10.7 C
Amsterdam
20 May 2022

PumpMoonshot

  • Home
  • News
    • News

      USDT circulating supply is reduced by more than…

      19 May 2022

      News

      Terraform Labs To Cough Up $78M Penalty For…

      19 May 2022

      News

      Apecoin price analysis: Bullish momentum to continue as…

      19 May 2022

      News

      Solana Price Analysis: What if SOL regains its…

      19 May 2022

      News

      Ripple Brings Its XRP-Powered On-Demand Liquidity (ODL) Solution…

      19 May 2022

      News

      BTC, XRP, ADA and BNB Price Analysis for…

      19 May 2022

  • Bitcoin
    • Bitcoin

      Bitcoin is the Internet’s Only Money, Jack Dorsey…

      20 May 2022

      Bitcoin

      Bitcoin, Ethereum Reach Extremely High Correlation with Stocks,…

      19 May 2022

      Bitcoin

      Bitcoin ($BTC) and Ethereum ($ETH) Will Outperform Equities…

      17 May 2022

      Bitcoin

      Bitcoin Maintains $30K, Terra’s UST Continues Crashing and…

      17 May 2022

      Bitcoin

      FTX CEO Thinks Bitcoin Has No Future as…

      16 May 2022

      Bitcoin

      Jack Dorsey Names Reason for Next Bitcoin Price…

      14 May 2022

  • Ethereum
    • Ethereum

      Ethereum Hits $250 Billion Mark: Is $3,500 Within…

      18 May 2022

      Ethereum

      Bullish & Bearish Case Emerges for Ethereum! Will…

      5 May 2022

      Ethereum

      Ethereum Regains Strength But $3K Is Still A…

      5 May 2022

      Ethereum

      Ethereum risks 35% drop by June with ETH…

      2 May 2022

      Ethereum

      BAYC Team Yuga Labs Raises $285M from ‘Otherside’,…

      2 May 2022

      Ethereum

      Ethereum’s quest to launch its merge to transcend…

      28 April 2022

  • Blockchain
    • Blockchain

      SOLANA (SOL), CARDANO (ADA), AVALANCHE (AVAX) AND BITGERT…

      13 March 2022

      Blockchain

      BlackRock, World’s Largest Asset Manager Files A Blockchain…

      22 January 2022

      Blockchain

      Ferrari forges a deal with blockchain organization Velas…

      29 December 2021

      Blockchain

      What Metaverse Holds For Us in 2022?

      27 December 2021

      Blockchain

      Regulation Is Coming, These Blockchain Projects Are Ready

      24 November 2021

      Blockchain

      Mexican Company Launches Blockchain-Powered COVID-19 Test Certificates

      18 October 2021

  • Altcoins
    • Altcoins

      We are close to a global recession, says…

      19 May 2022

      Altcoins

      Shib Army Burns Nearly 13 Billion SHIB In…

      19 May 2022

      Altcoins

      A Legal Case Involving The Hack Of Crypto…

      19 May 2022

      Altcoins

      Crypto Space May Have to Wait for Two…

      19 May 2022

      Altcoins

      Football Legend James Rodríguez Partners with ZKSea NFT…

      19 May 2022

      Altcoins

      ‘It’s Too Early to Have Algorithmic Stablecoin,’ Says…

      19 May 2022

  • Tools & Analytics
    • Price Analysis
    • CoinMarket
    • Top 10 Crypto chart
    • Top 50 Crypto list
    • Calculator
    • Converter
    • Mining Calculator
FacebookTwitterInstagramLinkedinTelegram
PumpMoonshot
Image default
  • Home
  • Blockchain
  • Hacked Cryptopia Funds Frozen By Binance Exchange, Investor Concerns Arise On Fungibility
Blockchain

Hacked Cryptopia Funds Frozen By Binance Exchange, Investor Concerns Arise On Fungibility

by PumpMoonshot17 January 20190352
Share0


Hacked Cryptopia Funds Frozen By Binance, Concerns Arise On Fungibility

The evening of January 13th was quite an unfortunate one for Cryptopia. The crypto platform was hacked to a tune of $3.5 million in cryptocurrency.

Cryptopia is a small exchange platform that trades an average of $2 million on a daily basis. Recently, a percentage of the funds were transferred to Binance cryptocurrency exchange.

Addressing the incident, the CEO of Binance, Changpeng Zhao, made a decision to freeze the funds. This was after the hackers had already managed to send 31,320 Metal (MTL) ERC20tokens to Binance. The tokens were trading at $0.24, thus at least $7,500 was stolen in cryptocurrency.

He also questioned the fungibility and privacy that surrounds cryptocurrency. Now that the funds have been frozen, and the New Zealand authorities are involved, hackers may be trying to find alternative ways to convert and launder the funds.

