Hackers: Hackers stole more than 7,000 bitcoin from crypto exchange Binance, the world’s largest by volume, the startup reported Tuesday. Binance announced that a “large scale security breach” was discovered earlier on May 7, finding that malicious actors were able to access user API keys, two-factor authentication codes and “potentially other info,” the exchange’s CEO, Changpeng Zhao, said in a letter. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange, according to a transaction published in the security notice. The disclosure comes hours after Zhao tweeted that the exchange was undertaking “some unscheduled server maintenance,” writing that “funds are #safu.” After the disclosure announcement, Zhao tweeted that the exchange would “provide a more detailed update shortly.” The exchange may not yet have identified all impacted accounts, he said. And according to Binance’s statement, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings. It should be noted that this hack, while it may have been detrimental to smaller exchanges is just a bump in the road for Binance. Their SAFU fund is enough insurance to cover the stolen bitcoin and with last years profit at 400 Million, it will take them approximately 47 days to make back their money.
Bullish Key Players: Prominent crypto analyst Bob Loukas claims that Bitcoin will have entered its accumulation phase following the bear market. If Bitcoin closes May in green, it could signal that a full-blown bull market is back in effect, as the trader states that the asset has only closed four consecutive green candles or more during a bull phase. Bob recently tweeted “ #bitcoin working on 4th straight Green Monthly candle. That only occurs in the heart of a bull market. 3 green candles are locked in. We’ve never seen that in a bear market. I bet we close May red, and that would tell me we’re in accumulation phase of the next bull. $BTC”. The trader also claims that the third consecutive monthly green candle close signals that the bear market is over. Throughout Bitcoin’s history, it has never closed three monthly green candles in a row during a bear trend.
Banks & Institutions: Indian tech multinational, Wipro, has developed a blockchain-based solution for banks in Thailand to settle dues. This comes as Indian government and banking authorities look to enact a blanket ban on all non-state-issued cryptocurrencies back home. The settlement solution is a part of the first phase of Project Inthanon, which launched in August 2018. The initiative, led by Bank of Thailand, aims to ultimately implement a national Central Bank Digital Currency. Phase one focused on rolling out the interbank payment’s infrastructure. Wipro, a member of the R3 consortium, partnered on the project with Bank of Thailand and 8 commercial Thai banks. According to a May 7 statement from Wipro: “the solution will enable decentralized interbank real-time gross settlement using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency.”
Adoption: The cryptocurrency space is concerned about whether or not the upcoming Facebook Coin will hurt the Bitcoin market. But according to Spencer Bogart, the social media giant’s entry into the crypto space could be the best thing that ever happened to bitcoin. The Blockchain Capital executive said that Facebook was a significant catalyst for boosting bitcoin’s adoption globally. The social media platform boasted billions of users worldwide. So, even a small percentage of them trickling into the cryptocurrency market could double or triple its user base.