A mysterious cyberthief made off with $7 million in the cryptocurrency Ethereum on Monday after hacking CoinDash, a virtual currency trading platform, during its Initial Coin Offering and inserting a malicious address where digital investors were tricked into sending their funds. In an official statement on its webiste, the CoinDash team wrote the platform apologized, admitting that a "hacking attack" took place during the event by an unknown perpetrator, resulting in the loss of millions in ethereum. And explaining the cyber attack, the statement said that more than 2,000 investors unknowingly sent their virtual money to the hacker, for a total of roughly 37,000 Ethereum, which equates to around $7 million.
Over the past week, the Bitcoin price and Ethereum price went into a nosedive. The bitcoin prices crash below $2000 and the ethereum prices crash below $140 over the weekend in a broad based correction. Though the ethereum prices have since recovered to come back towards the $160, the bitcoin prices continue to trade below $2000. These two cryptocurrencies have been making waves the world over in 2017, with punters/traders making big bets on more price increases.
One event this week shows why digital currency markets still have a long way to go before they're safe enough for large-scale trading. The digital currency Ethereum experienced a "flash crash" on Wednesday, with the price falling from about $296 to a low of 10 cents in a matter of minutes. The most widely-used exchange, Coinbase-owned GDAX, operates like a traditional stock exchange, and lets traders buy stock on margin and place so-called "stop loss" orders—an automated instruction to sell if the price falls below a certain point. Adam White, the vice president of GDAX, wrote in a blog post on the company's site that an unusually large sell order caused the crash.
Relative to Bitcoin, Ethereum was an unknown cryptocurrency. Now, it’s reaching record highs after Russian President Vladimir Putin met with its founder. A new cryptocurrency called Ethereum reached another record high, driven by the potentials of the blockchain technology and supports from Russia, Singapore, and Japan. Ethereum is now up over 5,000 percent since the beginning of this year. On Monday, its price hit $407.10, this was a record level which marked a more than 5,001 per cent rise in price since 1 January when ethereum was trading at $7.98.
Cryptocurrency is not only Bitcoin: when Ether was announced in 2015, it seemed like a very ambitious project. By this time, bitcoin had already established dominance in the cryptocurrency industry, but it had been created with a different purpose that would diverge from bitcoin’s primary use as a cryptocurrency. Ethereum would build a network, much like bitcoin, which was based on blockchain, but Ethereum would allow other apps to be created on it. The idea being to allow companies to take advantage of blockchain technology and run their own stuff. In return, Ethereum users would earn ether for keeping the network running. After receiving funding, Ethereum users were rewarded with ether, whose value was about $3.
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