Bitcoin

Bitcoin Daily: Bisq Resumes Trading Following $250K+ Hack; TX Securities Board Takes Emergency Action Against Crypto Mining Firm

Cryptocurrency

After a cybercriminal took advantage of a sizable software flaw to steal digital currency valued at over $250,000, Bisq suddenly stopped allowing trading Tuesday night (April 7) when it came across “a critical security vulnerability,” Coindesk reported.

The decentralized exchange (DEX) said it engaged in the “unprecedented” measure after discovering the glitch. Bisq was reportedly able to rectify the flaw on Wednesday (April 8) and informed the outlet that trading had started once more.

The hacker stole the funds by reportedly making the default fallback address their own. (The default fallback is where digital currency arrives if a trade does not work.) The hacker would appear to be a seller and begin a trade with a buyer. After that time, they would let the clock run. The digital assets arrived with the hacker instead of their rightful owners in addition to the security deposit and payment.

Monero (XMR) valued at $230,000 and bitcoin (BTC) valued at $22,000 was taken in the thefts, per the report. Overall, the value of the stolen cryptocurrency exceeds $250,000.

In other news, a digital currency mining firm is vowing to double the funds of investors in one year and saying it is giving funds to a charitable organization to fight COVID-19, per an emergency action that the Texas State Securities Board took Wednesday, according to a press release from the state body.

Ultra BTC Mining LLC purports that is has notched $18 million from residents of Texas for investments in technology to compute digital currency, per the release. The Texas action was brought along with the Alabama Securities Commission to “stop the ongoing illegal offering,” the release stated.

The company is also reportedly informing possible investors that an investment of $10,000 in computing power will return almost $10,5000 each year, while an investment of $50,000 will return almost $52,000 yearly.

The board also said that Ultra and an agent of the firm are “touting the company’s charitable donations to assist victims of the coronavirus pandemic.” It said Ultra Mining claims that it has already donated $100,000 to UNICEF but "refused to provide any information that verifies the donation."

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