises How to Buy CryptoThe U.S. Securities and Exchange Commission (SEC) has repeatedly warned against pump-and-dump schemes as well as market manipulations involving any financial instruments that can be classified as securities. In August, the agency issued a statement alerting investors of pump-and-dump schemes involving initial coin offerings (ICOs).

SEC Chairman Jay Clayton made a statement in December cautioning investors against “promoting or touting the offer and sale of coins without first determining whether the US Regulator Warns Against Pump-and-Dumps and Advises How to Buy Cryptosecurities laws apply to those actions,” specifically those related to cryptocurrencies and ICOs. “Selling securities generally requires a license, and experience shows that excessive touting in thinly traded and volatile markets can be an indicator of ‘scalping,’ ‘pump and dump’ and other manipulations and frauds,” he described. The chairman then reiterated the same message last week.

In December, the U.S. Financial Industry Regulatory Authority (Finra) also issued a statement warning investors not to fall for crypto-related stock scams including pump-and-dump frauds, advising them to:

Do your research before purchasing shares of any company offering investment opportunities in cryptocurrency…Don’t be fooled by unrealistic predictions of returns and claims made through press releases, spam email, telemarketing calls or posted online or in social media threads. These actions may be signs of a classic ‘pump and dump’ fraud.

What do you think of the CFTC’s guidance? Let us know in the comments section below.

Images courtesy of Shutterstock, CFTC, SEC, and Finra.

Need to calculate your bitcoin holdings? Check our tools section.

The post US Regulator Warns Against Pump-and-Dumps and Advises How to Buy Crypto appeared first on Bitcoin News.

Here’s Why You Can’t Judge a Coin by Its Market Cap

Here’s Why You Can’t Judge a Coin by Its Market Cap

Ever heard of a coin called ucash? You should have. It’s in the world’s top 25 cryptocurrencies after all, based on market cap, placing it higher than stratis, omisego, and zcash. Making it to the hallowed heights of 21st, where ucash placed on February 12, calls for mainstream media coverage, a growing user base, and significant adoption you would think. As it turns out, ucash is an outlier – a nothing coin whose ascent is proof that you can’t judge a coin by its cap.

Also read: United Bitcoin May Be the Most Controversial Fork to Date

Fake It Till You Make It

It’s widely accepted that market capitalization – that is, the total value of all coins in circulation multiplied by their last traded price – is a crude reckoner. As an approximate guide to the relative size of respective cryptocurrencies, market cap usually suffices, but there are occasions when it’s glaringly wrong. Ucash is the perfect case in point. The obscure altcoin – or shitcoin, as such offerings are pejoratively described – rose out of nowhere this week to soar into the crypto top 100.

Here’s Why You Can’t Judge a Coin by Its Market Cap

As anyone with a cursory knowledge of market cap metrics will know, gaming the system is extremely easy. All it takes is for someone to create a shitcoin with a circulating supply of 150 billion, list it on an equally shit exchange, sell one coin for $1 and instantly it’s worth more than bitcoin. The same trick that propelled dentacoin into 21st spot in the cryptocurrency rankings last month has now done the same for ucash. The exchange it’s traded on, BTC-Alpha, is a dubious Russian site, registered in the UK, with 600 Telegram followers, less than 2,000 Twitter followers, and a logo that’s ripped off of Maestro. But because it’s listed on Coinmarketcap, it’s eligible for inclusion in what passes for crypto’s “official” ranking system.

Here’s Why You Can’t Judge a Coin by Its Market Cap

Getting High On Your Own Supply

There are 325 billion dentacoins in circulation and 8.6 billion ucash, which explains why they’ve managed to artificially climb so high. Whether or not ucash was the result of a pump and dump is immaterial; on low liquidity exchanges like BTC-Alpha, everyone’s a whale and every coin is ultra volatile.

Here’s Why You Can’t Judge a Coin by Its Market Cap

Coinmarketcap’s extensive range of altcoins often makes for entertaining reading, especially when filtered by percentage gain. This week’s big performer, going by that metric, is unity ingot which is up 3,600%, though like ucash it’s only available on one tiny exchange. Although ucash and unity ingot are extremes, they illustrate why you should never judge a coin by its market cap.