How Fungible Is Cryptocurrency?

Just like in economics, fungibility in the crypto world is the notion that any coin is identical and can be substituted for another in the same denomination. Similarly, one may reason that all bitcoins are equal and all have the same value.

However, it all comes down to how it can be traced. Bitcoin that has been subjected to criminal activity or fraud can no longer be comparable in value to a ‘clean’ bitcoin. Such coins could end up being blacklisted on exchanges, and the future recipients may face legal penalties.

Freezing the hacker’s funds was the right thing to do. Crypto exchanges must always work together to curb such incidences of illegal activity. On the other hand, how Binance identified the stolen funds and was able to get a hold of part of it has raised concerns.

In a scenario where a person accepts $20 in cash, he or she cannot trace the previous owners. However, a person who receives $20 in bitcoin can do so using the previous wallet addresses that are linked to that every transaction. It would not be easy to lawfully address such circumstances and as such false accusations and judgement may arise.

It’s easier to know if commodities or goods are purchased unknowingly. Laws can be enforced rightfully and authorities have the right to seize the stolen goods.

Individuals, businesses, and exchanges may have to go through similar processes, though, it may bring about difficulties in the crypto transaction process and an increase in costs.

Way Forward

Crypto users have been taking precautions such as personal identification, keeping wallet addresses anonymous, using a new wallet address during each transaction and using cryptocurrency mixers.

They have also found other effective ways of obscuring the history of previous transactions of funds prior to making new purchases.

Until there is clarity in fungibility issues, law enforcement and regulators will set clear standard actions in case of money laundering or other illegal activities involving crypto.

Monero and ZCash are privacy coins that may have a solution to obfuscate transaction history. Nonetheless, these two coins need to work along with already established networks like Ethereum and Bitcoin.

previous post
Bitcoin (BTC) Price Analysis – Layered with Uncertainty, Investor Nervousness is Palpable
next post
Crypto Asset Onlookers, Bitcoin Will Never Do *THIS* to You or Your Business

Related posts

The Most Innovative Minds Descend On London For Blockchain Gamer Connects Event

PumpMoonshot21 December 2018

People’s Bank of China: CBDC Tested on Small Retail Transactions

PumpMoonshot24 August 2020

Telefónica, Deutsche Telekom and Vodafone Use Blockchain for Roaming Settlement

PumpMoonshot13 July 2020

Price Bar

bitcoin Bitcoin
€28,372.93
€28,372.93
EUR: €28,372.93
GBP: £24,081.78
7D Chart2.72%
ethereum Ethereum
€1,889.75
€1,889.75
EUR: €1,889.75
GBP: £1,603.94
7D Chart1.30%
ripple XRP
€0.395
€0.395
EUR: €0.395
GBP: £0.335
7D Chart0.610%
polkadot Polkadot
€9.49
€9.49
EUR: €9.49
GBP: £8.05
7D Chart0.050%
monero Monero
€154.15
€154.15
EUR: €154.15
GBP: £130.84
7D Chart2.16%
vechain VeChain
€0.029
€0.029
EUR: €0.029
GBP: £0.025
7D Chart0.710%
theta-token Theta Network
€1.18
€1.18
EUR: €1.18
GBP: £1.00
7D Chart-0.72%
zilliqa Zilliqa
€0.047
€0.047
EUR: €0.047
GBP: £0.040
7D Chart0.490%

COIN360

Recent Posts

Bitcoin is the Internet’s Only Money, Jack...

PumpMoonshot20 May 2022

We are close to a global recession,...

PumpMoonshot19 May 2022

USDT circulating supply is reduced by more...

PumpMoonshot19 May 2022

Terraform Labs To Cough Up $78M Penalty...

PumpMoonshot19 May 2022

Apecoin price analysis: Bullish momentum to continue...

PumpMoonshot19 May 2022

Shib Army Burns Nearly 13 Billion SHIB...

PumpMoonshot19 May 2022

Solana Price Analysis: What if SOL regains...

PumpMoonshot19 May 2022

A Legal Case Involving The Hack Of...

PumpMoonshot19 May 2022

Sponsered

Featured News

Ethereum Hits $250 Billion Mark: Is $3,500 Within Reach Already?

PumpMoonshot18 May 2022

Bullish & Bearish Case Emerges for Ethereum! Will ETH Price Hit $10,000 or Slide Down to $1000?

