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Millions Effected by Hacked Blockchain Ledger

Security Scare Emerges for Ledger’s Cryptocurrency Hardware Wallets

Security Scare Emerges for Ledger’s Cryptocurrency Hardware WalletsBlockchain is often touted as the future of finance, multi-layer security, swift payments, and virtually unhackable. However, a hacked database of over a million customers emails was taken from the digital asset security firm Ledger. The data was placed into two text files and released to the public through hacker site Raidforums.  The hack, which

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Blockchain is often touted as the future of finance, multi-layer security, swift payments, and virtually unhackable. However, a hacked database of over a million customers emails was taken from the digital asset security firm Ledger. The data was placed into two text files and released to the public through hacker site Raidforums. 

The hack, which took place back in June 2020, was carried out against the Ledger e-commerce database. The scale of the damage is yet to be fully understood, but luckily there was no financial information, crypto keys, or recovery phrases exposed during the attack, which will provide some relief for Ledger users.

Going forward, there are certainly concerns regarding the insecurities brought to light as a result of the attack. But, what else can users do to safeguard their cryptodata? One alternative would be to use a different secure cryptocurrency wallet, which is usually a USB Stick, or to print the crypto keys onto paper and the document somewhere secure. While this may seem extreme, this method is frequently used within the cryptocurrency community and is regarded as one of the most secure ways of storing keys.

What happened in the attack?

A recent statement released by Ledger confirmed they were still checking the details of the incident, but confessed that the data “could be the contents of our e-commerce database from June, 2020.” The leaked data was published on Raidforums and includes the names, physical addresses, phone numbers, and email addresses of a million different Ledger customers. The amount of data is quite staggering and something which many feel Ledger should have addressed more publicly, notably a clear apology and some kind of plan to make reparations in some form to its customer base. 

The attack hasn’t gone unnoticed by the cryptocurrency community, with many citing a statement made by cybersecurity site haveibeenpwned.com claiming that many of the addresses have already been compromised. It is understood that 69% of addresses listed on Raidforums, which were exposed to vulnerabilities back in June have since been breached. 

Aside from a string of tweets acknowledging the breach, Ledger also commented that they feel it would be “a massive understatement to say we sincerely regret this situation.” Ledger is a company that sells a unique security package to cryptocurrency users. The fact this data was hacked is shocking and something that must be addressed immediately. 

What was leaked?

Ledger is a company that prides itself on not simply trusting things, but spending a notable amount of effort improving its security assets and improving every aspect of Ledger technology to ensure customers get the best service around. As with any blockchain-based business, Ledger invests a lot of time and money in trying to uncover any potential vulnerabilities in their system. 

Fortunately, the attack targeted the marketing and e-commerce database, which resulted in the vulnerabilities only affecting personal information of clients rather than direct financial data. Nonetheless, the exposure is a poor reflection on a company that promises a first-rate security service. 

Although no financial information was exposed, there were some 9,500 cases in which phone numbers, postal addresses and details of product purchases were made public. Ledger’s investigations have found that the attackers were able to access the database using an API key, which has since been disabled. 

What’s next for Ledger customers?

Now that the dust has settled, Ledger customers will be wondering if their information was exposed and what it would mean if it has been. In a recent interview, Ledger VP or Marketing Benoit Pellevoizin warned Ledger customers about the possibility of phishing attacks, which are carried out all the time. 

The fact certain customers’ information is now available online, means that those unfortunate enough to have been included in the leak will be exceptionally vulnerable to phishing attacks, as hackers only need a few more pieces of information to be able to carry out fraudulent practices. 

As such, any customers who are being asked to provide personal details via email or on the phone, should act with great caution. Specifically, the 24-word recovery phrase Ledger customers hold. This should never be shared with anyone, including Ledger employees. Moreover, Ledger has set up a dedicated page for users to report the details of any phishing attacks to help combat any mendacious activity. 

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Source: https://btcmanager.com/millions-effected-by-hacked-blockchain-ledger/

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Litecoin Price Analysis: 07 March

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The cryptocurrency market has been recovering from the sudden selling pressure it witnessed a few days back. Litecoin [LTC] has been trying to find a stable price level in the market currently, however, there have been recurring sell-offs pushing the coin even lower.