Do you think there’s a better metric than market cap for rating cryptocurrencies? Let us know in the comments section below.

Images courtesy of Shutterstock, and Coinmarketcap.

Need to calculate your bitcoin holdings? Check our tools section.

The post Here’s Why You Can’t Judge a Coin by Its Market Cap appeared first on Bitcoin News.

Independent Ratings Agency Alerts Investors About Dangers of Tether

Independent Ratings Agency Alerts Investors About Dangers of Tether

Another outside observer of the controversial tether cryptocurrency is warning about the dangers it presents for the uninterrupted operation of USDT exchanges. Weiss Ratings is seeking to educate investors on the systematic risk tether introduces to the ecosystem.

Also Read: Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors

Inherent Risks of Blind Trust

Independent Ratings Agency Alerts Investors About Dangers of TetherWeiss Ratings, an independent U.S. agency which recently published letter grades for cryptocurrencies, has issued an alert to investors about the dangers of tether (USDT). It highlights common fears about the stablecoin which is claimed to be fully covered by U.S. dollar reserves.

“The big issue: There’s never been an audit, and the folks behind Tether has been quite shady when asked. They have continuously claimed their tokens are backed 100% by actual dollars, yet they have failed to present any evidence to support this claim. On social media, there appears to be consensus that what Tether is actually doing is running a fractional reserve system. In other words, most observers claim they DO NOT have the dollars to back up all those Tether coins. I tend to agree. It’s just too suspicious,” says Weiss analyst .

What Happens When the Feds Stop USDT Printing?

Independent Ratings Agency Alerts Investors About Dangers of TetherWeiss explains how the importance of USDT to the entire ecosystem is that many non-fiat exchanges (like Binance or Okex) use it as a proxy for real dollars in trading. Because of this, it is the third most traded cryptocurrency and the only one with trading volumes that regularly exceed its market cap. These exchanges are thus dependent on tether for liquidity and put investors at risk if any government decides to pull the plug out of its printers. Some consider this to be a likely scenario under U.S. law.

“The consequences of hanky-panky could be far-reaching. What happens if Tether does turn out to be fraudulent? Or what happens if a major government determines that cryptocurrencies like Tether are being used by exchanges to avoid regulations? What if this large source of liquidity suddenly evaporates?” asks. “Conceivably, it could cause exchange failures. It could drive investors to liquidate their positions, causing sharp declines in market prices.”

Should cryptocurrency investors worry about the continued liquidity of USDT exchanges? Tell us what you think in the comments section below.

Images courtesy of Shutterstock.

Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Independent Ratings Agency Alerts Investors About Dangers of Tether appeared first on Bitcoin News.

Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors

Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors

Accusations of FUD, #fakenews and similar terms are sadly all too common in the crypto world. Startups in the field are many times headed by young people, sometimes bringing a needed fresh perspective and attitude, but a few appear to completely lack the maturity needed to run a public business. In the case of IOTA this is exacerbated by sycophants who enable this situation and rather attack critics than have an adult discussion.

Also Read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”

IOTA Fans Try to Silence Critics

Faced With Criticism IOTA Fans Try to Bully Growing List of DetractorsIOTA, the network behind the now 10th most valuable cryptocurrency in the world by market cap (MIOTA), is facing various criticism and doubts about its technological capabilities. While this should be expected for every project valued at almost $5 billion at such an early stage, promoters of IOTA are failing to accept this reality.

In the past few days, as more analysts raised questions about the project, IOTA fans lashed out even harder against critics, anonymously publishing hit pieces against some community influencers and trying to get others off of social media altogether. This is in addition to the standard operation method of IOTA whenever someone writes something they can’t handle, a childish or nasty ad hominem attack by the head of the team on Twitter followed by a barrage of similar insults by his minions (and likely many bots as the frequency seems to suggest).

Enemies List

Rather than reflect on the behavior that got them into hot water, IOTA promoters seem to be doubling down. They have embraced an ‘us vs. them’ mentality, wherein any reporter asking questions, any developer objecting to their non-blockchain solution, and even former investors who complain about their funds being stolen are all seen only as enemies attacking the group.

