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The passwords of nearly 3,500 thousand Coinbase users were stored in clear text

The leading cryptocurrency platform Coinbase reported a potential vulnerability, as a result of which the personal information of 3420 users, including passwords, was stored in clear text in the server’s internal log. According to the exchange, third parties did not receive unauthorized access to this data. The California company also noted that we are talking about a very small part of customers, the general user base […]

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The leading cryptocurrency platform Coinbase reported a potential vulnerability, as a result of which the personal information of 3420 users, including passwords, was stored in clear text in the server’s internal log. According to the exchange, third parties did not receive unauthorized access to this data.

The California company also noted that we are talking about a very small part of customers with a total user base of more than 30 million people. All of them were sent letters informing them of a detected problem.

The identified bug, as Coinbase representatives say, was on the registration page.

“Under very specific and rare conditions, the registration form did not load correctly, which is why any attempts to create a new account on Coinbase were unsuccessful. Unfortunately, this also meant that the names, email addresses and entered passwords were sent to our internal journal, ”the company writes.

If the user reloaded the page and successfully completed the registration, the entered information, as it should be, was not recorded, and the passwords were encrypted. However, in 3420 cases, users registered using a password whose hash corresponded to the hash recorded in the internal log.

At the moment, the vulnerability, according to Coinbase, has been completely eliminated, other forms of “problem behavior” on the platform have not been identified. Nevertheless, the company began introducing additional mechanisms to identify and prevent the inadvertent occurrence of such bugs in the future.

The company also claims to have investigated areas where data leakage could have occurred, including the system in Amazon Web Services and some third-party log analysis services, and has not detected any unauthorized access cases.

Nevertheless, despite the fact that Coinbase specialists are confident in correcting the initial cause of the problem and in the absence of unauthorized access, users whose data appeared in the server’s internal log will still have to change their passwords as a preventive measure.

Recall that earlier this week Coinbase confirmed the purchase of the custodial service Xapo. Following the successful completion of the transaction, valued at $ 55 million, Coinbase Custody stores now host digital assets for more than $ 7 billion from 120 institutional clients from 14 countries.

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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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Name Price24H (%)
Bitcoin (BTC)
$10,246.49
0.65%
Ethereum (ETH)
$220.65
3.94%
XRP (XRP)
$0.302920
-4.24%
Bitcoin Cash (BCH)
$320.11
-2.13%
EOS (EOS)
$3.97
-3.54%
Stellar (XLM)
$0.081211
-1.62%
Litecoin (LTC)
$76.37
-3.25%
Cardano (ADA)
$0.052666
-2.59%
Tether (USDT)
$1.00
0.32%
Monero (XMR)
$75.74
-7.00%
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