At the time of writing, the digital asset was trading at $182.68 with a market capitalization of $12.16 billion.

LTC one-hour chart

Source: LTCUSD on TradingView

The above chart of Ltiecoin highlighted the rise and fall of the price. Although a small surge carried the value higher, selling pressure has now replaced it. The price has been testing the support at $182.13.

If the price fails to hold onto this support, we may be seeing another sell-off in the LTC market.

Reasoning 

The Bollinger Bands have been diverging which was a sign of increasing volatility in the market. As the volatility in the market increases, there is a possibility for a trend change. However, the signal line along with the 50 moving average has remained under the candlesticks noting that a certain level of bullishness still exists.

However, the momentum was on a decrease as the selling pressure continued. The momentum has shifted towards the sellers’ side and may fall into the negative zone if the price breaches the support.

Meanwhile, the relative strength index has also moved away from the equilibrium zone. However, despite a selling pressure, the buyers were trying to level the market as the RSI was heading closer to the overbought zone.

Crucial levels

Entry-level: $181.89
Stop-level: $184.50
Take profit: $179.14
Risk to Reward: 1.06

Conclusion

The current trends in the Litecoin market were more bearish than bullish. As the coin tests support, there is a potential fall that looms at large. It may drop to $176 in the short term, however, the price may see a further retrace from this point if a bullish trend reversal fails to materialize.


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Source: https://ambcrypto.com/litecoin-price-analysis-07-march

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Decentralized finance may be the future, but education is still lacking

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Engaging in the traditional financial markets has become less appealing to consumers and institutional investors as of late. New opportunities are plentiful, with decentralized finance getting a lot of attention. However, that new movement is not without its risks and flaws, either.

For decades, consumers and institutional investors have explored the many different options presented to them in the financial world. This approach has worked out rather well, as one could even earn passive revenue on their savings account. Today, things look very different, as many banks charge negative interest rates and continue to exploit their customers.

Another problem compounding the lessening appeal of centralized finance is the ongoing impediments in the industry. More specifically, banks are forced to settle lawsuits regularly, mostly due to their wrongdoing. This ranges from opening accounts for clients without their knowledge, masking products under different names while providing the same service, money laundering and so forth.

Despite all of this, many people remain loyal to their banks or other financial institutions. Or that used to be the case, as decentralized finance has a lot of people interested today. Unlike traditional finance, DeFi has no exorbitant fees, unfair terms or financial exclusion. Instead, it is a movement that aims to bring financial services to everyone regardless of their current access to these products.

Making DeFi more accessible

While it may seem as if decentralized finance is destined to disrupt traditional finance, there is still a lot of work to be done. In its current state, DeFi primarily caters to users who have sufficient knowledge of the cryptocurrency market. Unfortunately, the crypto industry remains a niche market even today despite prices for Bitcoin (BTC) and Ether (ETH) moving up quickly in the past few months.

In fact, there are no viable guides on how to prepare yourself for these new financial opportunities. Every existing guide assumes the reader already knows the ins and outs of cryptocurrency, which is usually not the case.

Education is the first big step

Wading through the complex nature of DeFi requires clear and concise education. There is a rising need for educational platforms that address beginner levels of investing. Publications contributing educational content around DeFi noted significant growth throughout 2020 and early 2021. Educational initiatives have a goal to lower entry barriers to decentralized finance by educating people on cryptocurrency and the opportunities the broader industry provides. Ultimately, a good goal for DeFi would be for 100 million more people to have deposited at least $1 each into decentralized finance by 2025. It may seem like an easy goal, yet convincing millions of people to partake in this industry isn’t easy. Many people remain unconvinced by cryptocurrencies in general, and they will likely feel the same about DeFi.

We as an industry need to acknowledge that things need to improve to be taken more seriously by the masses. Making a global impact with complex structures and technologies and requiring the use of cryptocurrencies warrants clear and concise education.

A big catalyst for launching more educational initiatives now is the recent r/Wallstreetbets and GameStop saga. People worldwide suddenly found themselves in a position of power to make the financial market dance to their tunes. It depicts the need to make financial markets accessible to everyone, yet the current financial industry doesn’t always allow this to happen. This became apparent when the trading of GameStop stocks was halted by several providers to protect larger investors. It serves as an excellent example of how unfair the financial industry can be.