This is how an IOTA blogger described it today: “We decided to start an anti misinformation report that comes out daily if possible. A group of people is willing to help me with that. The reports will include timestamps, tweets, sources, names of the “attackers” and the FUD explained and corrected.” While this approach might intimidate some, it can not silence everyone in an ecosystem fraught with scams where fair judgment is needed.

Are IOTA promoters doing the right thing for the project by going after critics? Tell us what you think in the comments section below.

Images courtesy of Shutterstock.

Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Faced With Criticism IOTA Fans Try to Bully Growing List of Detractors appeared first on Bitcoin News.

Cryptocurrency Exchange Bitgrail Suspends Operations After ‘Losing’ $170 Million of Nano

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of Nano

Bitgrail, an exchange whose primary purpose was to facilitate the trading of nano, has folded after ‘losing’ 17 million XRB, valued at around $170 million. The Italian exchange had been offline for weeks, and its customers feared the worst. Today, its operator “Francesco The Bomber” confirmed the bad news, which gained short shrift from the Nano community. Many believe Bitgrail’s owner to have exit scammed, taking with him almost 13% of the total circulating supply.

Also read: Russia’s Largest Bank Caught Employees Mining For Crypto

A Big Heist for Tiny Nano

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of NanoUp until December of last year, nano – then going under the name of raiblocks – was little more than another aspiring altcoin hoping to make it to the big league. Its promise of fast transactions and zero fees had some of the more diligent Twitter traders interested, but even they were astonished by the moon mission XRB suddenly embarked on. At the start of December, 1 XRB could be bought for $0.20. One month later, 1 XRB had soared to $35 after gaining 17,500%, making it 2017’s biggest gainer and putting the likes of bitcoin, litecoin and ripple in the shade.

For most of last year, Bitgrail – the ‘rai’ in its name derived from raiblocks – was one of the only places where XRB could be bought. The exchange was clunky and erratic, like most small crypto exchanges, but it worked. Most of the time. It also supported other cryptocurrencies, but the volume was laughably low. Bitgrail was the place to go for raiblocks and nothing else. 99% of the time, altcoins that begin life on micro-exchanges stay there. But every once in a while, an outlier makes it to the big league. Raiblocks did just that in December, gravitating to larger exchanges and rocketing in price.

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of Nano
The above tweet is meant to say “XRB”

Bitgrail, previously just another minnow in a sea of competing exchanges, suddenly found itself in the custody of assets worth hundreds of millions of dollars. The temptation to take the money and run may have been too much for the site’s operator to take. It’s unclear at this stage exactly what happened. On January 28, the exchange tweeted: “XRB deposits and withdrawals currently suspended for internal system optimization. Thanks for understanding.” Then, on February 9, it posted the following notice:

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of Nano

Hack or Exit Scam?

While many users are adamant that Bitgrail has exit scammed, Francesco maintains the site was hacked. It has been alleged that the stolen XRB has been gradually transferred from this Bitgrail wallet to Mercatox and getting dumped for months. There are also rumors that Bitgrail became insolvent following a withdrawal bug that was discovered by some users and then shared in Discord and other chat groups, causing the wallet balance to gradually diminish. One user explained: “There was a bug on Bitgrail where if you placed two orders you got double balance added to your account. You could then withdraw while the orders were up and steal the coins. You had negative balance in the end but you could just make a new account.”

In a statement published on February 9, the Nano team wrote: “We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.” Whatever the truth, Bitgrail users have zero chance of getting their crypto back.

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of Nano

It’s a suckerpunch for hodlers who’d had the acuity to buy raiblocks when it was dirt cheap and had then seen their little turned into a lot. By mid-December they should have taken their coins off Bitgrail and into a personal wallet, or at least to a more reputable exchange, but that’s easy to say in hindsight. The Nano team have sensibly refused Bitgrail’s entreaties to alter its code to isolate the stolen XRB.