PumpMoonshot5 May 2022

Ethereum Regains Strength But $3K Is Still A Major Hurdle

PumpMoonshot5 May 2022

Ethereum risks 35% drop by June with ETH price confirming ‘ascending triangle’ fakeout

PumpMoonshot2 May 2022

News

Bitcoin Nears $40K Following a 25% 5-Day Increase (Market Watch)

PumpMoonshot26 July 2021

Tether (USDT)Surpasses Ripple (XRP) to Recoup Top 3 Cryptocurrency Spot

PumpMoonshot21 August 2020

Bitcoin Hovers at $47K with Fear as Crypto Market Progresses in 2022

PumpMoonshot3 January 2022

Saddle Finance: Swapping Pegged Value Crypto Assets With Minimal Slippage

PumpMoonshot22 April 2022

Recent Posts

Bitcoin is the Internet’s Only Money, Jack Dorsey Says

PumpMoonshot20 May 2022

We are close to a global recession, says Raoul Pal about Bitcoin in the crisis

PumpMoonshot19 May 2022

USDT circulating supply is reduced by more than $7 billion

PumpMoonshot19 May 2022

Terraform Labs To Cough Up $78M Penalty For Tax Evasion

PumpMoonshot19 May 2022

Donations

Categories

  • News (11,401)
  • Bitcoin (6,865)
  • Altcoins (5,245)
  • Ethereum (2,858)
logo
About US
PumpMoonshot is a Crypto news site, we bring all crypto news in one place. All tools guides analylitcs, we bring it to you. For Ico shoutouts or reviews, you can email us we will do a full analyze of the ico.
Contact us: admin@pumpmoonshot.com
Follow us
FacebookTwitterInstagramLinkedinTelegram
@2021 - www.pumpmoonshot.nl. All Right Reserved. Designed and Developed by Violater Inc
PumpMoonshot
FacebookTwitterInstagramLinkedinTelegram
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • Tools & Analytics
    • Price Analysis
    • CoinMarket
    • Top 10 Crypto chart
    • Top 50 Crypto list
    • Calculator
    • Converter
    • Mining Calculator
  • bitcoinBitcoin(BTC)€28,372.932.72%
    BITCOIN
    24H : 2.72%
    Volume : €28,077,964,940.76
    Marketcap : €541,145,366,431.18
  • ethereumEthereum(ETH)€1,889.751.30%
    ETHEREUM
    24H : 1.30%
    Volume : €17,285,209,501.53
    Marketcap : €228,365,508,953.87
  • tetherTether(USDT)€0.9460.160%
    TETHER
    24H : 0.160%
    Volume : €49,590,734,684.80
    Marketcap : €70,185,917,651.15
  • usd-coinUSD Coin(USDC)€0.944-0.31%
    USD COIN
    24H : -0.31%
    Volume : €6,807,094,184.11
    Marketcap : €49,844,926,414.99
  • binancecoinBNB(BNB)€287.932.92%
    BNB
    24H : 2.92%
    Volume : €1,545,640,707.80
    Marketcap : €48,411,662,754.43
  • rippleXRP(XRP)€0.3950.610%
    XRP
    24H : 0.610%
    Volume : €2,088,312,124.09
    Marketcap : €19,109,071,391.17
  • binance-usdBinance USD(BUSD)€0.944-0.22%
    BINANCE USD
    24H : -0.22%
    Volume : €6,436,859,099.00
    Marketcap : €17,557,231,111.67
  • cardanoCardano(ADA)€0.499-0.17%
    CARDANO
    24H : -0.17%
    Volume : €827,958,965.42
    Marketcap : €16,893,395,068.43
  • solanaSolana(SOL)€49.161.11%
    SOLANA
    24H : 1.11%
    Volume : €1,602,791,436.67
    Marketcap : €16,621,670,880.39
  • dogecoinDogecoin(DOGE)€0.0820.430%
    DOGECOIN
    24H : 0.430%
    Volume : €473,380,477.09
    Marketcap : €10,816,275,950.52
  • polkadotPolkadot(DOT)€9.490.050%
    POLKADOT
    24H : 0.050%
    Volume : €635,824,832.67
    Marketcap : €10,567,831,426.52
  • wrapped-bitcoinWrapped Bitcoin(WBTC)€28,380.482.71%
    WRAPPED BITCOIN
    24H : 2.71%
    Volume : €466,095,813.14
    Marketcap : €7,964,019,349.54
  • staked-etherLido Staked Ether(STETH)€1,857.871.30%
    LIDO STAKED ETHER
    24H : 1.30%
    Volume : €17,408,625.18
    Marketcap : €7,806,484,498.32
  • avalanche-2Avalanche(AVAX)€28.33-2.88%
    AVALANCHE
    24H : -2.88%
    Volume : €704,916,319.65
    Marketcap : €7,623,935,107.07
  • tronTRON(TRX)€0.0692.06%
    TRON
    24H : 2.06%
    Volume : €939,917,067.74
    Marketcap : €6,774,062,147.51
  • shiba-inuShiba Inu(SHIB)€0.000011-1.15%
    SHIBA INU
    24H : -1.15%
    Volume : €386,852,972.63
    Marketcap : €6,125,957,215.28
  • daiDai(DAI)€0.9460.00%
    DAI
    24H : 0.00%
    Volume : €383,861,920.37
    Marketcap : €5,804,012,947.41
  • litecoinLitecoin(LTC)€67.044.31%
    LITECOIN
    24H : 4.31%
    Volume : €671,554,616.54
    Marketcap : €4,720,732,430.60
  • crypto-com-chainCronos(CRO)€0.1832.56%
    CRONOS
    24H : 2.56%
    Volume : €32,905,113.74
    Marketcap : €4,637,933,249.35
  • leo-tokenLEO Token(LEO)€4.700.520%
    LEO TOKEN
    24H : 0.520%
    Volume : €2,433,532.24
    Marketcap : €4,391,236,779.30
Cookies To make this site work properly, we sometimes place small data files called cookies on your device. Most big websites do this too. Read more
Accept
Cookies Settings
Cookie Box Settings
Cookie Box Settings