Creating a level playing field

At its core, the financial sector can operate without gatekeepers or centralized intermediaries. The DeFi industry has shown that this is possible, even though the industry is still in its early stages. Creating an environment where anyone can safely borrow, lend and trade directly is possible, but the educational aspect needs to come first.

As the public perception of traditional finances keeps taking blows to the chin, it is a matter of time until large groups begin exploring other horizons. Investing in cryptocurrencies has given many a taste of what financial freedom can entail. However, it is crucial to understand that this is only the first step along a long road toward achieving that freedom.

There is a lot more to DeFi than just owning Bitcoin, Ether or any other crypto assets. While that does grant one access to decentralized finance, the educational initiatives led by industry leaders will help explain how you can use these assets for more than speculative purposes. Through education, research and guidance, a new era of finance may just be around the corner.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Piers Ridyard is the CEO of Radix, the decentralized finance protocol. A Y Combinator Alumni, Piers joined Radix after exiting his previous company, which built DLT-based deal rooms for clearing syndicated insurance contracts.

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Source: https://cointelegraph.com/news/decentralized-finance-may-be-the-future-but-education-is-still-lacking

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How DAFI Protocol Rewards Long-Term Token Holders and Supports Sustainable Project Growth

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As more cryptocurrency projects are beginning to understand firsthand, keeping key stakeholders and early investors involved in a project’s ecosystem long-term is tough. With increasing speculation around new blockchain networks, specifically DeFi-focused platforms, cryptocurrencies can see instant price growth as they hit the market. With these profits too high for early investors to forgo, the people who supported the project earliest can end up cashing out, which is bad for the overall ecosystem.

DAFI Protocol has come up with an innovative solution to this problem, rewarding long-term users with a metric-based reward structure that allows new crypto projects to maintain their original community over time.

Synthetic Tokens Are the Answer

DAFI Protocol’s solution revolves around synthetic tokens, or newly minted tokens produced to represent the value of other assets. Using synthetic tokens, new projects can deposit a portion of their total supply into the DAFI protocol. Following the deposit, synthetic tokens representing ownership rights to the original coins will be minted and distributed to holders. These tokens are not tradable, meaning original token holders cannot monetize these synthetic tokens while they hold them. Their only use is exchanging back for the initial token after a predetermined time period runs out.

This may seem like it only benefits project development teams, but it rewards early token adopters as well. Following the distribution of the initial synthetic tokens, the number of tokens a user holds will change based on a smart contract algorithm that allows for the flow of token supply. Using a decentralized oracle, DAFI will be able to evaluate off-chain metrics such as token price, platform adoption, and trading volume to determine the platform’s growth. The more usability the platform receives over time, the larger the amount of synthetic tokens distributed to each token holder.

Creating Holders Out of Sellers

With DAFI, platforms are not discouraging speculation on their native cryptocurrencies; they just want the commitment to become a longer-term arrangement. With its innovative solution, DAFI turns investors from sellers to holders, incentivizing them to realize their investment value if the platform sees measurable growth.

This is extremely beneficial to new projects, as they need to establish a base of platform usage so they know what works well and where they need to improve. This structure will serve the best interests of projects and token holders going forward, as tokens will realize value based on the actualization of the network. Considering some projects worth hundreds of millions or billions of dollars receive almost no network usage, DAFI promises to properly incentivize stakeholders based on more than broad speculation.

There is currently no link between token holder rewards and network adoption; this needs to change. Although users may not be able to profit from short-term speculation through DAFI, they have a much better chance of generating value long-term alongside adoption. This mechanism will scare away gamblers and speculators hoping to get rich quick on the next hyped-up project, leaving investment opportunities for those who plan to stay with the project over an extended period of time. With this superior token distribution method, projects will utilize DAFI to deposit a portion of their token supply in favor of non-tradable and elastic synthetic tokens for users, rewarding them over time.

Image by anncapictures from Pixabay 

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Source: https://www.newsbtc.com/news/company/how-dafi-protocol-rewards-long-term-token-holders-and-supports-sustainable-project-growth/

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