Cryptocurrency Exchange Bitgrail Closes After ‘Losing’ $170 Million of Nano

Only a week ago, Binance added nano to its exchange. In the wake of the Bitgrail incident, Binance’s CEO tweeted “We are in contact with Nano team (re: Bitgrail) and will freeze deposits from identified addresses as we receive them. This is one reason we require coin CEO/founder to submit listing requests. Binance will assist where we can. We need to work together to protect users.” In monetary terms, the $170 million hack is less than half the previous record, set just a fortnight ago, when $400 million of NEM were stolen from Coincheck. But at 12.7% of the total supply, the XRB theft is bigger than NEM and bigger than the the 800,000 BTC that caused the collapse of Mt Gox.

Do you think Bitgrail was hacked or exit scammed? Let us know in the comments section below.

Images courtesy of Shutterstock, Twitter, and Bitgrail.

Keep track of the bitcoin exchange rate in real-time.

The post Cryptocurrency Exchange Bitgrail Suspends Operations After ‘Losing’ $170 Million of Nano appeared first on Bitcoin News.

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Myetherwallet, the web’s most popular client-side ethereum interface, has announced a surprise rebrand. The service will henceforth be known as Mycrypto following an acrimonious split. The sudden move took one half of the Myetherwallet team by surprise, who claims the “Twitter handle was changed without knowledge or permission of MEW’s founder”. It has also emerged that a lawsuit was filed in December, with one party alleging that the other failed to allow them to inspect the company’s books. It now looks like there will be two competing brands moving forward, Myetherwallet and Mycrypto.

Also read: Bitcoin Couture Makes Its Debut at New York Fashion Week

Myetherwallet Hard Forks

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover
Mycrypto’s Taylor Monahan

On Thursday evening, the Myetherwallet Twitter account announced to its 77,000 followers that it had rebranded as Mycrypto and had a new Twitter handle to match. There was just one problem: founder Taylor Monahan doesn’t seem to have told her co-founder Kosala. The revelation sparked a Twitter spat and overshadowed what had initially looked like a slick rebrand. The first ethereum wallet with a proper interface, MEW, as it’s affectionately known, has been around since 2015.

Its users witnessed the DAO hack and subsequent hard fork of the ethereum blockchain to create two versions of the coin: ETH and ETC. Now, MEW has undergone its own hard fork that’s set to be every bit as contentious as the one that came in the wake of the DAO. In a blog post, Taylor explained the reasons behind the rebrand – but conveniently forgot to mention that she had done so without the consensus of her founding partner, and had nabbed the Twitter account into the bargain. In December, Kosala filed a lawsuit in California after Taylor allegedly refused to let him inspect MEW’s books.

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Headed “A New Beginning”, the post begins: “This is the story of Myetherwallet, and how this has led us down the path to Mycrypto. It is long because I hope it gives you insight into who we were, who we are, and who we aim to be in 2018 and beyond.” The article then delves into MEW’s humble beginnings in 2015 when it was created by Taylor and Kosala. She explains: “It was a simple interface that provided a simple solution to a problem: when Ethereum first launched, the only way to send your Ether was via command line.”

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

The ICO Years

Myetherwallet started out as little more than a hobby, but by 2017, amidst peak ICO mania, had become the hub around which the entire ethereum community revolved. Taylor recalls:

When the price skyrocketed, ICOs and noobs came zooming in on the promise of getting rich. We suddenly had a real user base and real servers that we had to learn to scale. The phishing sites appeared and the work and expertise to be secure in this space climbed steadily. Our daily messages doubled, and then doubled again… and again… and again.

She confesses that the toll of answering support tickets until long into the night took its toll. “My husband..cooked dinner each evening, and carried me to bed at 4am… then 5am… then 7am when I fell asleep typing at the computer. I consistently chose “trying to help one more person” over “a few more moments of sleep”. And there was “always one more person.”

Mighty Wallets From Tiny Acorns Grow

Moving to the present day, Taylor explains: “This adventure needed to transform from ‘fun side project’ to ‘a real company’ …and fast.” As of today, ethereum users can get their ethereum fix from Mycrypto.com which operates just like Myetherwallet.com. “Myetherwallet will continue to be online until it, for whatever reason, is not online,” writes Taylor, hinting at the fact that the rebrand may not have been a unanimous decision.

