Reddit User great Loss

​​Reddit user said he lost $ 1,200 in ETH in less than 100 seconds

One of the Reddit users told a story about how he lost $ 1,200 in cryptocurrency by accidentally downloading a phrase to restore access to his wallet along with code in a repository on GitHub. To his surprise, he found that the attackers had already prepared a bot in case of such oversights.

“The hacker received my mnemonic phrase and stole $ 1,200 in Ethereum from a Metamask wallet in less than 100 seconds. Hackers used the bot to search for mnemonic phrases on GitHub, and I accidentally left my phrase in the code above GitHub while sending it to the Hack Money hackathon, ”the user said.

According to him, he conducted local testing and forgot to edit the code before uploading to the network. The efficiency of the automated program did not leave a chance to correct the error.

“I just want to warn you that you do not keep digital copies of your mnemonic phrases or private keys in digital form. Especially on the network, ”the user shared the lesson.

He also noted that he still has about $ 700 left in ERC20 tokens blocked in the Compound DeFi protocol smart contract. However, if he tries to withdraw them to his wallet, the bot will immediately empty it. Moreover, the bot is configured in such a way as to block user transactions with its own transactions with a higher commission, because of which, requests from attackers will always remain a priority.

A similar situation occurred last September with the user CryptoKitties, whose wallet contained several unique game identifiers. In his case, the bot also set higher commissions, but then the real owner was able to find a flaw in the hackers and replay the script.

​​Hong Kong Launches New Bitcoin Hedge Fund

Hong Kong crypto asset management company MaiCapital has launched an actively managed hedge fund Bitcoin + Investment Fund for professional investors.

It is reported that the Bitcoin + Investment Fund is a “quantum” fund that should track and potentially exceed the profitability of bitcoin in various market conditions. For this, quantum algorithms will be used.

Fund managers plan to invest in both bitcoin and derivatives on the first cryptocurrency, as well as other structured products tied to BTC. The Asian OSL platform was chosen as a custodial service.

This is the second cryptocurrency quantum fund MaiCapital. The first, called the “Blockchain Opportunity Fund,” was launched back in March 2019.

Last month, Arrano Capital, a division of venture firm Venture Smart Asia, launched a $ 100 million cryptocurrency fund, with the fund already audited by a local regulator.

And the head of cryptocurrencies at PwC consulting company Henri Arslanian said that there have been many changes in the cryptocurrency hedge fund industry over the past 12 months.

​​Coinbase Expands Tezos Staking on Customers from Europe

The Coinbase cryptocurrency exchange has opened the opportunity for customers from the UK, Spain, France and the Netherlands to receive remuneration for Tezos stake (XTZ).

The remuneration is set at 5% per annum. The minimum period of holding a coin for profit is 35-40 days, after which a fee is charged every three days.

Initially, the service was available only to institutional customers in the USA, later Coinbase retail customers received this opportunity. According to the Bitcoin exchange, over the past time more than $ 2 million has been transferred as remuneration for staking.

Coinbase is Tezos largest validator, despite high fees. As of March 30, 65.9 million XTZ were blocked in the custodial division of the cryptocurrency exchange, while the nearest pursuer, Kraken, had only 30.2 million XTZ.

​​Ripple Vice President: India needs rules for money transfers

Navin Gupta, vice president of Ripple, said India needs rules for money transfers to protect customers.

In India, LRS (liberalized money transfer scheme) was introduced in 2004. However, in general, problems remained with financial transfers in the country. Ripple vice president Navin Gupta emphasized the need for customer protection guidelines when it comes to cryptocurrencies.

He noted:

I think that the presence of guidelines, the availability of documents of conformity, the existence of norms and rules clearly published by the government, always protect people much better than the presence of a vacuum.

The lack of regulations not only prevented enterprises from leaving India, but also limited people in the study of cryptocurrencies. The country's money transfer business may be an ideal corridor for Ripple, however, according to Naveen Gupta, India may have to wait for the ODL corridor to arrive due to lack of regulation.

I believe that we would like to have a regulated exchange, because in this regulated exchange consumer rights are protected. Ensuring that the exchange has a reliable security system is important so that neither the security of users nor the cryptocurrency is at risk.