Privacy settings

Decide which cookies you want to allow. You can change these settings at any time. However, this can result in some functions no longer being available. For information on deleting the cookies, please consult your browser’s help function. Learn more about the cookies we use.

With the slider, you can enable or disable different types of cookies:

  • Block all
  • Essential
  • Functionality
  • Advertising
  • Hide details
  • Save & Close
  • Block all
  • Essentials
  • Functionality
  • Advertising

This website will

  • Essential: Remember your cookie permission setting
  • Essential: Allow session cookies
  • Essential: Gather information you input into a contact forms newsletter and other forms across all pages
  • Essential: Keep track of what you input in a shopping cart
  • Essential: Authenticate that you are logged into your user account
  • Essential: Remember language version you selected

This website won't

  • Remember your login details
  • Functionality: Remember social media settings
  • Functionality: Remember selected region and country
  • Analytics: Keep track of your visited pages and interaction taken
  • Analytics: Keep track about your location and region based on your IP number
  • Analytics: Keep track of the time spent on each page
  • Analytics: Increase the data quality of the statistics functions
  • Advertising: Tailor information and advertising to your interests based on e.g. the content you have visited before. (Currently we do not use targeting or targeting cookies)
  • Advertising: Gather personally identifiable information such as name and location

This website will

  • Essential: Remember your cookie permission setting
  • Essential: Allow session cookies
  • Essential: Gather information you input into a contact forms newsletter and other forms across all pages
  • Essential: Keep track of what you input in a shopping cart
  • Essential: Authenticate that you are logged into your user account
  • Essential: Remember language version you selected
  • Functionality: Remember social media settings
  • Functionality: Remember selected region and country

This website won't

  • Analytics: Keep track of your visited pages and interaction taken
  • Analytics: Keep track about your location and region based on your IP number
  • Analytics: Keep track of the time spent on each page
  • Analytics: Increase the data quality of the statistics functions
  • Advertising: Tailor information and advertising to your interests based on e.g. the content you have visited before. (Currently we do not use targeting or targeting cookies)
  • Advertising: Gather personally identifiable information such as name and location

This website will

  • Essential: Remember your cookie permission setting
  • Essential: Allow session cookies
  • Essential: Gather information you input into a contact forms newsletter and other forms across all pages
  • Essential: Keep track of what you input in a shopping cart
  • Essential: Authenticate that you are logged into your user account
  • Essential: Remember language version you selected
  • Functionality: Remember social media settings
  • Functionality: Remember selected region and country
  • Analytics: Keep track of your visited pages and interaction taken
  • Analytics: Keep track about your location and region based on your IP number
  • Analytics: Keep track of the time spent on each page
  • Analytics: Increase the data quality of the statistics functions

This website won't

  • Advertising: Tailor information and advertising to your interests based on e.g. the content you have visited before. (Currently we do not use targeting or targeting cookies)
  • Advertising: Gather personally identifiable information such as name and location

This website will

  • Functionality: Remember social media settings
  • Functionality: Remember selected region and country
  • Analytics: Keep track of your visited pages and interaction taken
  • Analytics: Keep track about your location and region based on your IP number
  • Analytics: Keep track of the time spent on each page
  • Analytics: Increase the data quality of the statistics functions
  • Advertising: Tailor information and advertising to your interests based on e.g. the content you have visited before. (Currently we do not use targeting or targeting cookies)
  • Advertising: Gather personally identifiable information such as name and location

This website won't

  • Remember your login details
Save & Close