It is evident that a rift had developed between MEW’s founders, who had once been so tight, for Taylor writes: “I was terrified — am terrified — at the potential harm this change will have on myself, the team, and/or the Ethereum community but ultimately, the risks created by continuing down the road we were on are greater than the risks of splitting to a new brand, new company, new name, and new domain.”

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover
MEW’s Kosala

Within minutes of tweeting news of the rebrand, Kosala hit back via a new MEW Twitter account, writing: “Myetherwallet is safe and functioning normally. You may continue to use Myetherwallet as you normally would, your wallets have not been compromised. At present, we are dealing with  what we believe to be an unlawful, social media account switch. We are addressing the situation presently and @kvhnuke_ will provide updates as they come available”. He has since provided a full statement confirming the split.

The Ethereum community are accustomed to dealing with splits, but the forking of Myetherwallet seems to have caught everyone unawares.

Which wallet will you be using to send ethereum – MEW or Mycrypto? Let us know in the comments section below.

Images courtesy of Shutterstock, and Mycrypto.com.

Need to calculate your bitcoin holdings? Check our tools section.

The post Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover appeared first on Bitcoin News.

Größter Krypto-Hack aller Zeiten: Bitcoin nicht beteiligt.

Vor kurzem wurde die japanische Börse Coincheck gehackt. Dabei wurden XEM im Wert von 400 bis 500 Millionen Dollar gestohlen. Nun versucht die NEM-Foundation, zu verhindern, dass der Hacker die Coins ausgibt, während die Börse verspricht, den Schaden vollständig zu ersetzen. Die japanische Finanzaufsicht kündigt derweil an, den Börsen künftig genauer auf die Finger zu schauen.

Die japanische Börse hat kürzlich bekanntgegeben, dass bei einem Hack Kryptocoins im Wert von bis zu 500 Millionen Dollar gestohlen worden sind. Dies ist mehr, als bei den bisherigen Top-Hack, einschließlich Mt. Gox, abhanden gekommen ist. Am verrücktesten ist nun das, was nicht passiert.

Wir haben kürzlich den größten Hack in der Geschichte der Kryptowährungen erlebt, und es hat keinen so richtig interessiert. Es gab keinen Aufschrei, keine Woge der erschütterten Tweets, keine Panik-Verkäufe, keine Einbrüche. Nichts. Nicht minder verrückt ist, dass im größten Hack in der Geschichte der Kryptowährungen weder Bitcoins, noch andere Top-Währungen wie Ethereum, Ripple, Litecoin, Bitcoin Cash oder Cardano gestohlen wurden, sondern lediglich Einheiten einer Kryptowährung namens NEM, die, zumindest hierzulande, relativ unbekannt ist. Im Ranking der Coins steht NEM auf Rang 10. Die Token der Währung laufen unter dem Ticker XEM.

Auch Coincheck ist kein so großes Schwergewicht, wie man es beim größten Kryptohack aller Zeiten vermuten würde. Die Börse ist die Nummer zwei in Japan und steht im Ranking der Börsen bei exchangewar.info auf Rang 15, mit einem täglichen Handelsvolumen von gut 10.000 Bitcoin. Die Börse hat letzten Freitag in einer Pressekonferenz erklärt, was mit NEM passiert ist: Man habe am späten Vormittag entdeckt, dass es in der Nacht einen Hack gegeben hat. Betroffen waren nur die rund 523 Millionen XEM, die die Börse vollständig auf einem Hot-Wallet gespeichert hat. Hot Wallet bedeutet, dass die Wallets in Kontakt mit dem Internet stehen. Die meisten Börsen bewahren den absolut größten Anteil der Coins auf sogenannten Cold Wallets auf, die keinen Kontakt zum Internet haben. Coincheck hingegen hat weder Cold Wallets noch Multisig-Verfahren benutzt. Wie der Hack genau zustande kam, erklärt die Börse bislang nicht.

Der Preis von XEM ist umgehend abgestürzt. Er fiel von knapp einem Dollar auf rund 77 cent. Dann erholte er sich aber wieder zügig, kletterte sogar auf 1,04 Dollar, fiel dann jedoch auf unter 90 cent. Insgesamt jedoch scheint der Hack einen bemerkenswert geringen Einfluss auf den Preis von XEM zu haben, der seit der Spitze von 2 Dollar am 5. Januar ohnehin in einem bisher ungebrochenen Abwärtskanal zu stecken scheint.

Wenn der Hack überhaupt einen Einfluss auf den Preis hat, dann ist dieser positiv. Denn NEM erlaubt es irgendwie, ein sogenanntes Mosaic in die Blockchain zu drücken, durch das man bestimmte Coins markieren kann. Gewöhnlich wird dies verwendet, um Token auf die Blockchain zu bringen. Im Fall des Hacks erlaubt es aber, die Coins, die der Hacker erbeutet hat, öffentlich zu markieren. Die NEM-Foundation und Coincheck arbeiten bereits zusammen daran, die Coins des Hackers zu markieren. Es soll eine Blacklist geben, die in der API von NEM selbst verfügbar ist, und die Börsen unkompliziert aktivieren können. Dies macht es praktisch unmöglich, die Coins aus dem Hack auszugeben, was bedeutet, dass der Hack lediglich gut 500 Millionen NEM aus dem Verkehr gezogen hat, was rund 5 Prozent der gesamten Geldmenge entspricht. Und das ist eigentlich eine gute Nachricht für den Preis.

Eine Hardfork, um die Coins wiederherzustellen – wie es Ethereum beim DAO-Hack vorgeführt hat – steht für die Foundation nicht zur Debatte. Die einzige Hoffnung, die sich Coincheck machen darf, um die XEMwieder zu sehen, ist, dass der Hacker sie gegen ein Lösegeld freigibt. Was angesichts des Blacklistings für beide Seiten ein gutes Geschäft wäre.

Ohnehin scheint Coincheck über die Resourcen zu verfügen, um diesen Hack hinzunehmen. Dies ist vielleicht die nächste Überraschung in dieser Hack-Geschichte. Das Krypto-Ökosystem ist so liquide, dass der größte Kryptohack aller Zeiten nicht nur keine ökosystemweiten Schockwellen aussendet, sondern nicht einmal eine einzige Börse umnietet. Nur einen Tag nach dem Hack hat Coincheck angekündigt, die Kunden vollständig zu entschädigen, jedoch nicht in NEM, sondern in Yen. Sprich – die Kunden werden den Wert in Yen erhalten, den die XEM zum Zeitpunkt der Ankündigung wert waren. Dass der Gesamtwert der gestohlenen XEM zu diesem Zeitpunkt von mehr als 500 Millionen Dollar auf nur noch 400 gefallen ist, dürfte eine Erleichterung für die Börse sein, stößt aber manchen Kunden übel auf.

Die japanische Finanzaufsicht FSA nimmt den Fall derweil zum Anlass, um Coincheck aufzufordern, bessere Sicherheitsmaßnahmen zu implementieren. Die Börse solle gemeinsam mit der Aufsicht herausfinden, was die Ursache des Vorfalls war, und die notwendigen Maßnahmen ergreifen, um zu verhindern, dass sich dies wiederholt. Die Community dürfte hier, ausnahmsweise, der Aufsicht zu 100 Prozent zustimmen.

NEM ist die Kurzform für New Economy Movement und eine bereits seit Anfang 2014 existierende Blockchain-basierende Kryptowährung. Mit dem “Proof of Importance” hat NEM einen eigenen Konsens-Algorithmus entwickelt. Weiter wurden in NEM Supernodes eingerichtet, die spezielle Funktionen im Netzwerk erfüllen. Die NEM-Blockchain ermöglicht zudem Smart Contracts, Smart Assets und Namespaces, also Domains, und vieles mehr. Trotz des relativ hohen Alters, dieser Fülle an Funktionen sowie einem dauerhaft relativ hohen Platz im Ranking der Coins ist NEM außerhalb von den Schwerpunkten in Japan und Malaysia relativ unbekannt.